Harmonic (NASDAQ:HLIT) Updates FY 2024 Earnings Guidance

Harmonic (NASDAQ:HLIT) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 0.670-0.730 for the period, compared to the consensus earnings per share estimate of 0.650. The company issued revenue guidance of $662.0 million-$677.0 million, compared to the consensus revenue estimate of $663.4 million. Harmonic also updated its FY24 guidance to $0.67-$0.73 EPS.

Harmonic Stock Performance

Shares of NASDAQ HLIT traded down $0.45 during mid-day trading on Thursday, hitting $11.13. The company had a trading volume of 1,595,265 shares, compared to its average volume of 1,529,593. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of 15.42 and a beta of 0.87. The firm’s 50 day simple moving average is $13.95 and its two-hundred day simple moving average is $12.57. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.87 and a quick ratio of 1.32. Harmonic has a 12 month low of $9.10 and a 12 month high of $15.46.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, October 28th. The communications equipment provider reported $0.26 EPS for the quarter, topping the consensus estimate of $0.17 by $0.09. The business had revenue of $195.80 million during the quarter, compared to analyst estimates of $181.77 million. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The company’s quarterly revenue was up 53.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.05) earnings per share. As a group, equities research analysts forecast that Harmonic will post 0.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

HLIT has been the topic of several recent analyst reports. Raymond James downgraded Harmonic from a “strong-buy” rating to an “outperform” rating and cut their target price for the company from $17.00 to $14.00 in a research note on Tuesday. Jefferies Financial Group lowered shares of Harmonic from a “buy” rating to a “hold” rating and lowered their price objective for the company from $14.00 to $12.50 in a research note on Tuesday. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price target on shares of Harmonic in a research report on Tuesday. Northland Securities dropped their price target on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, Barclays reduced their target price on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $15.25.

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.