Harmonic (NASDAQ:HLIT) Shares Gap Down – Time to Sell?

Harmonic Inc. (NASDAQ:HLIT) shares gapped down prior to trading on Friday . The stock had previously closed at $13.37, but opened at $12.82. Harmonic shares last traded at $12.88, with a volume of 81,253 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on HLIT shares. Raymond James lowered Harmonic from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the stock from $17.00 to $14.00 in a report on Tuesday, October 29th. Rosenblatt Securities cut their price target on Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Jefferies Financial Group cut Harmonic from a “buy” rating to a “hold” rating and reduced their price objective for the company from $14.00 to $12.50 in a research note on Tuesday, October 29th. Barclays lowered shares of Harmonic from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $17.00 to $14.00 in a research report on Thursday. Finally, Northland Securities decreased their price target on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Tuesday, October 29th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Harmonic currently has a consensus rating of “Moderate Buy” and an average price target of $14.75.

Harmonic Trading Down 5.5 %

The company has a debt-to-equity ratio of 0.29, a current ratio of 2.08 and a quick ratio of 1.62. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 17.30 and a beta of 0.91. The business’s 50 day moving average price is $12.78 and its 200-day moving average price is $13.15.

Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, October 28th. The communications equipment provider reported $0.26 EPS for the quarter, topping the consensus estimate of $0.17 by $0.09. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. The company had revenue of $195.80 million for the quarter, compared to analyst estimates of $181.77 million. During the same period in the previous year, the firm earned ($0.05) EPS. The business’s revenue was up 53.9% on a year-over-year basis. Equities analysts forecast that Harmonic Inc. will post 0.52 EPS for the current fiscal year.

Institutional Trading of Harmonic

Several large investors have recently bought and sold shares of HLIT. GAMMA Investing LLC raised its position in shares of Harmonic by 117.6% during the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 1,323 shares during the last quarter. Dark Forest Capital Management LP boosted its stake in shares of Harmonic by 7.2% during the second quarter. Dark Forest Capital Management LP now owns 20,192 shares of the communications equipment provider’s stock valued at $238,000 after acquiring an additional 1,362 shares during the last quarter. Rhumbline Advisers increased its position in Harmonic by 0.4% during the 2nd quarter. Rhumbline Advisers now owns 320,516 shares of the communications equipment provider’s stock worth $3,772,000 after purchasing an additional 1,382 shares in the last quarter. Captrust Financial Advisors raised its stake in Harmonic by 14.9% in the 3rd quarter. Captrust Financial Advisors now owns 12,671 shares of the communications equipment provider’s stock valued at $185,000 after purchasing an additional 1,647 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in Harmonic by 6.0% in the 3rd quarter. Franklin Resources Inc. now owns 39,041 shares of the communications equipment provider’s stock valued at $538,000 after purchasing an additional 2,207 shares in the last quarter. Institutional investors and hedge funds own 99.38% of the company’s stock.

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.