FY2024 EPS Estimates for Harmonic Boosted by Northland Capmk

Harmonic Inc. (NASDAQ:HLIT - Free Report) - Equities research analysts at Northland Capmk upped their FY2024 earnings per share estimates for Harmonic in a research note issued 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 previous forecast 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 - Get Free Report) last posted its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.26 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.09. The business had revenue of $195.80 million for the quarter, compared to analyst estimates of $181.77 million. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. The firm's revenue for the quarter was up 53.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.05) earnings per share.

Several other brokerages have also issued reports on HLIT. Jefferies Financial Group lowered 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 research note on Tuesday. Needham & Company LLC reaffirmed a "buy" rating and set a $18.00 price objective on shares of Harmonic in a report on Tuesday. Barclays decreased their price objective on Harmonic from $20.00 to $17.00 and set an "overweight" rating on the stock in a report on Tuesday. Northland Securities decreased their price objective on Harmonic from $16.00 to $14.00 and set an "outperform" rating on the stock in a report on Tuesday. Finally, Raymond James downgraded Harmonic from a "strong-buy" rating to an "outperform" rating and reduced their target price for the stock from $17.00 to $14.00 in a report on Tuesday. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Harmonic presently has an average rating of "Moderate Buy" and a consensus price target of $15.25.

Harmonic Stock Performance

Shares of Harmonic stock traded down $0.13 during trading on Friday, reaching $10.96. The company's stock had a trading volume of 1,759,717 shares, compared to its average volume of 1,533,744. Harmonic has a one year low of $9.10 and a one year high of $15.46. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 2.08. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of 14.95 and a beta of 0.87. The business's fifty day moving average price is $13.90 and its 200-day moving average price is $12.56.

Institutional Trading of Harmonic

Institutional investors and hedge funds have recently made changes to their positions in the business. CWM LLC lifted its stake in Harmonic by 780.9% in the 2nd quarter. CWM LLC now owns 2,255 shares of the communications equipment provider's stock valued at $27,000 after purchasing an additional 1,999 shares during the last quarter. GAMMA Investing LLC lifted its stake in Harmonic by 117.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider's stock valued at $36,000 after purchasing an additional 1,323 shares during the last quarter. Innealta Capital LLC acquired a new stake in Harmonic in the 2nd quarter valued at about $47,000. SageView Advisory Group LLC acquired a new stake in Harmonic in the 1st quarter valued at about $114,000. Finally, Verdence Capital Advisors LLC acquired a new stake in Harmonic in the 2nd quarter valued at about $140,000. Institutional investors own 99.38% 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.