Harmonic (NASDAQ:HLIT) Announces Quarterly Earnings Results

Harmonic (NASDAQ:HLIT) released its quarterly earnings data on Monday. The communications equipment provider reported $0.23 EPS for the quarter, beating the consensus estimate of $0.17 by $0.06, FiscalAI reports. Harmonic had a negative net margin of 8.50% and a positive return on equity of 10.91%. The business had revenue of $148.84 million during the quarter, compared to analyst estimates of $129.47 million.

Harmonic Trading Down 0.4%

HLIT traded down $0.04 during trading hours on Monday, reaching $10.19. 1,661,657 shares of the company’s stock traded hands, compared to its average volume of 1,810,589. The firm has a 50-day moving average price of $11.17 and a 200 day moving average price of $11.57. The firm has a market capitalization of $1.11 billion, a PE ratio of -24.26 and a beta of 1.37. The company has a quick ratio of 2.56, a current ratio of 3.05 and a debt-to-equity ratio of 0.30. Harmonic has a 52-week low of $8.47 and a 52-week high of $17.68.

Wall Street Analysts Forecast Growth

HLIT has been the subject of several analyst reports. Wall Street Zen lowered Harmonic from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 1st. Zacks Research lowered Harmonic from a “strong-buy” rating to a “hold” rating in a report on Friday, July 24th. Needham & Company LLC restated a “buy” rating on shares of Harmonic in a research report on Thursday, August 13th. Raymond James Financial reaffirmed an “outperform” rating and set a $19.00 price objective on shares of Harmonic in a research note on Thursday, August 13th. Finally, Northland Securities set a $17.00 price objective on shares of Harmonic in a research note on Thursday, August 13th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Harmonic currently has a consensus rating of “Hold” and an average price target of $17.50.

Harmonic Company Profile

Harmonic Inc (NASDAQ: HLIT) develops broadband access and video-delivery technologies for communications service providers, content providers and broadcasters. Its solutions help operators deliver high-speed internet, television and streaming services across cable, fiber and other network infrastructures.

The company’s broadband portfolio includes its CableOS platform, a software-based solution designed to support virtualized broadband access networks, along with technologies for DOCSIS, fiber and hybrid fiber-coaxial networks.