Q2 2024 EPS Estimates for Harmonic Inc. Reduced by Analyst (NASDAQ:HLIT)

Harmonic Inc. (NASDAQ:HLIT - Free Report) - Research analysts at Northland Capmk reduced their Q2 2024 earnings per share estimates for Harmonic in a report released on Tuesday, April 30th. Northland Capmk analyst T. Savageaux now anticipates that the communications equipment provider will post earnings of $0.00 per share for the quarter, down from their prior forecast of $0.02. The consensus estimate for Harmonic's current full-year earnings is $0.37 per share. Northland Capmk also issued estimates for Harmonic's FY2024 earnings at $0.43 EPS.

Other research analysts have also recently issued reports about the company. StockNews.com upgraded Harmonic from a "sell" rating to a "hold" rating in a research note on Wednesday, February 28th. Raymond James dropped their target price on Harmonic from $19.00 to $18.00 and set a "strong-buy" rating for the company in a research report on Tuesday, January 30th. TheStreet raised shares of Harmonic from a "c" rating to a "b" rating in a research report on Monday, January 29th. Needham & Company LLC restated a "buy" rating and issued a $18.00 price objective on shares of Harmonic in a report on Tuesday. Finally, Rosenblatt Securities cut their target price on shares of Harmonic from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Tuesday, January 30th. One 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 data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $17.20.

Harmonic Trading Down 1.3 %

Shares of NASDAQ:HLIT traded down $0.14 during mid-day trading on Friday, reaching $10.96. 1,951,982 shares of the company were exchanged, compared to its average volume of 2,101,271. Harmonic has a 1 year low of $8.80 and a 1 year high of $18.43. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.09 and a quick ratio of 0.91. The firm's 50-day simple moving average is $12.02 and its 200 day simple moving average is $11.77. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of 18.50 and a beta of 0.90.

Harmonic (NASDAQ:HLIT - Get Free Report) last posted its earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.04). Harmonic had a net margin of 12.37% and a return on equity of 1.35%. The company had revenue of $122.06 million during the quarter, compared to analyst estimates of $121.70 million. During the same period in the previous year, the company earned $0.06 EPS. The company's quarterly revenue was down 22.6% compared to the same quarter last year.

Institutional Trading of Harmonic

Several institutional investors have recently modified their holdings of the stock. GSA Capital Partners LLP purchased a new stake in Harmonic in the first quarter valued at $923,000. BNP Paribas Financial Markets grew its stake in Harmonic by 37.2% during the 1st quarter. BNP Paribas Financial Markets now owns 98,124 shares of the communications equipment provider's stock worth $1,319,000 after buying an additional 26,622 shares during the last quarter. Principal Financial Group Inc. increased its position in Harmonic by 0.4% during the first quarter. Principal Financial Group Inc. now owns 585,533 shares of the communications equipment provider's stock worth $7,870,000 after buying an additional 2,142 shares during the period. Assenagon Asset Management S.A. lifted its stake in Harmonic by 1,289.8% in the first quarter. Assenagon Asset Management S.A. now owns 172,340 shares of the communications equipment provider's stock valued at $2,316,000 after buying an additional 159,940 shares during the last quarter. Finally, Wasatch Advisors LP lifted its stake in Harmonic by 4.4% in the first quarter. Wasatch Advisors LP now owns 1,355,274 shares of the communications equipment provider's stock valued at $18,215,000 after buying an additional 57,002 shares during the last quarter. Hedge funds and other institutional investors own 99.38% of the company's stock.

Insider Activity at Harmonic

In other Harmonic news, SVP Nimrod Ben-Natan sold 100,000 shares of the business's stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $12.91, for a total transaction of $1,291,000.00. Following the completion of the transaction, the senior vice president now owns 302,214 shares in the company, valued at approximately $3,901,582.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Neven Haltmayer sold 14,747 shares of the firm's stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $13.68, for a total transaction of $201,738.96. Following the sale, the senior vice president now owns 156,559 shares of the company's stock, valued at approximately $2,141,727.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the company's stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $12.91, for a total value of $1,291,000.00. Following the completion of the transaction, the senior vice president now directly owns 302,214 shares of the company's stock, valued at $3,901,582.74. The disclosure for this sale can be found here. 2.20% of the stock is owned by corporate 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.