Harmonic (NASDAQ:HLIT) Sees Large Volume Increase – Here’s Why

Harmonic Inc. (NASDAQ:HLIT) saw unusually-strong trading volume on Wednesday . Approximately 1,507,199 shares traded hands during mid-day trading, a decline of 4% from the previous session’s volume of 1,573,549 shares.The stock last traded at $16.7620 and had previously closed at $16.90.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Weiss Ratings lowered Harmonic from a “hold (c)” rating to a “sell (d)” rating in a research note on Friday, March 6th. Rosenblatt Securities upped their target price on Harmonic from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Barclays increased their target price on Harmonic from $11.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 12th. Jefferies Financial Group reissued a “hold” rating and issued a $15.00 price target on shares of Harmonic in a research note on Tuesday, May 12th. Finally, Needham & Company LLC upped their price objective on shares of Harmonic from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Harmonic currently has an average rating of “Hold” and an average target price of $16.60.

Harmonic Price Performance

The company has a 50 day simple moving average of $11.18 and a 200 day simple moving average of $10.40. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of -45.94 and a beta of 1.24. The company has a quick ratio of 2.03, a current ratio of 2.27 and a debt-to-equity ratio of 0.31.

Insider Buying and Selling

In related news, Director Stephanie Copeland sold 4,300 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $13.30, for a total value of $57,190.00. Following the transaction, the director owned 20,752 shares in the company, valued at approximately $276,001.60. This trade represents a 17.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Neven Haltmayer sold 31,766 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $13.24, for a total transaction of $420,581.84. Following the sale, the senior vice president owned 133,924 shares of the company’s stock, valued at approximately $1,773,153.76. This represents a 19.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.74% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Harmonic

Institutional investors and hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Harmonic by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,664 shares of the communications equipment provider’s stock worth $630,000 after acquiring an additional 2,853 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Harmonic by 9.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,538 shares of the communications equipment provider’s stock valued at $3,390,000 after purchasing an additional 31,276 shares during the period. Jane Street Group LLC raised its stake in shares of Harmonic by 978.5% during the first quarter. Jane Street Group LLC now owns 247,480 shares of the communications equipment provider’s stock valued at $2,373,000 after purchasing an additional 224,534 shares during the period. American Century Companies Inc. lifted its holdings in Harmonic by 239.3% in the 2nd quarter. American Century Companies Inc. now owns 110,892 shares of the communications equipment provider’s stock worth $1,050,000 after buying an additional 78,214 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Harmonic during the second quarter worth about $1,426,000. Hedge funds and other institutional investors own 99.38% of the company’s stock.

About Harmonic

Harmonic Inc (NASDAQ:HLIT) is a leading provider of video delivery infrastructure that enables service providers, broadcasters and content owners to capture, process and distribute high‐quality video across broadcast, cable, satellite and IP networks. The company’s portfolio spans real‐time video compression solutions, including encoders and transcoders, as well as storage and server products designed for live production, playout and streaming on any device.

Harmonic’s product lines include cable edge QAM modules and set‐top video processing platforms for traditional pay‐TV operators, alongside cloud‐native software for over‐the‐top (OTT) delivery, origin servers and content delivery network (CDN) services.