Harmonic (NASDAQ:HLIT) Releases Q2 2024 Earnings Guidance

Harmonic (NASDAQ:HLIT) updated its second quarter 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 0.000-0.050 for the period, compared to the consensus estimate of 0.050. The company issued revenue guidance of -. Harmonic also updated its FY 2024 guidance to 0.510-0.710 EPS.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on HLIT. TheStreet raised Harmonic from a c rating to a b rating in a research note on Monday, January 29th. StockNews.com upgraded Harmonic from a sell rating to a hold rating in a report on Wednesday, February 28th. Raymond James lowered their target price on Harmonic from $19.00 to $18.00 and set a strong-buy rating for the company in a report on Tuesday, January 30th. Rosenblatt Securities lowered their target price on Harmonic from $18.00 to $16.00 and set a buy rating for the company in a report on Tuesday, January 30th. Finally, Needham & Company LLC restated a buy rating and set a $18.00 target price on shares of Harmonic in a report on Tuesday. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Buy and an average price target of $17.20.

Harmonic Stock Up 3.9 %

Shares of HLIT traded up $0.42 during midday trading on Wednesday, hitting $11.16. 1,212,975 shares of the company’s stock traded hands, compared to its average volume of 2,080,252. Harmonic has a 1 year low of $8.80 and a 1 year high of $18.43. The firm’s fifty day moving average is $12.11 and its 200-day moving average is $11.78. The company has a current ratio of 1.21, a quick ratio of 0.91 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 17.90 and a beta of 0.84.

Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). The firm had revenue of $122.06 million during the quarter, compared to analysts’ expectations of $121.70 million. Harmonic had a return on equity of 1.38% and a net margin of 12.37%. The business’s revenue was down 22.6% on a year-over-year basis. During the same quarter last year, the business earned $0.06 EPS. As a group, sell-side analysts anticipate that Harmonic will post 0.32 earnings per share for the current year.

Insider Buying and Selling

In other Harmonic news, SVP Nimrod Ben-Natan sold 100,000 shares of the stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $12.91, for a total transaction of $1,291,000.00. Following the sale, the senior vice president now directly owns 302,214 shares of the company’s stock, valued at approximately $3,901,582.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Harmonic news, SVP Neven Haltmayer sold 14,747 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $13.68, for a total transaction of $201,738.96. Following the sale, the senior vice president now directly owns 156,559 shares of the company’s stock, valued at approximately $2,141,727.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $12.91, for a total value of $1,291,000.00. Following the sale, the senior vice president now directly owns 302,214 shares in the company, valued at $3,901,582.74. The disclosure for this sale can be found here. Insiders sold 125,305 shares of company stock worth $1,631,154 in the last 90 days. Insiders own 2.20% of the company’s stock.

Harmonic Company Profile

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.