Harmonic (NASDAQ:HLIT) Releases Q2 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its second quarter earnings guidance on Monday morning. The company provided EPS guidance of $0.00-0.05 for the period, compared to the consensus EPS estimate of $0.05. The company issued revenue guidance of $125-140 million, compared to the consensus revenue estimate of $139.53 million. Harmonic also updated its FY 2024 guidance to 0.510-0.710 EPS.

Analysts Set New Price Targets

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

Harmonic Trading Up 18.3 %

Shares of NASDAQ HLIT traded up $1.72 during trading on Tuesday, reaching $11.12. The company had a trading volume of 3,229,108 shares, compared to its average volume of 2,036,027. Harmonic has a 12 month low of $8.80 and a 12 month high of $18.43. The company has a quick ratio of 0.91, a current ratio of 1.21 and a debt-to-equity ratio of 0.02. The stock has a market cap of $1.24 billion, a P/E ratio of 15.63 and a beta of 0.84. The company’s fifty day moving average price is $12.17 and its 200-day moving average price is $11.77.

Harmonic (NASDAQ:HLIT) last released 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). Harmonic had a return on equity of 4.71% and a net margin of 13.82%. The firm had revenue of $122.06 million for the quarter, compared to the consensus estimate of $121.70 million. During the same quarter in the previous year, the business posted $0.06 EPS. The firm’s revenue for the quarter was down 22.6% compared to the same quarter last year. As a group, research analysts expect that Harmonic will post 0.32 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Neven Haltmayer sold 24,695 shares of the business’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $11.58, for a total value of $285,968.10. Following the transaction, the senior vice president now directly owns 181,864 shares of the company’s stock, valued at approximately $2,105,985.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Nimrod Ben-Natan sold 100,000 shares of the firm’s 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 completion of the sale, the senior vice president now directly owns 302,214 shares in the company, valued at approximately $3,901,582.74. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Neven Haltmayer sold 24,695 shares of Harmonic stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $11.58, for a total transaction of $285,968.10. Following the transaction, the senior vice president now owns 181,864 shares of the company’s stock, valued at $2,105,985.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 150,000 shares of company stock worth $1,917,122. Company 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.