Harmonic (HLIT) Downgraded to Sell at BidaskClub

BidaskClub downgraded shares of Harmonic (NASDAQ:HLIT) from a hold rating to a sell rating in a research note released on Tuesday.

Separately, Zacks Investment Research downgraded shares of Harmonic from a hold rating to a sell rating in a report on Thursday, March 15th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $5.06.

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HLIT opened at $3.68 on Tuesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.21 and a quick ratio of 1.03. Harmonic has a fifty-two week low of $2.80 and a fifty-two week high of $6.03.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Wednesday, February 28th. The communications equipment provider reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). Harmonic had a negative return on equity of 17.41% and a negative net margin of 23.16%. The company had revenue of $100.97 million for the quarter, compared to analysts’ expectations of $96.47 million. analysts expect that Harmonic will post -0.06 earnings per share for the current fiscal year.

In other news, CFO Sanjay Kalra sold 10,455 shares of Harmonic stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $3.53, for a total value of $36,906.15. Following the completion of the transaction, the chief financial officer now owns 39,198 shares in the company, valued at $138,368.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Neven Haltmayer sold 10,198 shares of Harmonic stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $3.53, for a total transaction of $35,998.94. Following the completion of the transaction, the insider now owns 94,609 shares of the company’s stock, valued at approximately $333,969.77. The disclosure for this sale can be found here. Insiders sold 56,234 shares of company stock valued at $198,506 in the last quarter. Corporate insiders own 5.53% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of HLIT. Divisar Capital Management LLC purchased a new position in shares of Harmonic in the fourth quarter worth about $3,846,000. BlackRock Inc. increased its stake in shares of Harmonic by 2.7% in the fourth quarter. BlackRock Inc. now owns 10,498,915 shares of the communications equipment provider’s stock worth $44,095,000 after purchasing an additional 271,392 shares in the last quarter. Millennium Management LLC increased its stake in shares of Harmonic by 298.0% in the fourth quarter. Millennium Management LLC now owns 230,244 shares of the communications equipment provider’s stock worth $967,000 after purchasing an additional 172,396 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Harmonic by 21.6% in the third quarter. Schwab Charles Investment Management Inc. now owns 936,171 shares of the communications equipment provider’s stock worth $2,856,000 after purchasing an additional 166,398 shares in the last quarter. Finally, Raging Capital Management LLC increased its stake in shares of Harmonic by 1.9% in the fourth quarter. Raging Capital Management LLC now owns 7,491,975 shares of the communications equipment provider’s stock worth $31,466,000 after purchasing an additional 141,960 shares in the last quarter. Hedge funds and other institutional investors own 91.76% of the company’s stock.

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About Harmonic

Harmonic Inc designs, manufactures, and sells video infrastructure products and system solutions worldwide. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.

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