Y Intercept Hong Kong Ltd Makes New Investment in Harmonic Inc. (NASDAQ:HLIT)

Y Intercept Hong Kong Ltd acquired a new stake in Harmonic Inc. (NASDAQ:HLIT - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 50,792 shares of the communications equipment provider's stock, valued at approximately $740,000.

A number of other hedge funds have also modified their holdings of HLIT. Assenagon Asset Management S.A. lifted its position in Harmonic by 216.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 545,495 shares of the communications equipment provider's stock worth $6,420,000 after acquiring an additional 373,155 shares during the period. Baker Avenue Asset Management LP purchased a new stake in shares of Harmonic during the third quarter worth approximately $833,000. Lisanti Capital Growth LLC acquired a new stake in shares of Harmonic during the third quarter worth $2,915,000. Intech Investment Management LLC purchased a new position in Harmonic in the 2nd quarter valued at $444,000. Finally, Mutual of America Capital Management LLC increased its stake in Harmonic by 15.2% in the 2nd quarter. Mutual of America Capital Management LLC now owns 279,996 shares of the communications equipment provider's stock valued at $3,296,000 after buying an additional 36,937 shares during the period. 99.38% of the stock is currently owned by hedge funds and other institutional investors.

Harmonic Price Performance

Shares of NASDAQ:HLIT traded down $0.18 during midday trading on Friday, hitting $13.18. 1,227,114 shares of the stock were exchanged, compared to its average volume of 1,465,520. Harmonic Inc. has a twelve month low of $9.10 and a twelve month high of $15.46. The stock has a market cap of $1.54 billion, a P/E ratio of 18.05 and a beta of 0.92. The company has a 50 day moving average price of $12.91 and a 200-day moving average price of $12.93. The company has a current ratio of 2.08, a quick ratio of 1.62 and a debt-to-equity ratio of 0.29.

Harmonic (NASDAQ:HLIT - Get Free Report) last posted its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.09. The firm had revenue of $195.80 million for the quarter, compared to the consensus estimate of $181.77 million. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. The business's revenue for the quarter was up 53.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.05) EPS. On average, research analysts forecast that Harmonic Inc. will post 0.52 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently commented on HLIT. Needham & Company LLC restated a "buy" rating and issued a $18.00 target price on shares of Harmonic in a research note on Tuesday, October 29th. Barclays lowered their price objective on Harmonic from $20.00 to $17.00 and set an "overweight" rating on the stock in a report on Tuesday, October 29th. Northland Securities cut their target price on Harmonic from $16.00 to $14.00 and set an "outperform" rating for the company in a research note on Tuesday, October 29th. Raymond James downgraded Harmonic from a "strong-buy" rating to an "outperform" rating and decreased their price target for the company from $17.00 to $14.00 in a research note on Tuesday, October 29th. Finally, Jefferies Financial Group cut Harmonic from a "buy" rating to a "hold" rating and cut their price objective for the stock from $14.00 to $12.50 in a research report on Tuesday, October 29th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average 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.