Insider Buying: George Stromeyer Purchases 10,000 Shares of Harmonic Inc. (HLIT)

Harmonic Inc. (NASDAQ:HLIT) SVP of World Wide Sales George Stromeyer purchased 10,000 shares of Harmonic Inc. stock in a transaction that occurred on Wednesday, July 30th. The stock was purchased at an average cost of $5.98 per share, for a total transaction of $59,800.00. Following the completion of the purchase, the SVP of World Wide Sales now directly owns 28,726 shares of the company’s stock, valued at approximately $176,090. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Harmonic Inc. (NASDAQ:HLIT) is trading up 2.17% on Friday, hitting $6.13. The stock had a trading volume of 1380,000 shares. Harmonic Inc. has a 52 week low of $5.66 and a 52 week high of $8.25. The stock has a 50-day moving average of $6.09 and a 200-day moving average of $6.03. The company has a market cap of $0.5678 billion and a P/E ratio of 0.

The company does not currently pay out any quarterly dividends.

A number of research firms have recently commented on HLIT. Analysts at Zacks cut their rating on shares of Harmonic Inc. from “Neutral’ to “Underperform” in a research note on Tuesday, July 29th, with a price target of $5.90. Analysts at Jefferies downgraded shares of Harmonic Inc. in a research note on Tuesday, July 29th. They set a “Hold” rating down on the shares and lowered the price target to $7.00 from it’s previous $8.00 target.

 

Harmonic HLIT logoHarmonic Inc. (NASDAQ:HLIT) . designs, manufactures and sells versatile and video infrastructure products and system solutions. The Company’s products are of three principal categories: video production platforms and playout solutions, video processing solutions and edge and access products. The Company’ products and solutions enables its customers to create, prepare and deliver a range of video services to consumer devices, including televisions, personal computers, tablets and mobile phones. The Company’s revenue is derived from selling video processing and production and playout solutions and services worldwide to broadcast and media companies, streaming new media companies, cable operators, and satellite and telecommunications (telco) Pay-TV service providers. The Company also provides technical support services and professional services to its customers worldwide.