Harmonic (NASDAQ:HLIT) Issues Q2 2024 Earnings Guidance

Harmonic (NASDAQ:HLIT) updated its second quarter 2024 earnings guidance on Monday. The company provided EPS guidance of 0.000-0.050 for the period, compared to the consensus EPS estimate of 0.050. The company issued revenue guidance of -. Harmonic also updated its FY 2024 guidance to 0.510-0.710 EPS.

Analyst Upgrades and Downgrades

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

Harmonic Trading Up 15.4 %

Shares of HLIT traded up $1.45 during trading hours on Tuesday, hitting $10.85. The stock had a trading volume of 4,074,348 shares, compared to its average volume of 2,050,878. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.91 and a current ratio of 1.21. The firm has a market cap of $1.21 billion, a P/E ratio of 15.63 and a beta of 0.84. The company’s fifty day simple moving average is $12.17 and its 200 day simple moving average is $11.77. Harmonic has a 12-month low of $8.80 and a 12-month high of $18.43.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, April 29th. The communications equipment provider reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.04). Harmonic had a net margin of 13.82% and a return on equity of 4.71%. The company had revenue of $122.06 million during the quarter, compared to analysts’ expectations of $121.70 million. During the same period last 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. Equities research analysts forecast that Harmonic will post 0.32 EPS for the current fiscal year.

Insider Buying and Selling at Harmonic

In other Harmonic news, SVP Neven Haltmayer sold 24,695 shares of the firm’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 $2,105,985.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Nimrod Ben-Natan sold 100,000 shares of Harmonic stock in a transaction dated 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 sale, the senior vice president now directly owns 302,214 shares of the company’s stock, valued at $3,901,582.74. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Neven Haltmayer sold 24,695 shares of Harmonic 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 sale, the senior vice president now directly owns 181,864 shares in the company, valued at $2,105,985.12. The disclosure for this sale can be found here. Insiders have sold 150,000 shares of company stock valued at $1,917,122 over the last three months. 2.20% of the stock is owned by company 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.