What Did This CEO Just Do with Personal Shares of Harmonic (NASDAQ: HLIT)?

By Carrie Williams

Yesterday, the President & CEO of Harmonic (HLITResearch Report), Patrick Harshman, sold shares of HLIT for $896K.

Following Patrick Harshman’s last HLIT Sell transaction on February 23, 2021, the stock climbed by 1.0%.

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Based on Harmonic’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $113 million and GAAP net loss of -$2,009,000. In comparison, last year the company earned revenue of $73.99 million and had a GAAP net loss of $15.4 million. The company has a one-year high of $10.75 and a one-year low of $5.20. HLIT’s market cap is $904 million and the company has a P/E ratio of -75.90.

Based on 6 analyst ratings, the analyst consensus is Strong Buy with an average price target of $11.83, reflecting a -23.8% downside.

The insider sentiment on Harmonic has been negative according to 38 insider trades in the past three months. This sentiment is lower than the average sentiment of company insiders in this sector.

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Harmonic, Inc. engages in the development and sale of video delivery software, products, system solutions, and services. It operates through the Video and Cable Edge segments. The Video segment sells video processing and production and playout services to cable operators, satellite and telecommunications pay-TV service providers, and broadcast and media companies, including streaming new media companies. The Cable Edge segment markets cable access solutions and related services, such as CableOS software-based Converged Cable Access Platform (CCAP) solutions. The company was founded in June 1988 and is headquartered in San Jose, CA.