FY2024 EPS Estimates for Harmonic Increased by Analyst

Harmonic Inc. (NASDAQ:HLIT) – Investment analysts at Northland Capmk boosted their FY2024 earnings per share (EPS) estimates for Harmonic in a research report issued to clients and investors on Tuesday, October 29th. Northland Capmk analyst T. Savageaux now anticipates that the communications equipment provider will post earnings per share of $0.50 for the year, up from their prior estimate of $0.49. The consensus estimate for Harmonic’s current full-year earnings is $0.49 per share. Northland Capmk also issued estimates for Harmonic’s Q1 2025 earnings at $0.08 EPS, Q2 2025 earnings at $0.13 EPS and FY2025 earnings at $0.58 EPS.

Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.09. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. The firm had revenue of $195.80 million for the quarter, compared to analysts’ expectations of $181.77 million. During the same quarter last year, the firm earned ($0.05) earnings per share. The firm’s revenue for the quarter was up 53.9% compared to the same quarter last year.

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

Harmonic Price Performance

Shares of Harmonic stock opened at $10.96 on Friday. The business’s fifty day moving average price is $13.90 and its 200 day moving average price is $12.56. The company has a current ratio of 2.08, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29. Harmonic has a twelve month low of $9.10 and a twelve month high of $15.46. The stock has a market capitalization of $1.27 billion, a P/E ratio of 15.01 and a beta of 0.87.

Institutional Trading of Harmonic

Hedge funds and other institutional investors have recently modified their holdings of the business. GSA Capital Partners LLP purchased a new stake in shares of Harmonic during the first quarter worth about $923,000. Jane Street Group LLC raised its stake in Harmonic by 1,276.3% during the first quarter. Jane Street Group LLC now owns 1,203,297 shares of the communications equipment provider’s stock valued at $16,172,000 after buying an additional 1,115,870 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Harmonic by 216.5% during the second quarter. Assenagon Asset Management S.A. now owns 545,495 shares of the communications equipment provider’s stock valued at $6,420,000 after buying an additional 373,155 shares in the last quarter. Lisanti Capital Growth LLC acquired a new stake in Harmonic during the first quarter valued at approximately $3,659,000. Finally, Russell Investments Group Ltd. raised its stake in Harmonic by 24.0% during the first quarter. Russell Investments Group Ltd. now owns 290,842 shares of the communications equipment provider’s stock valued at $3,909,000 after buying an additional 56,269 shares in the last quarter. 99.38% of the stock is owned by hedge funds and other institutional investors.

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.