Harmonic (NASDAQ:HLIT – Get Rating) announced its quarterly earnings data on Monday. The communications equipment provider reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.07, Briefing.com reports. The business had revenue of $157.45 million for the quarter, compared to analyst estimates of $150.08 million. Harmonic had a net margin of 3.29% and a return on equity of 6.72%. The firm’s revenue for the quarter was up 38.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.01 earnings per share. Harmonic updated its Q3 guidance to $0.08-$0.12 EPS and its FY22 guidance to $0.44-$0.52 EPS.
Harmonic Stock Down 0.6 %
Harmonic stock opened at $10.85 on Tuesday. The firm has a market capitalization of $1.13 billion, a PE ratio of 67.81 and a beta of 1.02. The company’s 50-day moving average is $9.36 and its 200-day moving average is $9.29. Harmonic has a fifty-two week low of $8.25 and a fifty-two week high of $12.22. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.41 and a quick ratio of 1.06.
Analyst Upgrades and Downgrades
Several equities research analysts have commented on HLIT shares. TheStreet cut shares of Harmonic from a “b-” rating to a “c” rating in a research report on Monday, May 2nd. StockNews.com raised shares of Harmonic from a “hold” rating to a “buy” rating in a research report on Wednesday, May 4th. Rosenblatt Securities started coverage on shares of Harmonic in a research report on Monday, May 23rd. They set a “buy” rating and a $15.00 price target on the stock. Finally, Barclays boosted their price target on shares of Harmonic from $13.00 to $14.00 in a research report on Tuesday. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $14.50.
Insider Transactions at Harmonic
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In other news, SVP Ian Graham sold 15,573 shares of the business’s stock in a transaction dated Thursday, June 2nd. The shares were sold at an average price of $9.89, for a total transaction of $154,016.97. Following the transaction, the senior vice president now directly owns 100,358 shares in the company, valued at approximately $992,540.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.78% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the stock. Captrust Financial Advisors grew its stake in Harmonic by 411.4% in the 1st quarter. Captrust Financial Advisors now owns 3,866 shares of the communications equipment provider’s stock valued at $36,000 after buying an additional 3,110 shares during the last quarter. Graham Capital Management L.P. acquired a new position in Harmonic in the 1st quarter valued at about $105,000. Dynamic Technology Lab Private Ltd acquired a new position in Harmonic in the 1st quarter valued at about $132,000. PNC Financial Services Group Inc. grew its stake in Harmonic by 11.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 17,132 shares of the communications equipment provider’s stock valued at $160,000 after buying an additional 1,710 shares during the last quarter. Finally, Jane Street Group LLC grew its stake in Harmonic by 101.4% in the 1st quarter. Jane Street Group LLC now owns 20,935 shares of the communications equipment provider’s stock valued at $194,000 after buying an additional 10,540 shares during the last quarter. Institutional investors and hedge funds own 98.14% of the company’s stock.
Harmonic Company Profile
Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Cable Access. The Video segment sells video processing, production, and playout solutions and services to cable operators, and satellite and telecommunications Pay-TV service providers, as well as to broadcast and media, including streaming media companies.
Further Reading
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