As of Wednesday close, Harmonic Inc.’s (NASDAQ:HLIT) stock was down -$0.26, moving down -2.51 percent to $10.10. The average number of shares traded per day over the past five days has been 2,167,880 shares. 1 time new highs have been achieved over the past 5 days, with a -$0.02 fall in that time frame. In the last twenty days, the average volume was 2,517,070, while in the previous 50 days, it was 1,787,940.
Since last month, HLIT stock retreated -35.34%. Shares of the company fell to $9.96 on 08/09/23, the lowest level in the past month. A 52-week high of $18.43 was reached on 06/21/23 after having rallying from a 52-week low of $9.96. Since the beginning of this year, HLIT’s stock price has dropped by -22.90% or -$3.00, and marked a new high 24 times. However, the stock has declined by -45.20% since its 52-week high.
HLIT stock investors should be aware that Harmonic Inc. (HLIT) stock had its last reported insider trading activity 246 days ago on Dec 14. HARSHMAN PATRICK, the President and CEO of the company, disposed of 15,179 shares for $14.19 on Dec 14. It resulted in a $215,388 divestment by the insider. HARSHMAN PATRICK sold 69,090 shares at an average price of $13.35 on Dec 13. The insider now owns 474,780 shares following the transaction. On Nov 30, SVP & GM, Broadband Business Ben-Natan Nimrod sold 50,000 shares at $14.90 apiece. The transaction was valued at $745,200.
Valuation Metrics
Right now, Harmonic Inc. (HLIT) has a P/E ratio of about 54.30. The stock’s beta is 0.91. Besides these, the trailing price-to-sales (P/S) ratio of 1.85, the price-to-book (PB) ratio of 3.28.
Financial Health
In the three months ended June 29, Harmonic Inc.’s quick ratio stood at 0.80, while its current ratio was 1.20, showing that the company is not able to pay off its debt. According to company report, the long-term debt-to-equity ratio for the quarter ending June 29 was 0.03, and the total debt-to-equity ratio was 0.38. On the profitability front, the trailing twelve-month gross margin is 52.70% percent. In the year ended June 29, EBITDA margin amounted to 9.87%, whereas operating margins totaled 7.70%. Based on annual data, HLIT earned $315.88 million in gross profit and brought in $624.96 million in revenue.
A company’s management is another factor that investors consider when determining the profitability of an investment. In the past year, return on investment (ROI) was 6.40%. Return on equity (ROE) for the past 12 months was 6.60%.
In Harmonic Inc.’s quarter-end financial report for June 29, it reported total debt of $10.54 million. According to the earnings report, the company had a lower net income in the recent quarter than it did in the previous quarter. HLIT’s revenue fell -0.97% to $157.65 million during the quarter, while net income inched up to $155.94 million. While analysts expected Harmonic Inc. to report $0.13 quarterly earnings, the actual figure was $0.12 per share, beating the consensus estimate by -7.70%. During the quarter, the company generated $13.68 million in EBITDA. The liabilities of Harmonic Inc. were 347.55 million at the end of its most recent quarter ended June 29, and its total debt was $158.0 million. The value of shareholders’ equity is $111.92 million.
Technical Picture
This quick technical analysis looks at Harmonic Inc.’s (HLIT) price momentum. With a historical volatility rate of 55.78%, the RSI 9-day stood at 23.50% on 16 August.
With respect to its five-day moving average, the current Harmonic Inc. price is down by -0.20% percent or -$0.02. At present, HLIT shares trade -34.63% below its 20-day simple moving average and -27.75% percent below its 100-day simple moving average. However, the stock is currently trading approximately -43.39% below its SMA50 and -34.12% below its SMA200.
Stochastic coefficient K was 7.78% and Stochastic coefficient D was 9.95%, while ATR was 0.60. Given the Stochastic reading of 2.68% for the 14-day period, the RSI (14) reading has been calculated as 23.43%. As of today, the MACD Oscillator reading stands at -0.12, while the 14-day reading stands at -0.92.
Analyst Ratings
Raymond James upgraded its rating on Harmonic Inc. (NASDAQ: HLIT) to a Strong buy in a note to investors on August 10, 2023. The analysts firm previously had an Outperform rating on the stock.Harmonic Inc. (HLIT) has been rated Buy by analysts. According to 0 brokerage firms, HLIT is a sell, and 0 firms recommend it is a Hold. There are 0 analysts who say the stock is underweight. A total of 1 analyst rate Harmonic Inc. stock as buy, with 5 recommending it as overweight.
With a median target price of $18.00, the current consensus forecast for the stock is $16.00 – $20.00. Based on these forecasts, analysts predict Harmonic Inc. (HLIT) will achieve an average price target of $18.33.
