Harmonic (NASDAQ:HLIT) Updates Q2 2024 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its second quarter 2024 earnings guidance on Monday morning. 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.

Harmonic Price Performance

Shares of NASDAQ:HLIT traded up $0.42 on Wednesday, hitting $11.16. The company’s stock had a trading volume of 1,212,975 shares, compared to its average volume of 2,080,252. The company has a 50-day simple moving average of $12.11 and a 200 day simple moving average of $11.78. Harmonic has a 1 year low of $8.80 and a 1 year high of $18.43. The company has a market capitalization of $1.25 billion, a PE ratio of 17.90 and a beta of 0.84. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.21 and a quick ratio of 0.91.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings results 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 12.37% and a return on equity of 1.38%. The business had revenue of $122.06 million during the quarter, compared to analysts’ expectations of $121.70 million. During the same period in the previous year, the business earned $0.06 EPS. The business’s revenue was down 22.6% on a year-over-year basis. Sell-side analysts forecast that Harmonic will post 0.32 EPS for the current fiscal year.

Analysts Set New Price Targets

HLIT has been the topic of several recent research reports. Raymond James reduced their price objective on Harmonic from $19.00 to $18.00 and set a strong-buy rating on the stock in a research report on Tuesday, January 30th. StockNews.com upgraded Harmonic from a sell rating to a hold rating in a research report on Wednesday, February 28th. TheStreet upgraded Harmonic from a c rating to a b rating in a research report on Monday, January 29th. Needham & Company LLC restated a buy rating and set a $18.00 price target on shares of Harmonic in a research report on Tuesday. Finally, Rosenblatt Securities reduced their price target on Harmonic from $18.00 to $16.00 and set a buy rating on the stock in a research report on Tuesday, January 30th. One investment 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. Based on data from MarketBeat, Harmonic has an average rating of Buy and an average target price of $17.20.

Insider Buying and Selling

In other news, SVP Neven Haltmayer sold 14,747 shares of Harmonic stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $13.68, for a total value of $201,738.96. Following the sale, the senior vice president now directly owns 156,559 shares in the company, valued at approximately $2,141,727.12. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, SVP Neven Haltmayer sold 14,747 shares of Harmonic stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $13.68, for a total value of $201,738.96. Following the sale, the senior vice president now directly owns 156,559 shares in the company, valued at approximately $2,141,727.12. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the firm’s 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 completion of the transaction, the senior vice president now 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 have sold a total of 125,305 shares of company stock worth $1,631,154 in the last ninety days. 2.20% of the stock is owned by 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.