Harmonic Inc. (HLIT) Announces Quarterly Earnings Results
Harmonic Inc. (NASDAQ:HLIT) released its quarterly earnings data on Wednesday. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.03 by $0.04. Harmonic had a negative return on equity of 6.09% and a negative net margin of 16.04%. The business earned $101.40 million during the quarter, compared to analysts’ expectations of $107.24 million. The company’s quarterly revenue was up 22.1% on a year-over-year basis. Harmonic updated its Q4 guidance to $0.05-0.07 EPS.
Harmonic (NASDAQ:HLIT) opened at 4.50 on Friday. The firm’s 50-day moving average price is $5.30 and its 200-day moving average price is $3.92. Harmonic has a 52 week low of $2.51 and a 52 week high of $6.13. The stock’s market cap is $351.14 million.
A number of research analysts have recently commented on the company. Drexel Hamilton upgraded Harmonic from a “hold” rating to a “buy” rating and set a $6.00 target price for the company in a research note on Wednesday, August 10th. Jefferies Group restated a “hold” rating and issued a $3.50 target price on shares of Harmonic in a research note on Wednesday, August 10th. TheStreet upgraded Harmonic from a “sell” rating to a “hold” rating in a research note on Tuesday, August 30th. Finally, Zacks Investment Research upgraded Harmonic from a “hold” rating to a “buy” rating and set a $4.75 target price for the company in a research note on Monday, August 15th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $4.81.
A number of large investors have recently modified their holdings of HLIT. Carleon Capital Partners LLC boosted its position in Harmonic by 4.8% in the second quarter. Carleon Capital Partners LLC now owns 119,473 shares of the company’s stock worth $340,000 after buying an additional 5,520 shares in the last quarter. Cowen Prime Services LLC boosted its position in Harmonic by 23.8% in the second quarter. Cowen Prime Services LLC now owns 131,494 shares of the company’s stock worth $375,000 after buying an additional 25,286 shares in the last quarter. California Public Employees Retirement System boosted its position in Harmonic by 33.6% in the second quarter. California Public Employees Retirement System now owns 325,875 shares of the company’s stock worth $929,000 after buying an additional 81,900 shares in the last quarter. AXA acquired a new position in Harmonic during the first quarter worth approximately $875,000. Finally, Emerald Acquisition Ltd. acquired a new position in Harmonic during the second quarter worth approximately $1,462,000. 95.23% of the stock is currently owned by institutional investors.
Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.
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