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 guidance of $0.19-0.24 for the period, compared to the consensus earnings per share 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 FY 2024 guidance to 0.560-0.750 EPS.

Analyst Ratings Changes

HLIT has been the topic of a number of research reports. Needham & Company LLC reaffirmed a buy rating and issued a $18.00 price target on shares of Harmonic in a research note on Monday, June 17th. Rosenblatt Securities restated a buy rating and issued a $18.00 target price on shares of Harmonic in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Harmonic has an average rating of Buy and a consensus target price of $17.60.

Harmonic Trading Down 2.4 %

NASDAQ:HLIT traded down $0.29 during trading hours on Monday, hitting $11.75. The company had a trading volume of 1,823,047 shares, compared to its average volume of 1,679,940. Harmonic has a 1 year low of $8.80 and a 1 year high of $15.07. The company has a market cap of $1.32 billion, a P/E ratio of 19.58 and a beta of 0.89. The company has a 50-day moving average of $11.83 and a 200 day moving average of $12.02. The company has a current ratio of 1.09, a quick ratio of 0.78 and a debt-to-equity ratio of 0.03.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data 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 1.35% and a net margin of 12.37%. The firm had revenue of $122.06 million for the quarter, compared to analyst estimates of $121.70 million. During the same quarter in the previous year, the business posted $0.06 earnings per share. Harmonic’s revenue for the quarter was down 22.6% on a year-over-year basis. Sell-side analysts expect that Harmonic will post 0.36 earnings per share for the current year.

Insider Activity

In related news, SVP Ian Graham sold 52,730 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $10.95, for a total value of $577,393.50. Following the completion of the transaction, the senior vice president now directly owns 63,616 shares in the company, valued at $696,595.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate 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.