Harmonic Inc. (NASDAQ:HLIT) Short Interest Update

Harmonic Inc. (NASDAQ:HLIT) was the target of a significant increase in short interest in June. As of June 15th, there was short interest totalling 7,000,000 shares, an increase of 6.5% from the May 31st total of 6,570,000 shares. Currently, 6.1% of the shares of the stock are sold short. Based on an average daily volume of 1,630,000 shares, the short-interest ratio is presently 4.3 days.

Harmonic Price Performance

Harmonic stock opened at $11.95 on Thursday. The company has a current ratio of 1.09, a quick ratio of 0.78 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $1.34 billion, a P/E ratio of 19.92 and a beta of 0.89. The business has a 50-day moving average of $11.38 and a 200-day moving average of $12.05. Harmonic has a 1 year low of $8.80 and a 1 year high of $16.39.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings data on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). The firm had revenue of $122.06 million for the quarter, compared to analyst estimates of $121.70 million. Harmonic had a net margin of 12.37% and a return on equity of 1.35%. The firm’s revenue for the quarter was down 22.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.06 EPS. On average, equities analysts anticipate that Harmonic will post 0.36 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC reissued a “buy” rating and set a $18.00 price target on shares of Harmonic in a research note on Monday, June 17th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $17.20.

Insider Activity at Harmonic

In other Harmonic news, SVP Ian Graham sold 52,730 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $10.95, for a total transaction of $577,393.50. Following the transaction, the senior vice president now owns 63,616 shares of the company’s stock, valued at approximately $696,595.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 2.20% of the stock is currently owned by company insiders.

Institutional Trading of Harmonic

Several hedge funds have recently added to or reduced their stakes in HLIT. Quadrant Capital Group LLC increased its holdings in shares of Harmonic by 237.8% in the fourth quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock worth $34,000 after acquiring an additional 1,824 shares in the last quarter. SageView Advisory Group LLC bought a new stake in Harmonic during the 1st quarter worth approximately $114,000. Kestra Advisory Services LLC acquired a new stake in Harmonic during the 3rd quarter worth approximately $131,000. Avior Wealth Management LLC bought a new position in Harmonic in the fourth quarter valued at approximately $137,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Harmonic by 12.7% in 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 buying an additional 1,871 shares during the period. 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.