Harmonic (NASDAQ:HLIT) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Key Points

• Harmonic beat quarterly expectations: The company reported adjusted EPS of $0.23, topping the $0.17 consensus by $0.06, while revenue reached $148.84 million versus estimates of $129.47 million.
• Shares traded around $10.19, near the lower end of their 52-week range, with Harmonic posting a negative net margin of 8.50% and a price-to-earnings ratio of -24.26.
• Analyst sentiment remains mixed, with three Buy, three Hold and one Sell rating; the consensus rating is Hold, with an average price target of $17.50.

Harmonic (NASDAQ:HLIT - Get Free Report) released its quarterly earnings results on Monday. The communications equipment provider reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.06, FiscalAI reports. Harmonic had a positive return on equity of 10.91% and a negative net margin of 8.50%. The business had revenue of $148.84 million during the quarter, compared to the consensus estimate of $129.47 million.

Harmonic Price Performance

Shares of NASDAQ:HLIT traded down $0.04 during trading on Monday, hitting $10.19. 1,661,657 shares of the company's stock were exchanged, compared to its average volume of 1,810,589. The business's 50-day simple moving average is $11.17 and its 200 day simple moving average is $11.57. The company has a market cap of $1.11 billion, a price-to-earnings ratio of -24.26 and a beta of 1.37. Harmonic has a 52-week low of $8.47 and a 52-week high of $17.68. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.05 and a quick ratio of 2.56.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on HLIT shares. Wall Street Zen downgraded shares of Harmonic from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 1st. Barclays increased their price target on shares of Harmonic from $15.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 13th. Northland Securities set a $17.00 price objective on shares of Harmonic in a research report on Thursday, August 13th. Needham & Company LLC restated a "buy" rating on shares of Harmonic in a research note on Thursday, August 13th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $20.00 target price on shares of Harmonic in a report on Thursday. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Harmonic presently has a consensus rating of "Hold" and an average price target of $17.50.

About Harmonic

Harmonic Inc NASDAQ: HLIT develops broadband access and video-delivery technologies for communications service providers, content providers and broadcasters. Its solutions help operators deliver high-speed internet, television and streaming services across cable, fiber and other network infrastructures.

The company's broadband portfolio includes its CableOS platform, a software-based solution designed to support virtualized broadband access networks, along with technologies for DOCSIS, fiber and hybrid fiber-coaxial networks.

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