Harmonic Inc. Expected to Post Q3 2024 Earnings of $0.19 Per Share (NASDAQ:HLIT)

Harmonic Inc. (NASDAQ:HLIT) – Northland Capmk boosted their Q3 2024 earnings per share estimates for shares of Harmonic in a note issued to investors on Tuesday, July 30th. Northland Capmk analyst T. Savageaux now anticipates that the communications equipment provider will post earnings of $0.19 per share for the quarter, up from their prior estimate of $0.15. The consensus estimate for Harmonic’s current full-year earnings is $0.44 per share. Northland Capmk also issued estimates for Harmonic’s Q4 2024 earnings at $0.31 EPS, FY2024 earnings at $0.49 EPS and FY2025 earnings at $0.75 EPS.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings data on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The business had revenue of $138.70 million for the quarter, compared to analysts’ expectations of $133.67 million. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The firm’s quarterly revenue was down 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.07 EPS.

A number of other equities research analysts also recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a research report on Tuesday, July 30th. Barclays lifted their price target on Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Harmonic currently has an average rating of “Buy” and an average price target of $18.50.

Harmonic Stock Down 4.0 %

Shares of NASDAQ:HLIT opened at $13.92 on Friday. The firm has a fifty day moving average price of $12.04 and a two-hundred day moving average price of $12.07. The company has a market cap of $1.56 billion, a price-to-earnings ratio of 23.20 and a beta of 0.89. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.87 and a quick ratio of 0.78. Harmonic has a one year low of $8.80 and a one year high of $15.31.

Hedge Funds Weigh In On Harmonic

A number of large investors have recently added to or reduced their stakes in HLIT. CWM LLC lifted its stake in shares of Harmonic by 780.9% in the 2nd quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock valued at $27,000 after acquiring an additional 1,999 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in Harmonic by 237.8% in the 4th quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock worth $34,000 after acquiring an additional 1,824 shares during the last quarter. Innealta Capital LLC bought a new position in shares of Harmonic during the second quarter valued at about $47,000. SageView Advisory Group LLC purchased a new stake in shares of Harmonic during the first quarter worth about $114,000. Finally, Avior Wealth Management LLC bought a new stake in shares of Harmonic in the fourth quarter worth about $137,000. Hedge funds and other institutional investors own 99.38% of the company’s stock.

Insider Transactions at Harmonic

In related news, SVP Neven Haltmayer sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total value of $576,400.00. Following the completion of the sale, the senior vice president now owns 122,211 shares in the company, valued at approximately $1,761,060.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.20% of the company’s stock.

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.