Harmonic (NASDAQ:HLIT) Updates Q4 2024 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its fourth quarter 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 0.330-0.390 for the period, compared to the consensus earnings per share estimate of 0.350. The company issued revenue guidance of $205.0 million-$220.0 million, compared to the consensus revenue estimate of $220.6 million. Harmonic also updated its FY 2024 guidance to 0.670-0.730 EPS.

Harmonic Stock Up 0.3 %

Shares of NASDAQ:HLIT traded up $0.04 on Monday, hitting $14.82. 2,631,115 shares of the company traded hands, compared to its average volume of 1,494,908. The stock has a 50 day simple moving average of $14.06 and a 200-day simple moving average of $12.57. The company has a quick ratio of 1.32, a current ratio of 1.87 and a debt-to-equity ratio of 0.30. The company has a market cap of $1.66 billion, a PE ratio of 24.70 and a beta of 0.87. Harmonic has a 52 week low of $9.10 and a 52 week high of $15.46.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The business had revenue of $138.70 million during the quarter, compared to analyst estimates of $133.67 million. During the same period last year, the business earned $0.07 EPS. Harmonic’s revenue was down 11.1% compared to the same quarter last year. As a group, research analysts expect that Harmonic will post 0.44 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently issued reports on HLIT. Rosenblatt Securities reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a research report on Tuesday, October 15th. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of Harmonic in a report on Tuesday, July 30th. Finally, Barclays lifted their price objective on Harmonic from $14.00 to $20.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $18.50.

Insider Activity

In other Harmonic news, SVP Neven Haltmayer sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total value of $576,400.00. Following the transaction, the senior vice president now directly owns 122,211 shares of the company’s stock, valued at approximately $1,761,060.51. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.20% of the company’s stock.

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.