Harmonic (NASDAQ:HLIT) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of Harmonic (NASDAQ:HLIT) from a buy rating to a hold rating in a research report sent to investors on Thursday, Zacks.com reports.

According to Zacks, “Harmonic Inc. enables media companies and service providers to deliver ultra-high-quality broadcast and OTT video services to consumers globally.The company has also revolutionized cable access networking via the industry’s first virtualized CCAP solution, enabling cable operators to more flexibly deploy gigabit internet service to consumers’ homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software-as-a-service (SaaS) technologies, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and VOD content on every screen. “

Other equities research analysts have also issued reports about the company. Needham & Company LLC reiterated a buy rating and issued a $10.00 price objective on shares of Harmonic in a research report on Tuesday, October 29th. BidaskClub lowered Harmonic from a hold rating to a sell rating in a research report on Thursday, October 3rd. Stifel Nicolaus lifted their price objective on Harmonic from $7.00 to $10.00 and gave the stock a buy rating in a research report on Wednesday, July 10th. Northland Securities reiterated a buy rating and issued a $9.00 price objective on shares of Harmonic in a research report on Tuesday, October 29th. Finally, ValuEngine lowered Harmonic from a buy rating to a hold rating in a research report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $9.00.

NASDAQ HLIT traded up $0.06 during trading hours on Thursday, hitting $8.02. The company had a trading volume of 767,300 shares, compared to its average volume of 621,329. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.42 and a current ratio of 1.62. The firm has a 50 day simple moving average of $6.73 and a 200 day simple moving average of $6.40. The firm has a market capitalization of $715.08 million, a price-to-earnings ratio of 267.33, a PEG ratio of 7.60 and a beta of 0.89. Harmonic has a 52 week low of $4.48 and a 52 week high of $8.11.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HLIT. Comerica Bank raised its stake in Harmonic by 1.8% during the third quarter. Comerica Bank now owns 83,280 shares of the communications equipment provider’s stock valued at $531,000 after buying an additional 1,458 shares during the last quarter. Swiss National Bank raised its stake in Harmonic by 2.5% during the second quarter. Swiss National Bank now owns 162,015 shares of the communications equipment provider’s stock valued at $899,000 after buying an additional 4,000 shares during the last quarter. Aperio Group LLC purchased a new position in Harmonic during the second quarter valued at $29,000. Quantamental Technologies LLC purchased a new position in Harmonic during the second quarter valued at $33,000. Finally, Tower Research Capital LLC TRC raised its stake in Harmonic by 562.8% during the second quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the communications equipment provider’s stock valued at $47,000 after buying an additional 7,170 shares during the last quarter. Institutional investors own 90.25% 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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