Harmonic (NASDAQ:HLIT) Updates Q3 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its third quarter earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $0.19-0.24 for the period, compared to the consensus estimate of $0.20. The company issued revenue guidance of $175-190 million, compared to the consensus revenue estimate of $177.83 million. Harmonic also updated its FY24 guidance to $0.56-0.75 EPS.

Wall Street Analysts Forecast Growth

Several research analysts have commented on HLIT shares. Needham & Company LLC restated a buy rating and set a $18.00 price objective on shares of Harmonic in a research report on Monday, June 17th. Rosenblatt Securities reaffirmed a buy rating and issued a $18.00 price objective on shares of Harmonic in a research note on Thursday, July 18th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Buy and a consensus target price of $17.60.

Harmonic Price Performance

NASDAQ HLIT traded down $0.29 on Monday, reaching $11.75. 1,812,690 shares of the company’s stock traded hands, compared to its average volume of 1,674,868. The stock has a market cap of $1.32 billion, a PE ratio of 20.07 and a beta of 0.89. The stock has a 50-day simple moving average of $11.83 and a 200 day simple moving average of $12.02. Harmonic has a 12 month low of $8.80 and a 12 month high of $15.07. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.09 and a quick ratio of 0.78.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.04). The company had revenue of $122.06 million for the quarter, compared to analysts’ expectations of $121.70 million. Harmonic had a net margin of 12.37% and a return on equity of 1.35%. Harmonic’s quarterly revenue was down 22.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.06 EPS. As a group, research analysts predict that Harmonic will post 0.36 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Ian Graham sold 52,730 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $10.95, for a total transaction of $577,393.50. Following the transaction, the senior vice president now owns 63,616 shares in the company, valued at $696,595.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.20% of the stock is owned by insiders.

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.