Harmonic (NASDAQ:HLIT) Shares Gap Up to $9.40

Harmonic Inc. (NASDAQ:HLIT - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $9.40, but opened at $11.85. Harmonic shares last traded at $11.16, with a volume of 2,597,627 shares traded.

Analyst Ratings Changes

A number of research analysts have recently issued reports on HLIT shares. TheStreet raised Harmonic from a "c" rating to a "b" rating in a research note on Monday, January 29th. Rosenblatt Securities lowered their price objective on Harmonic from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Tuesday, January 30th. StockNews.com raised Harmonic from a "sell" rating to a "hold" rating in a research note on Wednesday, February 28th. Raymond James decreased their target price on shares of Harmonic from $19.00 to $18.00 and set a "strong-buy" rating on the stock in a research note on Tuesday, January 30th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $18.00 price target on shares of Harmonic in a report on Tuesday. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $17.20.

Harmonic Trading Up 14.3 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.91 and a current ratio of 1.21. The stock has a market capitalization of $1.20 billion, a P/E ratio of 15.13 and a beta of 0.84. The stock has a 50-day moving average price of $12.11 and a two-hundred day moving average price of $11.78.

Harmonic (NASDAQ:HLIT - Get Free Report) last released its quarterly earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.04). Harmonic had a net margin of 13.82% and a return on equity of 4.71%. The company had revenue of $122.06 million during the quarter, compared to the consensus estimate of $121.70 million. During the same quarter last year, the firm earned $0.06 EPS. The business's revenue was down 22.6% on a year-over-year basis. On average, research analysts forecast that Harmonic Inc. will post 0.32 EPS for the current fiscal year.

Insiders Place Their Bets

In other Harmonic news, SVP Neven Haltmayer sold 10,558 shares of the company's stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $13.11, for a total transaction of $138,415.38. Following the transaction, the senior vice president now owns 171,306 shares in the company, valued at approximately $2,245,821.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Harmonic news, SVP Neven Haltmayer sold 10,558 shares of the firm's stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $13.11, for a total transaction of $138,415.38. Following the completion of the transaction, the senior vice president now owns 171,306 shares of the company's stock, valued at $2,245,821.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the business's stock in a transaction on Monday, February 5th. The shares were sold at an average price of $12.91, for a total transaction of $1,291,000.00. Following the sale, the senior vice president now owns 302,214 shares in the company, valued at approximately $3,901,582.74. The disclosure for this sale can be found here. Insiders sold 150,000 shares of company stock worth $1,917,122 over the last three months. Company insiders own 2.20% of the company's stock.

Institutional Investors Weigh In On Harmonic

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Quadrant Capital Group LLC boosted its position in shares of Harmonic by 237.8% in the 4th quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider's stock worth $34,000 after purchasing an additional 1,824 shares in the last quarter. Avior Wealth Management LLC bought a new stake in Harmonic in the fourth quarter worth $137,000. Kestra Advisory Services LLC purchased a new stake in shares of Harmonic in the third quarter worth $131,000. PNC Financial Services Group Inc. increased its holdings in shares of Harmonic by 12.7% during the third quarter. PNC Financial Services Group Inc. now owns 16,622 shares of the communications equipment provider's stock valued at $160,000 after acquiring an additional 1,871 shares in the last quarter. Finally, Innovis Asset Management LLC purchased a new position in shares of Harmonic in the 3rd quarter worth about $174,000. Hedge funds and other institutional investors 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.