Harmonic (NASDAQ:HLIT) Issues FY24 Earnings Guidance

Harmonic (NASDAQ:HLIT) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $0.56-0.75 for the period, compared to the consensus EPS estimate of $0.59. The company issued revenue guidance of $645-695 million, compared to the consensus revenue estimate of $655.92 million. Harmonic also updated its Q3 guidance to $0.19-0.24 EPS.

Harmonic Stock Down 2.4 %

Shares of HLIT traded down $0.29 during mid-day trading on Monday, reaching $11.75. The company’s stock had a trading volume of 1,812,690 shares, compared to its average volume of 1,674,868. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.09 and a quick ratio of 0.78. Harmonic has a 12-month low of $8.80 and a 12-month high of $15.07. The stock has a market cap of $1.32 billion, a PE ratio of 19.58 and a beta of 0.89. The company’s 50 day moving average is $11.83 and its 200 day moving average is $12.02.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). The company had revenue of $122.06 million for the quarter, compared to analyst estimates of $121.70 million. Harmonic had a return on equity of 1.35% and a net margin of 12.37%. The firm’s revenue for the quarter was down 22.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.06 EPS. Equities analysts anticipate that Harmonic will post 0.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on HLIT. Needham & Company LLC reaffirmed a buy rating and set a $18.00 price objective on shares of Harmonic in a report on Monday, June 17th. Rosenblatt Securities restated a buy rating and set a $18.00 price target on shares of Harmonic in a research note on Thursday, July 18th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of Buy and an average target price of $17.60.

Insider Transactions at Harmonic

In related news, SVP Ian Graham sold 52,730 shares of Harmonic stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $10.95, for a total value of $577,393.50. Following the transaction, the senior vice president now directly owns 63,616 shares in the company, valued at approximately $696,595.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.20% of the company’s stock.

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.