Dark Forest Capital Management LP Grows Stock Position in Harmonic Inc. (NASDAQ:HLIT)

Dark Forest Capital Management LP increased its holdings in Harmonic Inc. (NASDAQ:HLIT) by 7.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 20,192 shares of the communications equipment provider’s stock after purchasing an additional 1,362 shares during the quarter. Dark Forest Capital Management LP’s holdings in Harmonic were worth $238,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in HLIT. Keeley Teton Advisors LLC increased its position in shares of Harmonic by 21.2% during the 4th quarter. Keeley Teton Advisors LLC now owns 40,467 shares of the communications equipment provider’s stock worth $528,000 after purchasing an additional 7,069 shares during the last quarter. Ghisallo Capital Management LLC purchased a new stake in shares of Harmonic in the 4th quarter valued at approximately $2,848,000. Wasatch Advisors LP raised its stake in shares of Harmonic by 75.1% in the 4th quarter. Wasatch Advisors LP now owns 1,298,272 shares of the communications equipment provider’s stock valued at $16,929,000 after acquiring an additional 556,875 shares during the period. Analog Century Management LP acquired a new position in shares of Harmonic in the 4th quarter worth approximately $9,488,000. Finally, Wolf Hill Capital Management LP purchased a new position in shares of Harmonic during the 4th quarter worth approximately $16,879,000. Hedge funds and other institutional investors own 99.38% of the company’s stock.

Insider Buying and Selling at Harmonic

In other Harmonic news, SVP Neven Haltmayer sold 40,000 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $14.41, for a total value of $576,400.00. Following the sale, the senior vice president now directly owns 122,211 shares of the company’s stock, valued at approximately $1,761,060.51. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 2.20% of the company’s stock.

Harmonic Stock Up 0.1 %

Shares of NASDAQ HLIT opened at $14.49 on Monday. The stock has a market cap of $1.63 billion, a P/E ratio of 24.15 and a beta of 0.87. The company has a current ratio of 1.87, a quick ratio of 1.32 and a debt-to-equity ratio of 0.30. Harmonic Inc. has a 12-month low of $8.80 and a 12-month high of $15.31. The business’s fifty day simple moving average is $13.70 and its 200-day simple moving average is $12.37.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings results on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The company had revenue of $138.70 million for the quarter, compared to analyst estimates of $133.67 million. During the same quarter last year, the company earned $0.07 EPS. Harmonic’s revenue for the quarter was down 11.1% compared to the same quarter last year. As a group, equities analysts predict that Harmonic Inc. will post 0.44 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on HLIT shares. Needham & Company LLC reissued a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research report on Tuesday, July 30th. Barclays increased their target price on Harmonic from $14.00 to $20.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $18.50.

About Harmonic

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.