Analysts expect that Harmonic Inc. (NASDAQ:HLIT) will announce earnings per share of ($0.06) for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Harmonic’s earnings, with the highest EPS estimate coming in at ($0.05) and the lowest estimate coming in at ($0.08). Harmonic posted earnings per share of ($0.05) during the same quarter last year, which would suggest a negative year over year growth rate of 20%. The firm is scheduled to report its next quarterly earnings report on Tuesday, August 8th.
On average, analysts expect that Harmonic will report full year earnings of ($0.06) per share for the current financial year, with EPS estimates ranging from ($0.12) to ($0.04). For the next fiscal year, analysts expect that the company will report earnings of $0.16 per share. Zacks’ earnings per share calculations are an average based on a survey of research firms that follow Harmonic.
Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, May 1st. The communications equipment provider reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by $0.09. The business had revenue of $82.90 million for the quarter, compared to the consensus estimate of $92.62 million. Harmonic had a negative net margin of 17.50% and a negative return on equity of 7.29%. The firm’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.11) EPS.
A number of analysts have recently commented on the stock. Jefferies Group LLC boosted their price objective on shares of Harmonic from $4.00 to $4.75 and gave the stock a “hold” rating in a research report on Wednesday, March 1st. Zacks Investment Research raised shares of Harmonic from a “sell” rating to a “hold” rating in a research report on Wednesday, May 3rd. Finally, Drexel Hamilton lowered shares of Harmonic from a “buy” rating to a “hold” rating in a research report on Tuesday, March 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. Harmonic has an average rating of “Hold” and an average price target of $5.44.
In other news, CFO Harold L. Covert sold 13,172 shares of the business’s stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $5.14, for a total value of $67,704.08. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 5.53% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Texas Permanent School Fund raised its stake in shares of Harmonic by 1.1% in the first quarter. Texas Permanent School Fund now owns 57,756 shares of the communications equipment provider’s stock worth $344,000 after buying an additional 613 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its stake in shares of Harmonic by 1.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 54,612 shares of the communications equipment provider’s stock worth $273,000 after buying an additional 929 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Harmonic by 3.2% in the first quarter. Louisiana State Employees Retirement System now owns 32,500 shares of the communications equipment provider’s stock worth $193,000 after buying an additional 1,000 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Harmonic by 3.0% in the first quarter. Arizona State Retirement System now owns 41,518 shares of the communications equipment provider’s stock worth $247,000 after buying an additional 1,200 shares in the last quarter. Finally, Prudential Financial Inc. raised its stake in shares of Harmonic by 1.0% in the first quarter. Prudential Financial Inc. now owns 132,054 shares of the communications equipment provider’s stock worth $786,000 after buying an additional 1,360 shares in the last quarter. 98.27% of the stock is currently owned by institutional investors and hedge funds.
Harmonic (HLIT) traded down 0.93% on Wednesday, hitting $5.30. 492,414 shares of the stock were exchanged. Harmonic has a one year low of $2.61 and a one year high of $6.18. The company has a 50 day moving average of $5.32 and a 200 day moving average of $5.36. The stock’s market capitalization is $426.81 million.
Harmonic Company Profile
Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.
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