Harmonic (NASDAQ:HLIT) Releases Q4 Earnings Guidance

Harmonic (NASDAQ:HLIT) updated its fourth quarter earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.33-$0.39 for the period, compared to the consensus estimate of $0.35. Harmonic also updated its FY 2024 guidance to 0.670-0.730 EPS.

Wall Street Analyst Weigh In

Several research firms recently commented on HLIT. Barclays reduced their price objective on Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Tuesday. Northland Securities reduced their price objective on Harmonic from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Tuesday. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a research note on Tuesday. Raymond James downgraded Harmonic from a “strong-buy” rating to an “outperform” rating and reduced their price objective for the company from $17.00 to $14.00 in a research note on Tuesday. Finally, Rosenblatt Securities reduced their price objective on Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $15.25.

Harmonic Stock Down 25.1 %

Shares of HLIT opened at $11.10 on Wednesday. Harmonic has a 52-week low of $9.10 and a 52-week high of $15.46. The company has a market capitalization of $1.25 billion, a PE ratio of 18.50 and a beta of 0.87. The stock has a fifty day simple moving average of $14.06 and a two-hundred 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.

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

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.