Harmonic (HLIT) Coverage Initiated at Loop Capital
Stock analysts at Loop Capital assumed coverage on shares of Harmonic (NASDAQ:HLIT) in a note issued to investors on Thursday, September 20th, Marketbeat.com reports. The brokerage set a “buy” rating and a $8.25 price target on the communications equipment provider’s stock. Loop Capital’s price target suggests a potential upside of 55.95% from the company’s previous close.
Other analysts have also recently issued research reports about the company. ValuEngine raised Harmonic from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, September 4th. BidaskClub raised Harmonic from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 28th. TheStreet upgraded Harmonic from a “d” rating to a “c-” rating in a research note on Monday, July 30th. Finally, Northland Securities set a $7.00 target price on Harmonic and gave the stock a “buy” rating in a research note on Thursday, August 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $6.50.
NASDAQ:HLIT traded up $0.08 during midday trading on Thursday, hitting $5.29. The stock had a trading volume of 321,235 shares, compared to its average volume of 490,512. Harmonic has a one year low of $2.80 and a one year high of $5.93. The stock has a market cap of $473.17 million, a P/E ratio of -9.80 and a beta of 0.70. The company has a quick ratio of 1.12, a current ratio of 1.29 and a debt-to-equity ratio of 0.57.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc raised its stake in shares of Harmonic by 8.4% during the 2nd quarter. Legal & General Group Plc now owns 164,819 shares of the communications equipment provider’s stock valued at $699,000 after buying an additional 12,821 shares during the last quarter. Metropolitan Life Insurance Co. NY grew its position in shares of Harmonic by 112.4% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 36,235 shares of the communications equipment provider’s stock valued at $154,000 after acquiring an additional 19,174 shares during the period. MetLife Investment Advisors LLC grew its position in shares of Harmonic by 111.5% during the 1st quarter. MetLife Investment Advisors LLC now owns 39,538 shares of the communications equipment provider’s stock valued at $150,000 after acquiring an additional 20,842 shares during the period. OMERS ADMINISTRATION Corp acquired a new stake in shares of Harmonic during the 1st quarter valued at about $107,000. Finally, Manatuck Hill Partners LLC acquired a new stake in shares of Harmonic during the 2nd quarter valued at about $128,000. Institutional investors and hedge funds own 86.52% 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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