Harmonic (NASDAQ:HLIT) Releases FY 2024 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided EPS guidance of 0.670-0.730 for the period, compared to the consensus EPS estimate of 0.650. The company issued revenue guidance of $662.0 million-$677.0 million, compared to the consensus revenue estimate of $663.4 million. Harmonic also updated its FY24 guidance to $0.67-$0.73 EPS.

Harmonic Stock Performance

Shares of HLIT traded down $0.45 during mid-day trading on Thursday, hitting $11.13. The company’s stock had a trading volume of 1,595,265 shares, compared to its average volume of 1,529,593. The stock’s 50-day moving average is $13.95 and its two-hundred day moving average is $12.57. The firm has a market capitalization of $1.29 billion, a PE ratio of 15.42 and a beta of 0.87. 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 has a one year low of $9.10 and a one year high of $15.46.

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

Analyst Ratings Changes

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

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.