Harmonic (NASDAQ:HLIT) Updates Q2 2024 Earnings Guidance

Harmonic (NASDAQ:HLIT) updated its second quarter 2024 earnings guidance on Monday. The company provided earnings per share guidance of 0.000-0.050 for the period, compared to the consensus earnings per share 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 Analyst Weigh In

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

Harmonic Stock Down 1.5 %

NASDAQ HLIT traded down $0.17 on Thursday, reaching $10.92. The company had a trading volume of 468,968 shares, compared to its average volume of 2,084,314. The stock has a market capitalization of $1.22 billion, a P/E ratio of 18.48 and a beta of 0.90. The company’s fifty day moving average is $12.07 and its 200 day moving average is $11.77. Harmonic has a 52-week low of $8.80 and a 52-week high of $18.43. The company has a quick ratio of 0.91, a current ratio of 1.09 and a debt-to-equity ratio of 0.03.

Harmonic (NASDAQ:HLIT) last announced its 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 net margin of 12.37% and a return on equity of 1.35%. The business had revenue of $122.06 million for the quarter, compared to analysts’ expectations of $121.70 million. During the same period in the prior year, the business earned $0.06 earnings per share. The company’s revenue for the quarter was down 22.6% compared to the same quarter last year. Sell-side analysts anticipate that Harmonic will post 0.32 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Nimrod Ben-Natan sold 100,000 shares of the 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 transaction, the senior vice president now owns 302,214 shares in the company, valued at approximately $3,901,582.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Neven Haltmayer sold 14,747 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $13.68, for a total transaction of $201,738.96. Following the completion of the transaction, the senior vice president now owns 156,559 shares in the company, valued at approximately $2,141,727.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction, the senior vice president now 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. Insiders sold a total of 125,305 shares of company stock valued at $1,631,154 in the last ninety days. 2.20% of the stock is currently 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.