Harmonic Inc. (NASDAQ:HLIT) Short Interest Update

Harmonic Inc. (NASDAQ:HLITGet Free Report) saw a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 6,440,000 shares, a decrease of 5.4% from the August 15th total of 6,810,000 shares. Based on an average trading volume of 1,670,000 shares, the short-interest ratio is presently 3.9 days. Approximately 5.9% of the shares of the stock are sold short.

Harmonic Price Performance

HLIT opened at $9.85 on Tuesday. Harmonic has a 12-month low of $9.49 and a 12-month high of $18.43. The company has a quick ratio of 0.76, a current ratio of 1.15 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $1.10 billion, a P/E ratio of 54.73 and a beta of 0.88. The stock has a fifty day moving average of $11.94 and a 200-day moving average of $14.19.

Harmonic (NASDAQ:HLITGet Free Report) last posted its quarterly earnings results on Monday, July 31st. The communications equipment provider reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). Harmonic had a return on equity of 11.78% and a net margin of 3.40%. The company had revenue of $155.96 million during the quarter, compared to analyst estimates of $167.27 million. Equities analysts forecast that Harmonic will post 0.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Harmonic

Hedge funds have recently modified their holdings of the stock. Citigroup Inc. increased its position in Harmonic by 9.8% during the first quarter. Citigroup Inc. now owns 98,410 shares of the communications equipment provider’s stock worth $915,000 after buying an additional 8,751 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Harmonic by 11.1% during the first quarter. PNC Financial Services Group Inc. now owns 17,132 shares of the communications equipment provider’s stock worth $160,000 after buying an additional 1,710 shares during the last quarter. MetLife Investment Management LLC increased its position in Harmonic by 41.4% during the first quarter. MetLife Investment Management LLC now owns 44,310 shares of the communications equipment provider’s stock worth $412,000 after buying an additional 12,980 shares during the last quarter. Rhumbline Advisers increased its position in Harmonic by 2.7% during the first quarter. Rhumbline Advisers now owns 265,630 shares of the communications equipment provider’s stock worth $2,468,000 after buying an additional 6,932 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Harmonic by 14.5% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 88,761 shares of the communications equipment provider’s stock worth $825,000 after buying an additional 11,240 shares during the last quarter. 99.38% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. TheStreet downgraded Harmonic from a “b” rating to a “c+” rating in a research report on Monday, July 31st. StockNews.com upgraded Harmonic from a “sell” rating to a “hold” rating in a research report on Friday. Needham & Company LLC cut their price objective on Harmonic from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Tuesday, August 1st. Northland Securities reduced their target price on Harmonic from $23.00 to $20.00 and set an “outperform” rating for the company in a report on Tuesday, August 1st. Finally, Rosenblatt Securities reduced their target price on Harmonic from $22.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday, August 1st. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $18.50.

Read Our Latest Stock Analysis on HLIT

About Harmonic

(Get Free Report)

Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Broadband. The Video segment sells video processing, production, and playout solutions and services to broadband operators, and satellite and telecommunications Pay-TV service providers, as well as to broadcast and media, including streaming media companies.

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