Harmonic (NASDAQ:HLIT) Releases FY24 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $0.67-$0.73 for the period, compared to the consensus earnings per share estimate of $0.65. Harmonic also updated its FY 2024 guidance to 0.670-0.730 EPS.

Harmonic Price Performance

Shares of Harmonic stock traded down $0.49 on Thursday, hitting $11.09. The company’s stock had a trading volume of 1,358,143 shares, compared to its average volume of 1,528,469. The company has a quick ratio of 1.32, a current ratio of 1.87 and a debt-to-equity ratio of 0.30. The firm has a fifty day moving average price of $13.95 and a 200-day moving average price of $12.57. Harmonic has a 52-week low of $9.10 and a 52-week high of $15.46. The company has a market capitalization of $1.29 billion, a P/E ratio of 15.42 and a beta of 0.87.

Harmonic (NASDAQ:HLIT) last posted 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. The firm had revenue of $195.80 million during the quarter, compared to analysts’ expectations of $181.77 million. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The firm’s quarterly revenue was up 53.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.05) EPS. On average, equities research analysts expect that Harmonic will post 0.44 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently issued reports on HLIT. Rosenblatt Securities lowered their target price on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday. Jefferies Financial Group cut shares of Harmonic from a “buy” rating to a “hold” rating and decreased their price target for the stock from $14.00 to $12.50 in a research report on Tuesday. Raymond James cut shares of Harmonic from a “strong-buy” rating to an “outperform” rating and reduced their price target for the stock from $17.00 to $14.00 in a research report on Tuesday. Needham & Company LLC restated a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research note on Tuesday. Finally, Barclays lowered their target price on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Tuesday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Harmonic currently has an average rating of “Moderate Buy” and an average price target of $15.25.

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.