Harmonic Inc (NASDAQ:HLIT) Short Interest Down 12.6% in October

Harmonic Inc (NASDAQ:HLIT) was the target of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 6,870,000 shares, a decrease of 12.6% from the September 30th total of 7,860,000 shares. Based on an average trading volume of 702,300 shares, the short-interest ratio is currently 9.8 days. Currently, 8.0% of the shares of the stock are sold short.

A number of hedge funds have recently added to or reduced their stakes in HLIT. Aperio Group LLC bought a new position in Harmonic during the 2nd quarter worth about $29,000. Quantamental Technologies LLC bought a new position in Harmonic during the 2nd quarter worth about $33,000. Tower Research Capital LLC TRC increased its holdings in Harmonic by 562.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the communications equipment provider’s stock worth $47,000 after purchasing an additional 7,170 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of Harmonic by 308,766.7% in the 2nd quarter. Bank of Montreal Can now owns 9,266 shares of the communications equipment provider’s stock valued at $52,000 after acquiring an additional 9,263 shares in the last quarter. Finally, Laurion Capital Management LP bought a new position in shares of Harmonic in the 2nd quarter valued at about $77,000. Hedge funds and other institutional investors own 90.33% of the company’s stock.

NASDAQ:HLIT traded up $0.06 during trading hours on Friday, hitting $7.90. 372,300 shares of the stock were exchanged, compared to its average volume of 852,911. The company’s 50 day moving average is $6.89 and its two-hundred day moving average is $6.47. The company has a market capitalization of $733.59 million, a P/E ratio of 263.33, a price-to-earnings-growth ratio of 7.03 and a beta of 0.89. The company has a quick ratio of 1.42, a current ratio of 1.62 and a debt-to-equity ratio of 0.58. Harmonic has a twelve month low of $4.48 and a twelve month high of $8.37.

A number of equities research analysts recently commented on the company. Zacks Investment Research lowered Harmonic from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. Needham & Company LLC restated a “buy” rating and set a $10.00 price target on shares of Harmonic in a research report on Tuesday. Northland Securities restated a “buy” rating and set a $9.00 price target on shares of Harmonic in a research report on Tuesday, October 29th. Raymond James increased their price target on Harmonic from $6.75 to $9.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 30th. Finally, ValuEngine lowered Harmonic from a “buy” rating to a “hold” rating in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $9.00.

Harmonic Company Profile

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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