Harmonic Inc. (NASDAQ:HLIT) Expected to Post Q2 2024 Earnings of $0.00 Per Share

Harmonic Inc. (NASDAQ:HLIT) – Stock analysts at Northland Capmk dropped their Q2 2024 earnings estimates for Harmonic in a note issued to investors on Tuesday, April 30th. Northland Capmk analyst T. Savageaux now expects 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 $0.36 per share. Northland Capmk also issued estimates for Harmonic’s FY2024 earnings at $0.43 EPS.

Several other analysts have also issued reports on the stock. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research report on Tuesday, April 30th. Raymond James lowered their price target on shares of Harmonic from $19.00 to $18.00 and set a “strong-buy” rating on the stock in a report on Tuesday, January 30th. TheStreet upgraded shares of Harmonic from a “c” rating to a “b” rating in a research report on Monday, January 29th. StockNews.com raised shares of Harmonic from a “sell” rating to a “hold” rating in a report on Wednesday, February 28th. Finally, Rosenblatt Securities cut their price target on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, January 30th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $17.20.

Harmonic Stock Down 1.3 %

Shares of NASDAQ HLIT opened at $10.96 on Friday. 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 stock has a market capitalization of $1.23 billion, a PE ratio of 18.27 and a beta of 0.90. Harmonic has a one year low of $8.80 and a one year high of $18.43. The business’s fifty day moving average price is $11.98 and its 200-day moving average price is $11.78.

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

Insider Buying and Selling at Harmonic

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of HLIT. Quadrant Capital Group LLC boosted its holdings in Harmonic by 237.8% during the 4th quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock valued at $34,000 after acquiring an additional 1,824 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Harmonic by 12.7% during the third quarter. PNC Financial Services Group Inc. now owns 16,622 shares of the communications equipment provider’s stock valued at $160,000 after purchasing an additional 1,871 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Harmonic by 0.4% in the first quarter. Principal Financial Group Inc. now owns 585,533 shares of the communications equipment provider’s stock worth $7,870,000 after purchasing an additional 2,142 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its stake in shares of Harmonic by 1.4% in the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 160,504 shares of the communications equipment provider’s stock worth $1,546,000 after buying an additional 2,151 shares during the period. Finally, Swiss National Bank raised its holdings in Harmonic by 1.3% during the 3rd quarter. Swiss National Bank now owns 232,615 shares of the communications equipment provider’s stock valued at $2,240,000 after buying an additional 2,900 shares during the last quarter. 99.38% of the stock is owned by institutional investors.

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.