Harmonic Sees Unusually Large Options Volume (NASDAQ:HLIT)

Harmonic Inc. (NASDAQ:HLIT) was the recipient of unusually large options trading on Tuesday. Investors acquired 2,983 call options on the stock. This is an increase of 95% compared to the typical volume of 1,526 call options.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Northland Securities set a $15.00 price target on Harmonic in a research report on Tuesday, May 12th. Jefferies Financial Group restated a “hold” rating and issued a $15.00 price target on shares of Harmonic in a research report on Tuesday, May 12th. Barclays raised their price target on Harmonic from $11.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 12th. Weiss Ratings lowered Harmonic from a “hold (c)” rating to a “sell (d)” rating in a research report on Friday, March 6th. Finally, Rosenblatt Securities raised their price target on Harmonic from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Harmonic presently has a consensus rating of “Hold” and a consensus price target of $16.60.

Insider Activity

In other Harmonic news, SVP Neven Haltmayer sold 31,766 shares of the business’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 sale, the senior vice president directly 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Stephanie Copeland sold 4,300 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $13.30, for a total value of $57,190.00. Following the completion of the transaction, the director owned 20,752 shares in the company, valued at $276,001.60. This represents a 17.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.74% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HLIT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Harmonic by 4.5% during the first 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% in the 1st 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% in the 1st 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. raised its stake in shares of Harmonic by 239.3% in the 2nd quarter. American Century Companies Inc. now owns 110,892 shares of the communications equipment provider’s stock valued at $1,050,000 after purchasing an additional 78,214 shares during the period. Finally, Norges Bank acquired a new stake in shares of Harmonic in the 2nd quarter valued at about $1,426,000. 99.38% of the stock is currently owned by institutional investors.

Harmonic Trading Down 0.9%

HLIT stock traded down $0.14 during midday trading on Tuesday, hitting $15.68. 5,181,470 shares of the company’s stock were exchanged, compared to its average volume of 4,560,583. The stock’s fifty day moving average price is $11.42 and its 200-day moving average price is $10.48. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.03 and a current ratio of 2.27. The company has a market cap of $1.70 billion, a PE ratio of -43.50 and a beta of 1.32. Harmonic has a one year low of $7.80 and a one year high of $17.68.

Harmonic Company Profile

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.