Harmonic (HLIT) Upgraded by ValuEngine to “Strong-Buy”

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Harmonic (NASDAQ:HLIT) was upgraded by analysts at ValuEngine from a “buy” rating to a “strong-buy” rating in a research report issued on Tuesday.

Several other research firms have also recently commented on HLIT. TheStreet upgraded Harmonic from a “d” rating to a “c-” rating in a research note on Monday, July 30th. BidaskClub upgraded Harmonic from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 28th. Northland Securities set a $7.00 target price on Harmonic and gave the company a “buy” rating in a research note on Thursday, August 2nd. Finally, Zacks Investment Research cut Harmonic from a “hold” rating to a “sell” rating in a research note on Thursday, August 2nd. One analyst has rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and two have issued a strong buy rating to the stock. Harmonic currently has an average rating of “Buy” and a consensus target price of $5.31.

Harmonic stock opened at $5.40 on Tuesday. The company has a market cap of $468.87 million, a PE ratio of -10.00 and a beta of 0.73. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.29 and a quick ratio of 1.12. Harmonic has a 52 week low of $2.80 and a 52 week high of $5.65.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, July 30th. The communications equipment provider reported $0.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.09. The company had revenue of $99.40 million during the quarter, compared to analysts’ expectations of $95.72 million. Harmonic had a negative return on equity of 5.68% and a negative net margin of 11.52%. The business’s revenue was up 20.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.20) EPS. analysts forecast that Harmonic will post -0.08 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Millennium Management LLC lifted its stake in Harmonic by 604.6% during the second quarter. Millennium Management LLC now owns 1,603,355 shares of the communications equipment provider’s stock worth $6,814,000 after purchasing an additional 1,375,807 shares during the last quarter. Metropolitan Life Insurance Co. NY lifted its stake in Harmonic by 112.4% during the second quarter. Metropolitan Life Insurance Co. NY now owns 36,235 shares of the communications equipment provider’s stock worth $154,000 after purchasing an additional 19,174 shares during the last quarter. Divisar Capital Management LLC lifted its stake in Harmonic by 33.4% during the second quarter. Divisar Capital Management LLC now owns 3,371,972 shares of the communications equipment provider’s stock worth $14,331,000 after purchasing an additional 844,508 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Harmonic during the second quarter worth $253,000. Finally, Manatuck Hill Partners LLC bought a new position in Harmonic during the second quarter worth $128,000. Hedge funds and other institutional investors own 86.52% of the company’s stock.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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