Harmonic (NASDAQ:HLIT) Updates Q2 2024 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its second quarter 2024 earnings guidance on Monday morning. 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.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on HLIT. Raymond James lowered their price objective on Harmonic from $19.00 to $18.00 and set a strong-buy rating for the company in a research note on Tuesday, January 30th. TheStreet upgraded Harmonic from a c rating to a b rating in a research report on Monday, January 29th. StockNews.com upgraded shares of Harmonic from a sell rating to a hold rating in a research report on Wednesday, February 28th. Rosenblatt Securities lowered their target price on shares of 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 reiterated a buy rating and set a $18.00 price target on shares of Harmonic in a report on Wednesday, April 17th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Buy and an average price target of $17.20.

Harmonic Trading Up 2.2 %

Shares of NASDAQ:HLIT traded up $0.20 on Monday, hitting $9.40. 2,342,490 shares of the company’s stock were exchanged, compared to its average volume of 2,028,024. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of 13.34 and a beta of 0.84. Harmonic has a 12 month low of $8.80 and a 12 month high of $18.43. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.21 and a quick ratio of 0.91. The business’s 50 day simple moving average is $12.25 and its two-hundred day simple moving average is $11.78.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Monday, January 29th. The communications equipment provider reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.03. The company had revenue of $167.10 million during the quarter, compared to analyst estimates of $158.98 million. Harmonic had a net margin of 13.82% and a return on equity of 4.71%. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter last year, the business posted $0.12 EPS. Analysts anticipate that Harmonic will post 0.32 EPS for the current fiscal year.

Insider Activity

In other Harmonic news, SVP Nimrod Ben-Natan sold 100,000 shares of Harmonic stock in a transaction on 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 completion of 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 filing with the SEC, which is available at the SEC website. In other news, SVP Neven Haltmayer sold 10,558 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $13.11, for a total transaction of $138,415.38. Following the transaction, the senior vice president now directly owns 171,306 shares in the company, valued at $2,245,821.66. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the senior vice president now directly owns 302,214 shares of the company’s stock, valued at approximately $3,901,582.74. The disclosure for this sale can be found here. Over the last quarter, insiders sold 150,000 shares of company stock valued at $1,917,122. Corporate insiders own 2.20% of the company’s stock.

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.