Harmonic (NASDAQ:HLIT) Updates Q2 2024 Earnings Guidance

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

Analyst Ratings Changes

Several brokerages have recently issued reports on HLIT. StockNews.com raised Harmonic from a sell rating to a hold rating in a report on Wednesday, February 28th. Rosenblatt Securities decreased their price objective on Harmonic from $18.00 to $16.00 and set a buy rating on the stock in a report on Tuesday, January 30th. Raymond James decreased their price objective on Harmonic from $19.00 to $18.00 and set a strong-buy rating on the stock in a report on Tuesday, January 30th. Needham & Company LLC reaffirmed a buy rating and set a $18.00 price objective on shares of Harmonic in a report on Tuesday. Finally, TheStreet raised Harmonic from a c rating to a b rating in a report on Monday, January 29th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Buy and an average target price of $17.20.

Harmonic Trading Up 15.4 %

Harmonic stock traded up $1.45 during mid-day trading on Tuesday, hitting $10.85. The company’s stock had a trading volume of 4,074,348 shares, compared to its average volume of 2,050,878. The company has a 50 day moving average of $12.17 and a 200-day moving average of $11.77. The stock has a market cap of $1.21 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 has a one year low of $8.80 and a one year high of $18.43.

Harmonic (NASDAQ:HLIT) last announced 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). The business had revenue of $122.06 million during the quarter, compared to the consensus estimate of $121.70 million. Harmonic had a net margin of 13.82% and a return on equity of 4.71%. The business’s revenue was down 22.6% compared to the same quarter last year. During the same period last year, the company earned $0.06 EPS. On average, research analysts anticipate that Harmonic will post 0.32 EPS for the current year.

Insider Transactions at Harmonic

In other news, SVP Neven Haltmayer sold 14,747 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $13.68, for a total transaction of $201,738.96. Following the transaction, the senior vice president now owns 156,559 shares of the company’s stock, valued at approximately $2,141,727.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Neven Haltmayer sold 14,747 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $13.68, for a total transaction of $201,738.96. Following the transaction, the senior vice president now owns 156,559 shares of the company’s stock, valued at approximately $2,141,727.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $12.91, for a total value of $1,291,000.00. Following the transaction, the senior vice president now directly owns 302,214 shares in the company, valued at approximately $3,901,582.74. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 150,000 shares of company stock valued at $1,917,122. 2.20% of the stock is currently owned by corporate insiders.

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.