Harmonic Inc (NASDAQ:HLIT) Sees Large Growth in Short Interest

Harmonic Inc (NASDAQ:HLIT) saw a large growth in short interest in the month of November. As of November 29th, there was short interest totalling 6,950,000 shares, a growth of 7.8% from the November 14th total of 6,450,000 shares. Currently, 8.1% of the company’s shares are sold short. Based on an average trading volume of 755,900 shares, the days-to-cover ratio is currently 9.2 days.

Shares of NASDAQ HLIT traded down $0.25 during midday trading on Friday, hitting $7.95. 844,506 shares of the company’s stock were exchanged, compared to its average volume of 551,194. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.62 and a quick ratio of 1.42. Harmonic has a twelve month low of $4.48 and a twelve month high of $8.39. The company has a market cap of $740.81 million, a PE ratio of 264.83, a P/E/G ratio of 7.10 and a beta of 0.90. The firm’s fifty day simple moving average is $7.87 and its 200-day simple moving average is $6.82.

Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, October 28th. The communications equipment provider reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.03. Harmonic had a positive return on equity of 6.36% and a negative net margin of 2.07%. The business had revenue of $115.73 million for the quarter, compared to analyst estimates of $114.88 million. Equities analysts anticipate that Harmonic will post 0.13 EPS for the current fiscal year.

Several equities analysts have recently issued reports on HLIT shares. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of Harmonic in a research note on Tuesday, November 12th. BidaskClub cut Harmonic from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Zacks Investment Research cut Harmonic from a “buy” rating to a “hold” rating in a research note on Thursday, November 7th. ValuEngine cut Harmonic from a “buy” rating to a “hold” rating in a research note on Wednesday, September 4th. Finally, Northland Securities reiterated a “buy” rating and issued a $9.00 price objective on shares of Harmonic in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $9.00.

In other news, CFO Sanjay Kalra sold 28,061 shares of Harmonic stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $8.15, for a total value of $228,697.15. Following the completion of the transaction, the chief financial officer now owns 142,794 shares in the company, valued at approximately $1,163,771.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Neven Haltmayer sold 30,000 shares of Harmonic stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $8.25, for a total value of $247,500.00. Following the completion of the transaction, the senior vice president now owns 178,706 shares of the company’s stock, valued at approximately $1,474,324.50. The disclosure for this sale can be found here. Insiders have sold a total of 295,561 shares of company stock valued at $2,418,947 over the last 90 days. 6.40% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of HLIT. Scopia Capital Management LP raised its position in shares of Harmonic by 111.7% during the 2nd quarter. Scopia Capital Management LP now owns 6,092,937 shares of the communications equipment provider’s stock worth $33,816,000 after acquiring an additional 3,215,344 shares in the last quarter. Systematic Financial Management LP acquired a new stake in shares of Harmonic during the 3rd quarter worth about $6,745,000. Voya Investment Management LLC raised its position in shares of Harmonic by 2,003.7% during the 3rd quarter. Voya Investment Management LLC now owns 785,237 shares of the communications equipment provider’s stock worth $5,168,000 after acquiring an additional 747,910 shares in the last quarter. Nuveen Asset Management LLC acquired a new stake in shares of Harmonic during the 2nd quarter worth about $3,720,000. Finally, BlackRock Inc. raised its position in shares of Harmonic by 4.6% during the 2nd quarter. BlackRock Inc. now owns 13,242,787 shares of the communications equipment provider’s stock worth $73,497,000 after acquiring an additional 584,615 shares in the last quarter. 91.74% of the stock is currently owned by institutional investors and hedge funds.

About Harmonic

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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