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 guidance of 0.000-0.050 for the period, compared to the consensus earnings per share 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 commented on HLIT. StockNews.com upgraded shares of Harmonic from a sell rating to a hold rating in a research report on Wednesday, February 28th. Rosenblatt Securities lowered their price objective on shares of Harmonic from $18.00 to $16.00 and set a buy rating for the company in a research report on Tuesday, January 30th. Raymond James lowered their price objective on shares of Harmonic from $19.00 to $18.00 and set a strong-buy rating for the company in a research report on Tuesday, January 30th. Needham & Company LLC restated a buy rating and set a $18.00 price objective on shares of Harmonic in a research report on Wednesday, April 17th. Finally, TheStreet upgraded shares of Harmonic from a c rating to a b rating in a research report on Monday, January 29th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Buy and a consensus price target of $17.20.

Harmonic Trading Up 2.2 %

HLIT traded up $0.20 during trading on Monday, reaching $9.40. 2,339,702 shares of the stock traded hands, compared to its average volume of 2,028,024. The company has a quick ratio of 0.91, a current ratio of 1.21 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $1.05 billion, a PE ratio of 13.34 and a beta of 0.84. The stock’s 50-day moving average is $12.25 and its 200 day moving average is $11.78. 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, January 29th. The communications equipment provider reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.03. The company had revenue of $167.10 million for the quarter, compared to analysts’ expectations of $158.98 million. Harmonic had a net margin of 13.82% and a return on equity of 4.71%. The business’s revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.12 EPS. Equities analysts anticipate that Harmonic will post 0.32 earnings per share for the current year.

Insider Transactions at Harmonic

In other news, SVP Neven Haltmayer sold 24,695 shares of the stock in a transaction dated Wednesday, January 31st. The shares were 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 is available through the SEC website. In other news, SVP Neven Haltmayer sold 24,695 shares of the stock in a transaction dated Wednesday, January 31st. The shares were 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 is available through the SEC website. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the firm’s 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 in the company, valued at approximately $3,901,582.74. The disclosure for this sale can be found here. Insiders have sold 150,000 shares of company stock valued at $1,917,122 in the last 90 days. 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.