XTX Topco Ltd Makes New Investment in Harmonic Inc. (NASDAQ:HLIT)

Key Points

• XTX Topco Ltd acquired 43,429 shares of Harmonic Inc., valued at approximately $416,000, marking a significant new investment in the firm.
• Institutional investors hold a substantial 99.38% of Harmonic's stock, indicating strong interest from large financial entities.
• Harmonic reported earnings of $0.09 EPS for the last quarter, exceeding expectations, though revenue declined by 0.5% year over year.

XTX Topco Ltd acquired a new stake in Harmonic Inc. (NASDAQ:HLIT - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The fund acquired 43,429 shares of the communications equipment provider's stock, valued at approximately $416,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in HLIT. Quarry LP bought a new stake in Harmonic in the 4th quarter valued at about $33,000. CWM LLC raised its stake in Harmonic by 132.6% in the 1st quarter. CWM LLC now owns 7,119 shares of the communications equipment provider's stock valued at $68,000 after acquiring an additional 4,058 shares during the period. Russell Investments Group Ltd. raised its stake in Harmonic by 5,388.1% in the 4th quarter. Russell Investments Group Ltd. now owns 5,543 shares of the communications equipment provider's stock valued at $73,000 after acquiring an additional 5,442 shares during the period. Drive Wealth Management LLC bought a new stake in Harmonic in the 1st quarter valued at about $111,000. Finally, Mackenzie Financial Corp bought a new stake in Harmonic in the 1st quarter valued at about $132,000. 99.38% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on HLIT shares. Wall Street Zen cut Harmonic from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Barclays decreased their price target on Harmonic from $10.00 to $8.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 29th. Rosenblatt Securities reiterated a "buy" rating and set a $11.00 price target on shares of Harmonic in a research report on Tuesday, July 29th. Wolfe Research initiated coverage on Harmonic in a research report on Tuesday, July 8th. They set an "underperform" rating on the stock. Finally, Needham & Company LLC decreased their price target on Harmonic from $14.00 to $12.00 and set a "buy" rating on the stock in a research report on Tuesday, July 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $11.67.

Harmonic Price Performance

Shares of NASDAQ HLIT traded up $0.36 during midday trading on Tuesday, hitting $9.11. 526,423 shares of the company's stock were exchanged, compared to its average volume of 1,174,595. Harmonic Inc. has a 12-month low of $7.80 and a 12-month high of $15.46. The company has a current ratio of 1.99, a quick ratio of 1.58 and a debt-to-equity ratio of 0.27. The company has a market cap of $1.04 billion, a price-to-earnings ratio of 15.43 and a beta of 1.00. The business's fifty day moving average price is $9.17 and its two-hundred day moving average price is $9.55.

Harmonic (NASDAQ:HLIT - Get Free Report) last issued its quarterly earnings data on Monday, July 28th. The communications equipment provider reported $0.09 EPS for the quarter, topping the consensus estimate of $0.03 by $0.06. Harmonic had a return on equity of 17.83% and a net margin of 9.96%. The company had revenue of $138.03 million during the quarter, compared to analyst estimates of $134.90 million. During the same quarter in the previous year, the firm earned $0.08 earnings per share. Harmonic's revenue was down .5% on a year-over-year basis. As a group, research analysts forecast that Harmonic Inc. will post 0.31 EPS for the current fiscal year.

Harmonic Company Profile

Harmonic Inc, together with its subsidiaries, provides broadband solutions worldwide. The company operates through Broadband and Video segments. The Broadband segment sells broadband access solutions and related services, including cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers.