Harmonic (NASDAQ:HLIT) Issues FY 2024 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of 0.510-0.710 for the period, compared to the consensus estimate of 0.560. The company issued revenue guidance of -. Harmonic also updated its FY24 guidance to $0.51-0.71 EPS.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on HLIT shares. Rosenblatt Securities cut their price objective on shares of Harmonic from $18.00 to $16.00 and set a buy rating on the stock in a report on Tuesday, January 30th. TheStreet raised shares of Harmonic from a c rating to a b rating in a research report on Monday, January 29th. Needham & Company LLC reaffirmed a buy rating and set a $18.00 price objective on shares of Harmonic in a report on Tuesday. Raymond James cut their target price 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. Finally, StockNews.com upgraded Harmonic from a sell rating to a hold rating in a research note on Wednesday, February 28th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Harmonic presently has an average rating of Buy and a consensus price target of $17.20.

Harmonic Stock Performance

Shares of NASDAQ:HLIT traded up $1.45 during trading on Tuesday, reaching $10.85. The company had a trading volume of 4,074,348 shares, compared to its average volume of 2,050,878. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.21 and a quick ratio of 0.91. The stock’s fifty day moving average price is $12.17 and its 200 day moving average price is $11.77. Harmonic has a fifty-two week low of $8.80 and a fifty-two week high of $18.43. The firm has a market capitalization of $1.21 billion, a price-to-earnings ratio of 15.63 and a beta of 0.84.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.04). Harmonic had a return on equity of 4.71% and a net margin of 13.82%. The firm had revenue of $122.06 million during the quarter, compared to analyst estimates of $121.70 million. During the same quarter last year, the business posted $0.06 EPS. The firm’s revenue was down 22.6% on a year-over-year basis. As a group, equities research analysts predict that Harmonic will post 0.32 EPS for the current year.

Insider Activity

In related news, SVP Nimrod Ben-Natan sold 100,000 shares of the company’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $12.91, for a total transaction of $1,291,000.00. Following the transaction, the senior vice president now owns 302,214 shares of the company’s stock, valued at $3,901,582.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Neven Haltmayer sold 24,695 shares of the business’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $11.58, for a total transaction of $285,968.10. Following the sale, the senior vice president now owns 181,864 shares of the company’s stock, valued at $2,105,985.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the company’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $12.91, for a total transaction of $1,291,000.00. Following the transaction, the senior vice president now owns 302,214 shares in the company, valued at $3,901,582.74. The disclosure for this sale can be found here. Insiders sold 150,000 shares of company stock valued at $1,917,122 in the last three months. 2.20% of the stock is currently owned by company 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.