Harmonic (NASDAQ:HLIT) Updates Q4 2024 Earnings Guidance

Harmonic (NASDAQ:HLIT) updated its fourth quarter 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 0.330-0.390 for the period, compared to the consensus estimate of 0.350. The company issued revenue guidance of $205.0 million-$220.0 million, compared to the consensus revenue estimate of $220.6 million. Harmonic also updated its FY 2024 guidance to 0.670-0.730 EPS.

Harmonic Stock Up 3.4 %

HLIT traded up $0.38 during midday trading on Wednesday, reaching $11.48. 1,113,956 shares of the company were exchanged, compared to its average volume of 1,521,615. The company has a market cap of $1.29 billion, a price-to-earnings ratio of 18.72 and a beta of 0.87. Harmonic has a one year low of $9.10 and a one year high of $15.46. The company’s fifty day moving average price is $14.00 and its 200 day moving average price is $12.58. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.32 and a current ratio of 1.87.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.26 EPS for the quarter, beating the consensus estimate of $0.17 by $0.09. The firm had revenue of $195.80 million during the quarter, compared to analyst estimates of $181.77 million. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The company’s revenue for the quarter was up 53.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.05) EPS. As a group, analysts expect that Harmonic will post 0.44 EPS for the current year.

Analyst Upgrades and Downgrades

HLIT has been the topic of a number of research analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research note on Tuesday. Raymond James downgraded Harmonic from a “strong-buy” rating to an “outperform” rating and decreased their target price for the stock from $17.00 to $14.00 in a research report on Tuesday. Barclays dropped their price target on Harmonic from $20.00 to $17.00 and set an “overweight” rating on the stock in a research report on Tuesday. Northland Securities lowered their price objective on Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, Jefferies Financial Group lowered shares of Harmonic from a “buy” rating to a “hold” rating and cut their target price for the stock from $14.00 to $12.50 in a research report on Tuesday. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Harmonic currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.25.

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.