Harmonic (NASDAQ:HLIT) Updates Q4 2024 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its fourth quarter 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 0.330-0.390 for the period, compared to the consensus earnings per share estimate of 0.350. The company issued revenue guidance of $205.0 million-$220.0 million, compared to the consensus revenue estimate of $220.6 million. Harmonic also updated its FY 2024 guidance to 0.670-0.730 EPS.

Harmonic Price Performance

NASDAQ:HLIT traded down $0.45 on Thursday, hitting $11.13. The company had a trading volume of 1,595,265 shares, compared to its average volume of 1,529,593. The firm has a 50 day moving average of $13.95 and a two-hundred day moving average of $12.57. The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of 15.42 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 has a 52 week low of $9.10 and a 52 week high of $15.46.

Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.09. The business had revenue of $195.80 million during the quarter, compared to analysts’ expectations of $181.77 million. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The business’s revenue for the quarter was up 53.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.05) EPS. On average, research analysts anticipate that Harmonic will post 0.44 earnings per share for the current year.

Analysts Set New Price Targets

HLIT has been the topic of several analyst reports. Northland Securities reduced their price objective on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Tuesday. Barclays cut their price objective on Harmonic from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Tuesday. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a research note on Tuesday. Jefferies Financial Group lowered Harmonic from a “buy” rating to a “hold” rating and dropped their price target for the company from $14.00 to $12.50 in a research note on Tuesday. Finally, Rosenblatt Securities dropped their target price on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $15.25.

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.