Harmonic (NASDAQ:HLIT) Shares Down 6.2% - Time to Sell?

Harmonic Inc. (NASDAQ:HLIT - Get Free Report)'s stock price was down 6.2% during trading on Tuesday . The stock traded as low as $9.41 and last traded at $9.54. Approximately 298,179 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 1,151,762 shares. The stock had previously closed at $10.17.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on HLIT shares. Wolfe Research began coverage on shares of Harmonic in a report on Tuesday. They issued an "underperform" rating on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $14.00 price objective on shares of Harmonic in a research note on Tuesday, April 29th. Wall Street Zen upgraded shares of Harmonic from a "buy" rating to a "strong-buy" rating in a research note on Friday, June 6th. Barclays restated an "underperform" rating on shares of Harmonic in a research report on Tuesday, April 29th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $11.00 price target on shares of Harmonic in a report on Tuesday, June 17th. Two analysts have rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $12.33.

Harmonic Price Performance

The stock has a market capitalization of $1.06 billion, a P/E ratio of 20.74 and a beta of 1.05. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.69 and a current ratio of 2.06. The stock has a 50-day simple moving average of $9.28 and a 200 day simple moving average of $10.22.

Harmonic (NASDAQ:HLIT - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The communications equipment provider reported $0.11 EPS for the quarter, beating analysts' consensus estimates of $0.05 by $0.06. The firm had revenue of $133.14 million for the quarter, compared to analyst estimates of $127.51 million. Harmonic had a return on equity of 18.28% and a net margin of 7.72%. The firm's revenue was up 9.1% compared to the same quarter last year. On average, equities analysts forecast that Harmonic Inc. will post 0.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in HLIT. Charles Schwab Investment Management Inc. lifted its stake in shares of Harmonic by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,057,570 shares of the communications equipment provider's stock valued at $13,992,000 after purchasing an additional 20,841 shares during the period. Raymond James Financial Inc. bought a new position in Harmonic during the 4th quarter worth about $4,292,000. Edgestream Partners L.P. bought a new position in shares of Harmonic in the 4th quarter valued at about $737,000. Amundi grew its holdings in shares of Harmonic by 113.3% in the 4th quarter. Amundi now owns 71,976 shares of the communications equipment provider's stock valued at $962,000 after acquiring an additional 38,230 shares in the last quarter. Finally, AlphaQuest LLC grew its holdings in shares of Harmonic by 14,765.9% in the 4th quarter. AlphaQuest LLC now owns 6,095 shares of the communications equipment provider's stock valued at $81,000 after acquiring an additional 6,054 shares in the last quarter. Institutional investors and hedge funds own 99.38% of the company's stock.

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.