Harmonic (NASDAQ:HLIT) Releases 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 (EPS) guidance of 0.330-0.390 for the period, compared to the consensus 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 Down 25.2 %

Shares of NASDAQ HLIT traded down $3.74 during mid-day trading on Tuesday, reaching $11.08. The company had a trading volume of 2,814,025 shares, compared to its average volume of 1,502,278. The stock has a fifty day moving average of $14.06 and a two-hundred day moving average of $12.57. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.32 and a current ratio of 1.87. The company has a market capitalization of $1.24 billion, a price-to-earnings ratio of 18.73 and a beta of 0.87. 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 data on Monday, October 28th. The communications equipment provider reported $0.26 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 firm had revenue of $195.80 million for the quarter, compared to the consensus estimate of $181.77 million. During the same quarter in the prior year, the company posted ($0.05) earnings per share. The firm’s revenue was up 53.9% on a year-over-year basis. As a group, equities research analysts expect that Harmonic will post 0.44 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on HLIT shares. Barclays dropped their price objective on Harmonic from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Tuesday. Raymond James downgraded Harmonic from a “strong-buy” rating to an “outperform” rating and lowered their price target for the company from $17.00 to $14.00 in a report on Tuesday. Jefferies Financial Group downgraded Harmonic from a “buy” rating to a “hold” rating in a report on Tuesday. Northland Securities lowered their price target on Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Tuesday. Finally, Rosenblatt Securities lowered their price target on Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $15.80.

Insider Buying and Selling

In related news, SVP Neven Haltmayer sold 40,000 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total value of $576,400.00. Following the completion of the transaction, the senior vice president now directly owns 122,211 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available through this hyperlink. 2.20% of the stock is 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.