On Jan. 06, Haltmayer Neven divested U.S. $117,240 in shares of Harmonic Inc.. The SVP, Video R, D sold 15,632 shares at a price per share of $7.50. The transaction decreased this specific insider’s holdings to 164,043 shares worth around $1.28 million at present.
JP Morgan took its Harmonic Inc. [HLIT] rating to the equivalent of a Neutral from an Overweight, and the price target to $6, in a research note dated June 01, 2020. That figure represents around a -29.83% premium from where the company’s shares closed on Friday. Other analysts also revised their coverage, with JP Morgan’s analysts downgrading the shares from “an Overweight” rating to “a Neutral” rating in a research note to investors issued in early June. Meanwhile, Barclays had launched its coverage on HLIT with “an Equal weight”, in a research note produced for clients May 22, 2020. In addition, there was a new coverage from JP Morgan on April 14, 2020. The research firm rated HLIT “an Overweight”.
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Is Harmonic Inc. [NASDAQ:HLIT] a Good Buy Right Now?
It should be noted that HLIT technical indicators for short, intermediate as well as long term progress have placed an overall average of 100% as Buy. The average signal changed from 100% Buy in the last week and compares with 100% Buy in the past month. Data from Harmonic Inc.’s Trend Spotter indicated that the signals were Strengthening. The stock current average is 0.58 million shares in the past 20 days and the short term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was 0.61 million shares while the medium term average advocated for 100% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at 0.65 million shares.
HLIT Price Performance
On Wall Street, Harmonic Inc. [NASDAQ:HLIT] finished Friday’s session down -0.06% at $7.79. The stock went up to $7.89 at the same session while its lowest single day price was $7.705. In the last five days, it saw a rise of about 5.41%, Harmonic Inc. shares gained by almost 5.41% since the beginning of the year. However, the share price has dropped to as low as -9.10% below its one year high. On 01/08/21, the company shares recorded $7.89, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same year at $7.08. The company’s shares have declined by -1.14% in the past year. The 50-day SMA achieved is $6.79 while the 200-day SMA is $5.98. Volume gained to 0.58 million from 0.51 million in the previous session.
HLIT Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 7.70 level, and in case of violation of this particular level, it will cause more drop to 7.61 level. On the upper level, 7.98 is still the key resistance. The stock may increase to the subsequent resistance at 7.88. The Relative Strength Index (RSI) pinned on the 14-day chart is 69.46, implying a neutral technical stance while the MACD stands at 0.42, meaning price will decrease in the next trading period. Percent R indicator moved to 8.00%, implying bullish price movement. Stochastic %K at 93.74% suggest selling the stock.
What is the short interest in Harmonic Inc.?
Short interest in the Harmonic Inc. stock has surged, increasing by 1.11 million shares to total 6.08 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 7.19 million, data from Yahoo Finance shows. The decrease of -18.26% suggests the stock saw some decreased bullish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 9.23% of the overall float for the stock.
Harmonic Inc.’s Biggest Shareholders: Who Owns Harmonic Inc. [HLIT]?
Filings by T. Rowe Price Associates, Inc. showed that the firm now holds a total of 15,703,097 shares or roughly 16.07% of the outstanding HLIT shares. This means their shares have reduced by -257,238 from the 15,703,097 the investor reportedly held in its prior 13-F filing. With the conclusion of the sale, BlackRock Fund Advisors updated stake is worth $88,044,467. Details in the latest 13F filings reveal that Scopia Capital Management LP acquired their 0.99% stake valued at $60,950,576 while The Vanguard Group, Inc. cut theirs at $39,963,228. During the last quarter, Scopia Capital Management LP raised 91,817 of its shares in Harmonic Inc. while The Vanguard Group, Inc. sold -164,341 shares. The Dimensional Fund Advisors LP’s holdings currently number 5,455,293 shares at $42496732.47. According to the firm’s last 13F report, Wellington Management Co. LLP shares in the company at filing stood at 3,119,986 shares, roughly $20,373,509.
HLIT Earnings Forecast For The Current Quarter
Harmonic Inc. [HLIT] is expected to report strong earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $126.3M and an earnings per share of $0.15 for Dec 2020. Looking further ahead, the company is expected to report revenue of $101.45M at an EPS of $0.03 for Mar 2021. The estimates represent upside of 22.30% and 1763.16% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
HLIT Earnings Estimates For The Current Year
For the financial year, Harmonic Inc. [NASDAQ:HLIT] is expected to bring in revenue of $373.55M. The returns are nearly $-29.37 million lower than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at 0.02, lower than that of FY19 by -$0.28. Estimates put this year’s earnings growth at -93.30%, 1,650.00% for the next, and at an annual 19.40% over the next 5-year period. As for sales, forecasts are for a decrease of -7.30% in the current fiscal year and a further 22.30% over the following year.
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What are analyst thoughts on Harmonic Inc.?
Looking forward to the Harmonic Inc. share price prediction, we can see that analysts, surveyed by FactSet, offer the mean price target for Harmonic Inc. stock at $8.25 within the next 12 months, which represents almost 5.58 per cent growth from its previous closing price of $7.79. The highest analysts’ target for Harmonic Inc. stock projections is $11.00 and the lowest one is $6.50. Still, 8 analysts sharing their consensus rating for HLIT stock in 2021 agree that it is an Overweight.
