Harmonic Inc. (NASDAQ:HLIT) saw a downside of -3.80% to close Monday at $10.64 after subtracting -$0.42 on the day. The 5-day average trading volume is 4,795,040 shares of the company’s common stock. It has gained $12.01 in the past week and touched a new high 1 time within the past 5 days. An average of 1,993,920 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 1,643,594.
HLIT’s 1-month performance is -31.79% or -$4.96 on its low of $10.54 reached on 08/07/23. The company’s shares have touched a 52-week low of $10.60 and high of $18.43, with the stock’s rally to the 52-week high happening on 06/21/23. YTD, HLIT has lost -18.78% or -$2.46 and has reached a new high 24 times. However, the current price is down -42.27% from the 52-week high price.
Insider Transactions
HLIT stock investors last saw insider trading activity on Dec 14.HARSHMAN PATRICK (President and CEO) most recently sold 15,179 shares at $14.19 per share on Dec 14. This transaction cost the insider $215,388. President and CEO, HARSHMAN PATRICK, sold 69,090 shares at a price of $13.35 on Dec 13. Then, on Nov 30, SVP & GM, Broadband Business Ben-Natan Nimrod sold 50,000 shares at a price of $14.90 per share. This transaction amounted to $745,200.
Valuation Metrics
HLIT stock has a beta of 0.89. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 1.84 while the price-to-book (PB) in the most recent quarter is 3.45.
Harmonic Inc.’s quick ratio for the period ended June 29 was 0.80, with the current ratio over the same period at 1.20. As well, the company’s long term debt to equity for the quarter ending June 29 was 0.03, while the total debt to equity was 0.38. In terms of profitability, the gross margin trailing 12 months is 52.70%. The trailing 12-month EBITDA margin is 9.87% while for the period ending June 29, Harmonic Inc.’s operating margin was 7.70%. The firm’s gross profit as reported stood at $315.88 million against revenue of $624.96 million.
Earnings Surprise
For the quarterly period ending June 29 this year, Net income and sales went down compared to those figures reported in the previous quarter. Net income shrunk -851.28% to $1.56 million, while revenue of $5.09 million was -226.28% off the previous quarter. Analysts expected HLIT to announce $0.13 per share in earnings in its latest quarter, but it posted $0.12, representing a -7.70% surprise. EBITDA for the quarter stood at more than $13.68 million. HLIT stock balance sheet for the quarter ending June 29 shows that total liabilities totaled 347.55 million, with total debt at $158.0 million. Shareholders hold equity totaling $111.92 million.
Let’s look briefly at Harmonic Inc. (HLIT) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 07 August was 10.81% to suggest the stock is trending oversold, with historical volatility in this time period at 115.65%.
The stock’s 5-day moving average is $11.11, reflecting a -28.69% or -$4.28 change from its current price. HLIT is currently trading -33.04% above its 20-day SMA, -13.43% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 by -35.28% and SMA200 by-25.59%.
Stochastic %K and %D was 2.79% and 3.16% and the average true range (ATR) pointed at 0.70. The RSI (14) points at 15.10%, while the 14-day stochastic is at 1.80% with the period’s ATR at 0.65. The stock’s 9-day MACD Oscillator is pointing at -1.99 and -2.97 on the 14-day charts.
Analyst Ratings
In the most recent analyst report for Harmonic Inc. (NASDAQ: HLIT), Jefferies upgraded it to a Buy rating. They previously had a Hold rating on the stock. Analysts offering their rating for HLIT stock have a consensus rating for the stock as Buy. Currently, 0 brokerage advisors rate HLIT as a “sell,”, while 0 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 2 rates the stock as overweight while 4 have offered a “buy” rating.
What is HLIT’s price target for the next 12 months?
Analysts have a consensus price target ranging from a low of $15.00 and a high of $20.00, with their median price target at $18.00. Looking at these predictions, the average price target given by analysts is for Harmonic Inc. (HLIT) stock is $18.17.
