Harmonic (NASDAQ:HLIT) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Harmonic Inc. (NASDAQ:HLIT) saw unusually-high trading volume on Wednesday . Approximately 1,507,199 shares changed hands during 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

HLIT has been the topic of several research analyst reports. Wall Street Zen cut shares of Harmonic from a “strong-buy” rating to a “buy” rating in a research note on Sunday. Rosenblatt Securities raised their target price on shares of Harmonic from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Weiss Ratings cut shares of Harmonic from a “hold (c)” rating to a “sell (d)” rating in a research note on Friday, March 6th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $15.00 price objective on shares of Harmonic in a research note on Tuesday, May 12th. Finally, Barclays lifted their price objective on shares of Harmonic from $11.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 12th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Harmonic currently has a consensus rating of “Hold” and an average target price of $16.60.

Harmonic Price Performance

The company’s 50 day moving average price is $10.88 and its 200-day moving average price is $10.30. The company has a market cap of $1.83 billion, a price-to-earnings ratio of -45.63 and a beta of 1.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.03 and a current ratio of 2.27.

Insider Activity at Harmonic

In other news, Director Stephanie Copeland sold 4,300 shares of Harmonic 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 of the company’s stock, valued at $276,001.60. The trade was a 17.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Neven Haltmayer sold 31,766 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $13.24, for a total transaction of $420,581.84. Following the completion of the transaction, the senior vice president owned 133,924 shares of the company’s stock, valued at approximately $1,773,153.76. The trade was a 19.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.74% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. iSAM Funds UK Ltd purchased a new position in shares of Harmonic in the third quarter worth approximately $49,000. Global Retirement Partners LLC increased its position in shares of Harmonic by 23,193.5% in the fourth quarter. Global Retirement Partners LLC now owns 7,221 shares of the communications equipment provider’s stock worth $71,000 after acquiring an additional 7,190 shares in the last quarter. KBC Group NV increased its position in shares of Harmonic by 130.7% in the fourth quarter. KBC Group NV now owns 7,476 shares of the communications equipment provider’s stock worth $74,000 after acquiring an additional 4,236 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Harmonic in the first quarter worth approximately $75,000. Finally, Royal Bank of Canada increased its position in shares of Harmonic by 64.6% in the fourth quarter. Royal Bank of Canada now owns 7,645 shares of the communications equipment provider’s stock worth $75,000 after acquiring an additional 3,000 shares in the last quarter. 99.38% of the stock is owned by hedge funds and other institutional investors.

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.