Q2 2024 Earnings Estimate for Harmonic Inc. (NASDAQ:HLIT) Issued By Northland Capmk

Harmonic Inc. (NASDAQ:HLIT) – Analysts at Northland Capmk cut their Q2 2024 earnings per share (EPS) estimates for shares of Harmonic in a research note issued on Tuesday, April 30th. Northland Capmk analyst T. Savageaux now expects that the communications equipment provider will post earnings per share of $0.00 for the quarter, down from their previous forecast of $0.02. The consensus estimate for Harmonic’s current full-year earnings is $0.37 per share. Northland Capmk also issued estimates for Harmonic’s FY2024 earnings at $0.43 EPS.

A number of other brokerages have also issued reports on HLIT. TheStreet raised Harmonic from a “c” rating to a “b” rating in a research note on Monday, January 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 target price on shares of Harmonic in a research report on Tuesday. Raymond James decreased their target price on Harmonic from $19.00 to $18.00 and set a “strong-buy” rating for the company in a research report on Tuesday, January 30th. StockNews.com raised Harmonic from a “sell” rating to a “hold” rating in a research report on Wednesday, February 28th. Finally, Rosenblatt Securities decreased their target price on Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research 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 company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $17.20.

Harmonic Price Performance

Shares of HLIT stock opened at $10.96 on Friday. Harmonic has a 52-week low of $8.80 and a 52-week high of $18.43. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.91 and a current ratio of 1.09. The firm has a market capitalization of $1.23 billion, a P/E ratio of 18.27 and a beta of 0.90. The stock has a 50 day moving average price of $11.98 and a 200 day moving average price of $11.77.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share (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 company had revenue of $122.06 million during the quarter, compared to the consensus estimate of $121.70 million. During the same period in the previous year, the business earned $0.06 earnings per share. Harmonic’s revenue for the quarter was down 22.6% on a year-over-year basis.

Institutional Trading of Harmonic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quadrant Capital Group LLC raised its stake in shares of Harmonic by 237.8% in the fourth quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock worth $34,000 after purchasing an additional 1,824 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in Harmonic during the 3rd quarter valued at approximately $131,000. Avior Wealth Management LLC purchased a new stake in shares of Harmonic in the 4th quarter valued at $137,000. PNC Financial Services Group Inc. increased its stake in shares of Harmonic by 12.7% in the third quarter. PNC Financial Services Group Inc. now owns 16,622 shares of the communications equipment provider’s stock worth $160,000 after acquiring an additional 1,871 shares during the period. Finally, Innovis Asset Management LLC purchased a new position in shares of Harmonic during the third quarter worth $174,000. Institutional investors and hedge funds own 99.38% of the company’s stock.

Insider Activity

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