Harmonic Inc. (NASDAQ:HLIT) Short Interest Update

Harmonic Inc. (NASDAQ:HLIT) saw a large drop in short interest during the month of September. As of September 30th, there was short interest totalling 3,680,000 shares, a drop of 13.0% from the September 15th total of 4,230,000 shares. Currently, 3.3% of the company’s shares are sold short. Based on an average daily volume of 1,190,000 shares, the short-interest ratio is presently 3.1 days.

Insiders Place Their Bets

In other Harmonic news, SVP Neven Haltmayer sold 40,000 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total transaction of $576,400.00. Following the transaction, the senior vice president now owns 122,211 shares of the company’s stock, valued at $1,761,060.51. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Harmonic

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP increased its holdings in Harmonic by 12.7% in the fourth quarter. Wellington Management Group LLP now owns 8,796,165 shares of the communications equipment provider’s stock valued at $114,702,000 after buying an additional 990,425 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Harmonic by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 9,686,046 shares of the communications equipment provider’s stock valued at $126,306,000 after acquiring an additional 289,443 shares during the last quarter. Wasatch Advisors LP raised its position in shares of Harmonic by 4.4% during the 1st quarter. Wasatch Advisors LP now owns 1,355,274 shares of the communications equipment provider’s stock valued at $18,215,000 after acquiring an additional 57,002 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Harmonic by 0.4% during the first quarter. Principal Financial Group Inc. now owns 585,533 shares of the communications equipment provider’s stock worth $7,870,000 after purchasing an additional 2,142 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in Harmonic by 37.2% during the first quarter. BNP Paribas Financial Markets now owns 98,124 shares of the communications equipment provider’s stock worth $1,319,000 after purchasing an additional 26,622 shares during the last quarter. Institutional investors own 99.38% of the company’s stock.

Harmonic Stock Up 1.0 %

NASDAQ HLIT traded up $0.14 on Wednesday, reaching $14.30. The company had a trading volume of 566,945 shares, compared to its average volume of 1,522,845. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.87 and a quick ratio of 1.32. Harmonic has a 1 year low of $9.10 and a 1 year high of $15.31. The firm has a 50-day moving average of $13.87 and a 200-day moving average of $12.44. The firm has a market capitalization of $1.60 billion, a PE ratio of 23.83 and a beta of 0.87.

Harmonic (NASDAQ:HLIT) last posted its earnings results on Monday, July 29th. The communications equipment provider reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The business had revenue of $138.70 million for the quarter, compared to analysts’ expectations of $133.67 million. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The business’s revenue for the quarter was down 11.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.07 earnings per share. On average, equities research analysts anticipate that Harmonic will post 0.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HLIT. Needham & Company LLC reissued a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research note on Tuesday, July 30th. Barclays lifted their target price on Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $18.00 target price on shares of Harmonic in a research report on Tuesday. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $18.50.

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.