Zacks Investment Research Lowers Harmonic (NASDAQ:HLIT) to Sell

Zacks Investment Research downgraded shares of Harmonic (NASDAQ:HLIT) from a hold rating to a sell rating in a research report sent to investors on Wednesday morning, 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. “

A number of other research analysts also recently issued reports on the stock. BidaskClub upgraded shares of Harmonic from a strong sell rating to a sell rating in a research report on Thursday, July 23rd. ValuEngine upgraded shares of Harmonic from a hold rating to a buy rating in a research report on Friday, July 10th. Barclays initiated coverage on shares of Harmonic in a research report on Friday, May 22nd. They set an equal weight rating and a $6.00 target price on the stock. Needham & Company LLC cut their target price on shares of Harmonic from $10.00 to $9.00 and set a buy rating on the stock in a research report on Tuesday, April 28th. Finally, JPMorgan Chase & Co. cut Harmonic from an overweight rating to a neutral rating and lowered their price target for the company from $7.50 to $6.00 in a research note on Monday, June 1st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. Harmonic currently has an average rating of Hold and a consensus target price of $7.05.

Harmonic stock opened at $5.58 on Wednesday. The company has a current ratio of 1.18, a quick ratio of 1.00 and a debt-to-equity ratio of 0.43. Harmonic has a 1 year low of $4.44 and a 1 year high of $8.57. The company has a market cap of $538.92 million, a PE ratio of -31.00 and a beta of 0.76. The company’s 50-day moving average is $5.02 and its two-hundred day moving average is $5.94.

Institutional investors have recently added to or reduced their stakes in the business. FMR LLC increased its stake in Harmonic by 270.6% in the 1st quarter. FMR LLC now owns 290,357 shares of the communications equipment provider’s stock worth $1,574,000 after acquiring an additional 212,010 shares during the last quarter. Raymond James & Associates lifted its holdings in shares of Harmonic by 17.8% during the 4th quarter. Raymond James & Associates now owns 13,058 shares of the communications equipment provider’s stock valued at $102,000 after purchasing an additional 1,973 shares during the last quarter. Credit Suisse AG increased its position in shares of Harmonic by 15.2% in the 4th quarter. Credit Suisse AG now owns 73,372 shares of the communications equipment provider’s stock valued at $572,000 after acquiring an additional 9,692 shares during the period. UBS Group AG increased its position in shares of Harmonic by 51.4% in the 4th quarter. UBS Group AG now owns 139,530 shares of the communications equipment provider’s stock valued at $1,088,000 after acquiring an additional 47,357 shares during the period. Finally, Guggenheim Capital LLC increased its position in shares of Harmonic by 20.4% in the 4th quarter. Guggenheim Capital LLC now owns 17,617 shares of the communications equipment provider’s stock valued at $137,000 after acquiring an additional 2,980 shares during the period. Hedge funds and other institutional investors own 88.14% of the company’s stock.

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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