Equities Analysts Offer Predictions for Harmonic Inc.’s Q3 2024 Earnings (NASDAQ:HLIT)

Harmonic Inc. (NASDAQ:HLIT) – Research analysts at Northland Capmk boosted their Q3 2024 EPS estimates for Harmonic in a report released on Tuesday, July 30th. Northland Capmk analyst T. Savageaux now expects that the communications equipment provider will earn $0.19 per share for the quarter, up from their prior forecast of $0.15. The consensus estimate for Harmonic’s current full-year earnings is $0.44 per share. Northland Capmk also issued estimates for Harmonic’s Q4 2024 earnings at $0.31 EPS, FY2024 earnings at $0.49 EPS and FY2025 earnings at $0.75 EPS.

A number of other analysts also recently issued reports on the company. Rosenblatt Securities restated a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research report on Thursday, July 18th. Barclays upped their target price on Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Finally, Needham & Company LLC reissued a “buy” rating and set a $18.00 price target on shares of Harmonic in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Harmonic has a consensus rating of “Buy” and an average price target of $18.50.

Harmonic Price Performance

Shares of Harmonic stock opened at $13.92 on Friday. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of 23.20 and a beta of 0.89. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.78 and a current ratio of 1.87. The stock has a 50 day moving average price of $12.04 and a 200-day moving average price of $12.07. Harmonic has a one year low of $8.80 and a one year high of $15.31.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, July 29th. The communications equipment provider reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The firm had revenue of $138.70 million during the quarter, compared to the consensus estimate of $133.67 million. During the same quarter last year, the firm earned $0.07 EPS. The firm’s revenue for the quarter was down 11.1% compared to the same quarter last year.

Insider Activity at Harmonic

In other Harmonic news, SVP Neven Haltmayer sold 40,000 shares of Harmonic stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total transaction of $576,400.00. Following the completion of the sale, the senior vice president now directly owns 122,211 shares of the company’s stock, valued at approximately $1,761,060.51. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Harmonic

Large investors have recently bought and sold shares of the business. CWM LLC boosted its position in Harmonic by 780.9% during the second quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock valued at $27,000 after purchasing an additional 1,999 shares in the last quarter. Quadrant Capital Group LLC lifted its position in shares of Harmonic by 237.8% during the fourth quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock valued at $34,000 after buying an additional 1,824 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of Harmonic in the 2nd quarter valued at about $47,000. SageView Advisory Group LLC purchased a new position in shares of Harmonic in the 1st quarter worth approximately $114,000. Finally, Avior Wealth Management LLC bought a new position in shares of Harmonic during the 4th quarter worth approximately $137,000. Institutional investors own 99.38% 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.