BlackRock Fund Advisors has recently announced that it has increased stake in Harmonic Inc. (NASDAQ:HLIT) by 6.37%. After grabbing 15.48 million shares, the institutional investor is now in possession of 0.93 million shares of the Technology Company. The new investment brought the stake of investor firm to 14.09% having worth around $204.23 million. Moreover, Trigran Investments, Inc. increased its share by 0.55 million to have a control over 7.39 million shares. And The Vanguard Group, Inc. raised its holdings to 0.13 million shares by acquiring 7.34 million shares or 6.68% of the stake.
Harmonic Inc. (HLIT) concluded trading on 03/16/23 at a closing price of $12.63, with 1.34 million shares of worth about $16.93 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 15.77% during that period and on Thursday the price saw a gain of about 0.72%. Currently the company’s common shares owned by public are about 106.47M shares, out of which, 102.58M 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 $19.17. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $20.00 and could fall to a lowest price of $17.00. The stock’s current price level is 34.12% above of average price target set by the analysts, while a rise to estimated low would result in gain of 25.71% for the stock. However, touching the estimated high of $20.00 would mean a gain of 36.85% 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 68 times over the past 12 months. They bought 1,240,290 shares in 33 of the transactions. In 35 selling transactions, insiders dumped 1,174,029 shares.
iShares Core S&P Small Cap ETF, Vanguard Total Stock Market Index, 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 8.0 million shares of worth totaling $105.47 million. The company recently came buying 18980.0 shares which brought its stake up to 7.28% of the company’s outstanding shares. Vanguard Total Stock Market Index bought 38962.0 shares, after which its hold over company’s outstanding shares expand to 2.93%, leaving 3.22 million shares with the mutual fund that have a worth of about $42.49 million. iShares Russell 2000 ETF, after selling 2.01 million shares, have now control over 1.83% of the stake in the company. It holds 6354.0 shares of worth $26.52 million.
Harmonic Inc. (NASDAQ: HLIT) started trading at $12.37, below -$0.17 from concluding price of the previous day. However, the stock later moved at a day high price of 12.69, or with a gain of 0.72%. Stock saw a price change of 1.77% in past 5 days and over the past one month there was a price change of -8.61%. Year-to-date (YTD), HLIT shares are showing a performance of -3.59% which increased to 41.75% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $8.25 but also hit the highest price of $15.80 during that period. The average intraday trading volume for Harmonic Inc. shares is 1.23 million. The stock is currently trading -2.46% below its 20-day simple moving average (SMA20), while that difference is down -8.45% for SMA50 and it goes to 2.30% higher than SMA200.
BlackRock Fund Advisors acquired 15.48 million shares of Harmonic Inc. having value of about $204.23 million. Data submitted at the U.S SEC by BlackRock Fund Advisors revealed that the firm now holds 0.93 million shares in the company valued at close to $11708590.98, or have control over 6.37% stake in the company. Harmonic Inc. (NASDAQ: HLIT) currently have 106.47M outstanding shares and institutions hold larger chunk of about 97.12% of that. Holding of mutual funds in the company is about 43.71% while other institutional holders and individual stake holders have control over 53.69% and 4.63% of the stake respectively.
The stock has a current market capitalization of $1.42B and its 3Y-monthly beta is at 0.94. PE ratio of stock for trailing 12 months is 50.32, while it has posted earnings per share of $0.25 in the same period. Its PEG reads 2.59 and has Quick Ratio of 0.70 while making debt-to-equity ratio of 0.40. 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 4.19% while standing at 3.41% over the month.
Analysts are in expectations that Harmonic Inc. (HLIT) stock would likely to be making an EPS of $0.09 in the current quarter, while forecast for next quarter EPS is $0.14 and it is $1 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.09 which is $0.1 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 $0.08 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 100.90% while it is estimated to increase by 49.55% in next year. EPS is likely to grow at an annualized rate of 19.40% for next 5-years, compared to annual growth of 18.10% made by the stock over the past 5-years.
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 1.80. Out of those 6 Wall Street analysts, 4 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 Jefferies on January 09, 2023 offering a Buy rating for the stock and assigned a target price range of between $14.25 and $19 to it. Coverage by Rosenblatt stated Harmonic Inc. (HLIT) stock as a Buy in their note to investors on May 24, 2022, suggesting a price target of $15 for the stock. On April 21, 2022, Barclays Upgrade their recommendations, while on June 22, 2021, Needham Initiated their ratings for the stock with a price target of $9.50. Stock get a Neutral rating from JP Morgan on June 01, 2020.
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