Q3 2024 EPS Estimates for Harmonic Inc. (NASDAQ:HLIT) Decreased by Analyst

Harmonic Inc. (NASDAQ:HLIT) – Investment analysts at Northland Capmk decreased their Q3 2024 EPS estimates for Harmonic in a report issued on Tuesday, April 30th. Northland Capmk analyst T. Savageaux now expects that the communications equipment provider will earn $0.15 per share for the quarter, down from their prior forecast of $0.18. The consensus estimate for Harmonic’s current full-year earnings is $0.37 per share.

Harmonic (NASDAQ:HLIT) last announced 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 for the quarter, compared to analyst estimates of $121.70 million. During the same quarter in the prior year, the firm earned $0.06 earnings per share. The firm’s revenue for the quarter was down 22.6% on a year-over-year basis.

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

Harmonic Trading Down 1.3 %

Shares of Harmonic stock opened at $10.96 on Thursday. The firm’s 50 day moving average is $11.98 and its 200 day moving average is $11.77. The firm has a market capitalization of $1.23 billion, a PE ratio of 18.27 and a beta of 0.90. Harmonic has a 1 year low of $8.80 and a 1 year high of $18.43. The company has a current ratio of 1.09, a quick ratio of 0.91 and a debt-to-equity ratio of 0.03.

Institutional Investors Weigh In On Harmonic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Trigran Investments Inc. grew its position in shares of Harmonic by 38.5% in the third quarter. Trigran Investments Inc. now owns 9,636,809 shares of the communications equipment provider’s stock valued at $92,802,000 after purchasing an additional 2,677,338 shares in the last quarter. Scopia Capital Management LP grew its holdings in Harmonic by 78.5% during the 3rd quarter. Scopia Capital Management LP now owns 5,649,163 shares of the communications equipment provider’s stock valued at $54,401,000 after buying an additional 2,484,825 shares in the last quarter. Westfield Capital Management Co. LP purchased a new stake in shares of Harmonic in the fourth quarter worth about $19,257,000. Wolf Hill Capital Management LP purchased a new stake in shares of Harmonic in the fourth quarter worth about $16,879,000. Finally, Toronado Partners LLC boosted its position in shares of Harmonic by 149.5% in the third quarter. Toronado Partners LLC now owns 2,011,532 shares of the communications equipment provider’s stock valued at $19,371,000 after acquiring an additional 1,205,380 shares during the period. 99.38% of the stock is currently owned by institutional investors.

Insider Transactions at Harmonic

In related news, SVP Nimrod Ben-Natan sold 100,000 shares of the stock in a transaction that occurred 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 completion of the sale, the senior vice president now directly owns 302,214 shares of the company’s stock, valued at $3,901,582.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Nimrod Ben-Natan sold 100,000 shares of the business’s stock in a transaction dated 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 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 Securities & Exchange Commission, which is available through this link. Also, SVP Neven Haltmayer sold 14,747 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $13.68, for a total transaction of $201,738.96. Following 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. 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.