Trigran Investments, Inc. has recently announced that it has increased stake in Harmonic, Inc. (NASDAQ:HLIT) by 38.47%. After grabbing 9.64 million shares, the institutional investor is now in possession of 2.68 million shares of the Technology Company. The new investment brought the stake of investor firm to 8.59% having worth around $106.58 million. Moreover, The Vanguard Group, Inc. increased its share by 0.85 million to have a control over 9.1 million shares. And Wellington Management Co. LLP raised its holdings to 95257.0 shares by acquiring 7.81 million shares or 6.96% of the stake.
Harmonic, Inc. (HLIT) concluded trading on 12/21/23 at a closing price of $12.29, with 4.5 million shares of worth about $55.25 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -26.19% during that period and on Thursday the price saw a gain of about 3.36%. Currently the company’s common shares owned by public are about 109.87M shares, out of which, 109.28M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 6 analysts are covering the HLIT stock and their offered price forecasts bring an average price target of $16.83. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $19.00 and could fall to a lowest price of $14.00. The stock’s current price level is 26.98% above of average price target set by the analysts, while a rise to estimated low would result in gain of 12.21% for the stock. However, touching the estimated high of $19.00 would mean a gain of 35.32% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 46 times over the past 12 months. They bought 852,714 shares in 27 of the transactions. In 19 selling transactions, insiders dumped 492,096 shares.
iShares Core S&P Small Cap ETF, Vanguard Total Stock Market ETF, and iShares Russell 2000 ETF are the top 3 mutual funds which are holding stakes in Harmonic, Inc. iShares Core S&P Small Cap ETF is currently holding 7.5 million shares of worth totaling $83.01 million. The company recently came buying 4164.0 shares which brought its stake up to 6.69% of the company’s outstanding shares. Vanguard Total Stock Market ETF bought 72650.0 shares, after which its hold over company’s outstanding shares expand to 2.96%, leaving 3.32 million shares with the mutual fund that have a worth of about $36.73 million. iShares Russell 2000 ETF, after buying 2.67 million shares, have now control over 2.38% of the stake in the company. It holds 1311.0 shares of worth $29.48 million.
Harmonic, Inc. (NASDAQ: HLIT) started trading at $12.16, above $0.27 from concluding price of the previous day. Stock saw a price change of 12.75% in past 5 days and over the past one month there was a price change of 13.27%. Year-to-date (YTD), HLIT shares are showing a performance of -6.18% which decreased to -7.94% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $8.80 but also hit the highest price of $18.43 during that period. The average intraday trading volume for Harmonic, Inc. shares is 2.06 million. The stock is currently trading 13.43% above its 20-day simple moving average (SMA20), while that difference is up 15.43% for SMA50 and it goes to -4.85% lower than SMA200.
Trigran Investments, Inc. acquired 9.64 million shares of Harmonic, Inc. having value of about $106.58 million. Data submitted at the U.S SEC by Trigran Investments, Inc. revealed that the firm now holds 2.68 million shares in the company valued at close to $32904484.02, or have control over 38.47% stake in the company. Harmonic, Inc. (NASDAQ: HLIT) currently have 109.87M outstanding shares and institutions hold larger chunk of about 101.24% of that. Holding of mutual funds in the company is about 48.47% while other institutional holders and individual stake holders have control over 52.90% and 4.70% of the stake respectively.
The stock has a current market capitalization of $1.38B and its 3Y-monthly beta is at 0.83. PE ratio of stock for trailing 12 months is 242.89, while it has posted earnings per share of $0.05 in the same period. Its PEG reads 6.24 and has Quick Ratio of 0.82 while making debt-to-equity ratio of 0.46. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for HLIT, volatility over the week remained 4.86% while standing at 4.58% over the month.
Analysts are in expectations that Harmonic, Inc. (HLIT) stock would likely to be making an EPS of $0.1 in the current quarter, while forecast for next quarter EPS is $0.12 and it is $0.78 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.09 which is $0.11 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.17 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -38.18% while it is estimated to increase by 121.57% in next year.
Analysts at 6 brokerage firms have issued recommendations for the Harmonic, Inc. (HLIT)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.17. Out of those 6 Wall Street analysts, 5 recommended a “Buy” rating, while 0 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Raymond James on August 10, 2023 offering a Strong buy rating for the stock and assigned a target price range of between $15 and $16 to it.
