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

Harmonic Inc. (NASDAQ:HLIT) – Equities researchers at Northland Capmk dropped their Q3 2024 earnings per share (EPS) estimates for Harmonic in a research report issued to clients and investors on Tuesday, April 30th. Northland Capmk analyst T. Savageaux now forecasts that the communications equipment provider will post earnings per share of $0.15 for the quarter, down from their previous forecast of $0.18. The consensus estimate for Harmonic’s current full-year earnings is $0.32 per share.

Several other equities analysts have also weighed in on HLIT. StockNews.com upgraded Harmonic from a “sell” rating to a “hold” rating in a report on Wednesday, February 28th. Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Harmonic in a report on Tuesday. Rosenblatt Securities dropped their price objective on Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, January 30th. Raymond James dropped their price objective on Harmonic from $19.00 to $18.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, January 30th. Finally, TheStreet upgraded Harmonic from a “c” rating to a “b” rating in a research note on Monday, January 29th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Harmonic presently has a consensus rating of “Buy” and an average price target of $17.20.

Harmonic Price Performance

HLIT opened at $11.09 on Thursday. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of 18.48 and a beta of 0.90. Harmonic has a 1 year low of $8.80 and a 1 year high of $18.43. The company has a current ratio of 1.09, a quick ratio of 0.91 and a debt-to-equity ratio of 0.03. The stock has a fifty day moving average price of $12.07 and a 200 day moving average price of $11.77.

Harmonic (NASDAQ:HLIT) last issued its earnings results 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 analyst estimates of $121.70 million. Harmonic had a return on equity of 1.35% and a net margin of 12.37%. The business’s quarterly revenue was down 22.6% on a year-over-year basis. During the same period last year, the business earned $0.06 EPS.

Insider Activity at Harmonic

In related news, SVP Neven Haltmayer sold 10,558 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $13.11, for a total transaction of $138,415.38. Following the transaction, the senior vice president now directly owns 171,306 shares in the company, valued at $2,245,821.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Harmonic news, SVP Neven Haltmayer sold 10,558 shares of Harmonic stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $13.11, for a total transaction of $138,415.38. Following the sale, the senior vice president now directly owns 171,306 shares of the company’s stock, valued at $2,245,821.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Nimrod Ben-Natan sold 100,000 shares of Harmonic stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $12.91, for a total value of $1,291,000.00. Following the sale, the senior vice president now directly owns 302,214 shares in the company, valued at $3,901,582.74. The disclosure for this sale can be found here. Insiders have sold 125,305 shares of company stock worth $1,631,154 over the last three months. Company insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Quadrant Capital Group LLC boosted its holdings in shares of Harmonic by 237.8% in the 4th quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock worth $34,000 after acquiring an additional 1,824 shares in the last quarter. Avior Wealth Management LLC acquired a new position in Harmonic during the 4th quarter worth $137,000. Kestra Advisory Services LLC acquired a new position in Harmonic during the 3rd quarter worth $131,000. PNC Financial Services Group Inc. lifted its holdings in Harmonic by 12.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 16,622 shares of the communications equipment provider’s stock worth $160,000 after buying an additional 1,871 shares in the last quarter. Finally, Innovis Asset Management LLC acquired a new position in Harmonic during the 3rd quarter worth $174,000. 99.38% of the stock is owned by institutional investors and hedge funds.

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.