Harmonic (NASDAQ:HLIT) Trading Down 6.2% - What's Next?

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

Analysts Set New Price Targets

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

Harmonic Trading Up 2.9%

The company's 50 day simple moving average is $9.27 and its 200 day simple moving average is $10.23. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of 21.02 and a beta of 1.05. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.06 and a quick ratio of 1.69.

Harmonic (NASDAQ:HLIT - Get Free Report) last issued its earnings results on Monday, April 28th. The communications equipment provider reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.05 by $0.06. The firm had revenue of $133.14 million during the quarter, compared to the consensus estimate of $127.51 million. Harmonic had a net margin of 7.72% and a return on equity of 18.28%. The company's revenue was up 9.1% on a year-over-year basis. As a group, research analysts expect that Harmonic Inc. will post 0.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Harmonic

A number of institutional investors and hedge funds have recently modified their holdings of HLIT. Quarry LP acquired a new position in Harmonic in the fourth quarter valued at $33,000. Russell Investments Group Ltd. boosted its stake in Harmonic by 5,388.1% in the fourth 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 in the last quarter. AlphaQuest LLC boosted its stake in Harmonic by 14,765.9% in the fourth 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. CWM LLC boosted its stake in Harmonic by 132.6% in the first 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 in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Harmonic by 415.7% in the first quarter. GAMMA Investing LLC now owns 8,612 shares of the communications equipment provider's stock valued at $898,000 after acquiring an additional 6,942 shares in the last quarter. Institutional investors and hedge funds own 99.38% of the company's stock.

About Harmonic

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.