Holdings of Harmonic Inc. (HLIT) are aligned with the stars

Harmonic Inc. (NASDAQ: HLIT) stock jumped 0.06% on Wednesday to $16.44 against a previous-day closing price of $16.43. With 0.74 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.39 million shares. During the session, the Communication Equipment company that operates in wider Technology sector, reached to the highest price of $16.51 whereas the lowest price it dropped to was $16.25. The 52-week range on HLIT shows that it touched its highest point at $16.97 and its lowest point at $8.27 during that stretch. It currently has a 1-year price target of $20.83. Beta for the stock currently stands at 0.91.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of HLIT was down-trending over the past week, with a drop of -0.66%, but this was up by 18.19% over a month. Three-month performance surged to 22.60% while six-month performance rose 14.64%. The stock gained 77.35% in the past year, while it has gained 25.50% so far this year. A look at the trailing 12-month EPS for HLIT yields 0.31 with Next year EPS estimates of 1.07. For the next quarter, that number is 0.13. This implies an EPS growth rate of 100.90% for this year and 55.09% for next year. EPS is expected to grow by 19.40% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 18.10%.

Float and Shares Shorts:

At present, 110.79 million HLIT shares are outstanding with a float of 102.58 million shares on hand for trading. On May 14, 2023, short shares totaled 8.25 million, which was 7.41% higher than short shares on Apr 13, 2023. In addition to Dr. Patrick J. Harshman as the firm’s Pres, CEO & Director, Mr. Ian Graham serves as its Sr. VP of Global Sales & Video Services.

Institutional Ownership:

Through their ownership of 97.73% of HLIT’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 56.31% of HLIT, in contrast to 44.89% held by mutual funds. Shares owned by individuals account for 4.67%. As the largest shareholder in HLIT with 14.07% of the stake, BlackRock Fund Advisors holds 15,629,071 shares worth 15,629,071. A second-largest stockholder of HLIT, Trigran Investments, Inc., holds 8,466,639 shares, controlling over 7.62% of the firm’s shares. Wellington Management Co. LLP is the third largest shareholder in HLIT, holding 7,800,863 shares or 7.02% stake. With a 7.16% stake in HLIT, the iShares Core S&P Small Cap ETF is the largest stakeholder. A total of 7,955,601 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 3.17% of HLIT stock, is the second-largest Mutual Fund holder. It holds 3,525,176 shares valued at 49.67 million. iShares Russell 2000 ETF holds 1.76% of the stake in HLIT, owning 1,948,913 shares worth 27.46 million.

An Overview of Recent Financials:

Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, HLIT reported revenue of $157.45M and operating income of $15.71M. The EBITDA in the recently reported quarter was $23.00M and diluted EPS was $0.14.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for HLIT since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With HLIT analysts setting a high price target of $23.00 and a low target of $17.00, the average target price over the next 12 months is $20.83. Based on these targets, HLIT could surge 39.9% to reach the target high and rise by 3.41% to reach the target low. Reaching the average price target will result in a growth of 26.7% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.

Summary of Insider Activity:

Insiders traded HLIT stock several times over the past three months with 3 Buys and 2 Sells. In these transactions, 31,964 shares were bought while 13,162 shares were sold. The number of buy transactions has increased to 30 while that of sell transactions has risen to 34 over the past year. The total number of shares bought during that period was 1,145,079 while 1,259,063 shares were sold.

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