Harmonic (NASDAQ:HLIT – Get Free Report) updated its third quarter 2024 earnings guidance on Monday. The company provided EPS guidance of 0.190-0.240 for the period, compared to the consensus EPS estimate of 0.190. The company issued revenue guidance of $175.0 million-$190.0 million, compared to the consensus revenue estimate of $177.8 million. Harmonic also updated its FY 2024 guidance to 0.560-0.750 EPS.
Harmonic Stock Performance
NASDAQ:HLIT traded up $2.20 during mid-day trading on Tuesday, hitting $13.95. The stock had a trading volume of 3,194,938 shares, compared to its average volume of 1,691,338. Harmonic has a twelve month low of $8.80 and a twelve month high of $15.31. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.78 and a current ratio of 1.09. The stock has a market cap of $1.57 billion, a price-to-earnings ratio of 24.72 and a beta of 0.89. The company’s 50 day simple moving average is $11.83 and its 200 day simple moving average is $12.01.
Harmonic (NASDAQ:HLIT – Get Free Report) last released its quarterly earnings data on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The company had revenue of $138.70 million during the quarter, compared to analysts’ expectations of $133.67 million. Harmonic had a return on equity of 1.35% and a net margin of 12.37%. The business’s revenue was down 11.1% on a year-over-year basis. During the same period last year, the firm posted $0.07 earnings per share. On average, equities research analysts forecast that Harmonic will post 0.36 earnings per share for the current year.
Analysts Set New Price Targets
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Insider Buying and Selling at Harmonic
In related news, SVP Ian Graham sold 52,730 shares of the stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 63,616 shares of the company’s stock, valued at approximately $696,595.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Company 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.
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