Y Intercept Hong Kong Ltd Invests $740,000 in Harmonic Inc. (NASDAQ:HLIT)

Y Intercept Hong Kong Ltd acquired a new stake in Harmonic Inc. (NASDAQ:HLIT) during the third quarter, Holdings Channel.com reports. The firm acquired 50,792 shares of the communications equipment provider’s stock, valued at approximately $740,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. CWM LLC raised its position in shares of Harmonic by 780.9% in the second quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock valued at $27,000 after purchasing an additional 1,999 shares during the period. GAMMA Investing LLC raised its holdings in Harmonic by 117.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock worth $36,000 after acquiring an additional 1,323 shares during the period. Innealta Capital LLC bought a new position in Harmonic in the 2nd quarter worth $47,000. Verdence Capital Advisors LLC acquired a new position in Harmonic during the 2nd quarter worth $140,000. Finally, iSAM Funds UK Ltd acquired a new stake in shares of Harmonic in the third quarter valued at about $166,000. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Harmonic Price Performance

NASDAQ:HLIT opened at $13.18 on Friday. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 18.05 and a beta of 0.92. The company has a 50-day moving average of $12.91 and a 200-day moving average of $12.92. Harmonic Inc. has a 52 week low of $9.10 and a 52 week high of $15.46. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.62 and a current ratio of 2.08.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.09. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. The company had revenue of $195.80 million for the quarter, compared to the consensus estimate of $181.77 million. During the same period in the previous year, the business earned ($0.05) earnings per share. The company’s quarterly revenue was up 53.9% on a year-over-year basis. As a group, equities research analysts anticipate that Harmonic Inc. will post 0.52 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

HLIT has been the subject of several research analyst reports. Raymond James cut Harmonic from a “strong-buy” rating to an “outperform” rating and cut their price objective for the stock from $17.00 to $14.00 in a research report on Tuesday, October 29th. Jefferies Financial Group downgraded shares of Harmonic from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $14.00 to $12.50 in a research note on Tuesday, October 29th. Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Harmonic in a research note on Tuesday, October 29th. Northland Securities decreased their price target on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 29th. Finally, Rosenblatt Securities cut their price objective on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Harmonic currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.25.

Harmonic Profile

Harmonic Inc, together with its subsidiaries, provides broadband solutions worldwide. The company operates through Broadband and Video segments. The Broadband segment sells broadband access solutions and related services, including cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers.