Harmonic (NASDAQ:HLIT) Releases Q1 2024 Earnings Guidance

Harmonic (NASDAQ:HLITGet Free Report) updated its first quarter 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of -0.060-0.020 for the period, compared to the consensus estimate of 0.110. The company issued revenue guidance of $110.0 million-$130.0 million, compared to the consensus revenue estimate of $152.8 million. Harmonic also updated its FY 2024 guidance to 0.490-0.720 EPS.

Wall Street Analyst Weigh In

HLIT has been the topic of a number of analyst reports. TheStreet raised shares of Harmonic from a c rating to a b rating in a research report on Monday. Raymond James cut their price target on shares of Harmonic from $19.00 to $18.00 and set a strong-buy rating on the stock in a research note on Tuesday. Needham & Company LLC restated a buy rating and set a $18.00 price target on shares of Harmonic in a research note on Wednesday, December 20th. StockNews.com upgraded shares of Harmonic from a sell rating to a hold rating in a research note on Tuesday, October 31st. Finally, Rosenblatt Securities lowered their price target on shares of Harmonic from $18.00 to $16.00 and set a buy rating on the stock in a report on Tuesday. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Buy and a consensus price target of $17.20.

Check Out Our Latest Research Report on Harmonic

Harmonic Stock Performance

HLIT opened at $11.85 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 1.20 and a debt-to-equity ratio of 0.03. The company has a market cap of $1.33 billion, a price-to-earnings ratio of 16.69 and a beta of 0.84. Harmonic has a 52-week low of $8.80 and a 52-week high of $18.43. The firm’s fifty day simple moving average is $11.63 and its two-hundred day simple moving average is $11.14.

Harmonic (NASDAQ:HLITGet Free Report) last issued its earnings results on Monday, January 29th. The communications equipment provider reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.03. The business had revenue of $167.10 million during the quarter, compared to analysts’ expectations of $158.98 million. Harmonic had a net margin of 13.82% and a return on equity of 5.05%. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.12 earnings per share. Equities analysts anticipate that Harmonic will post 0.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Harmonic

A number of hedge funds have recently modified their holdings of the business. Belpointe Asset Management LLC increased its position in Harmonic by 2,615.0% during the first quarter. Belpointe Asset Management LLC now owns 3,258 shares of the communications equipment provider’s stock worth $48,000 after purchasing an additional 3,138 shares during the last quarter. Advisor Group Holdings Inc. increased its position in Harmonic by 80.5% during the fourth quarter. Advisor Group Holdings Inc. now owns 3,271 shares of the communications equipment provider’s stock worth $43,000 after purchasing an additional 1,459 shares during the last quarter. Captrust Financial Advisors increased its position in Harmonic by 411.4% during the first quarter. Captrust Financial Advisors now owns 3,866 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 3,110 shares during the last quarter. Tower Research Capital LLC TRC increased its position in Harmonic by 239.9% during the third quarter. Tower Research Capital LLC TRC now owns 7,178 shares of the communications equipment provider’s stock worth $69,000 after purchasing an additional 5,066 shares during the last quarter. Finally, Point72 Hong Kong Ltd acquired a new stake in Harmonic during the second quarter worth about $65,000. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Harmonic Company Profile

(Get Free Report)

Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Broadband. The Video segment sells video processing, production, and playout solutions and services to broadband operators, and satellite and telecommunications Pay-TV service providers, as well as to broadcast and media, including streaming media companies.

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