Harmonic (NASDAQ:HLIT – Get Free Report) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $0.51-0.71 for the period, compared to the consensus EPS estimate of $0.56. The company issued revenue guidance of $645-695 million, compared to the consensus revenue estimate of $666.65 million. Harmonic also updated its FY 2024 guidance to 0.510-0.710 EPS.
Harmonic Trading Up 18.3 %
HLIT stock traded up $1.72 during midday trading on Tuesday, hitting $11.12. 3,229,108 shares of the company’s stock were exchanged, compared to its average volume of 2,036,027. Harmonic has a one year low of $8.80 and a one year high of $18.43. The stock’s fifty day moving average price is $12.17 and its 200-day moving average price is $11.77. The company has a market cap of $1.24 billion, a PE ratio of 15.63 and a beta of 0.84. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.91 and a current ratio of 1.21.
Harmonic (NASDAQ:HLIT – Get Free Report) last released its quarterly earnings data on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share 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 business had revenue of $122.06 million for the quarter, compared to the consensus estimate of $121.70 million. During the same quarter last year, the firm earned $0.06 EPS. The company’s revenue for the quarter was down 22.6% on a year-over-year basis. Research analysts predict that Harmonic will post 0.32 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
Check Out Our Latest Stock Analysis on HLIT
Insider Activity
In other Harmonic news, SVP Neven Haltmayer sold 24,695 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $11.58, for a total transaction of $285,968.10. Following the transaction, the senior vice president now owns 181,864 shares of the company’s stock, valued at approximately $2,105,985.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Harmonic news, SVP Neven Haltmayer sold 24,695 shares of the company’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $11.58, for a total transaction of $285,968.10. Following the sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Nimrod Ben-Natan sold 100,000 shares of Harmonic stock in a transaction dated Monday, February 5th. The shares were 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 directly 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 150,000 shares of company stock worth $1,917,122 in the last quarter. Corporate insiders own 2.20% 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.
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