Harmonic FY2024 EPS Estimate Increased by Northland Capmk

Harmonic Inc. (NASDAQ:HLIT) – Investment analysts at Northland Capmk raised their FY2024 earnings estimates for Harmonic in a note issued to investors on Tuesday, October 29th. Northland Capmk analyst T. Savageaux now forecasts that the communications equipment provider will post earnings of $0.50 per share for the year, up from their prior forecast of $0.49. The consensus estimate for Harmonic’s current full-year earnings is $0.52 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 posted its quarterly earnings results on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.09. The business had revenue of $195.80 million for the quarter, compared to analysts’ expectations of $181.77 million. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. The firm’s quarterly revenue was up 53.9% compared to the same quarter last year. During the same quarter last year, the business earned ($0.05) earnings per share.

A number of other research analysts also recently weighed in on HLIT. Jefferies Financial Group downgraded Harmonic from a “buy” rating to a “hold” rating and decreased their price target for the company from $14.00 to $12.50 in a research note on Tuesday, October 29th. Barclays decreased their price objective on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. Rosenblatt Securities cut their target price on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Raymond James lowered Harmonic from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the company from $17.00 to $14.00 in a research note on Tuesday, October 29th. Finally, Needham & Company LLC reissued a “buy” rating and set a $18.00 target price on shares of Harmonic in a report on Tuesday, October 29th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $15.25.

Harmonic Stock Performance

HLIT stock opened at $10.96 on Friday. Harmonic has a 1-year low of $9.10 and a 1-year high of $15.46. The business’s 50-day moving average price is $13.83 and its two-hundred day moving average price is $12.56. The firm has a market cap of $1.27 billion, a PE ratio of 15.01 and a beta of 0.89. The company has a current ratio of 2.08, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29.

Institutional Trading of Harmonic

A number of institutional investors have recently modified their holdings of HLIT. GAMMA Investing LLC lifted its stake in Harmonic by 117.6% during the third quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 1,323 shares during the last quarter. Dark Forest Capital Management LP grew its position in shares of Harmonic by 7.2% in the 2nd quarter. Dark Forest Capital Management LP now owns 20,192 shares of the communications equipment provider’s stock worth $238,000 after buying an additional 1,362 shares during the period. Rhumbline Advisers raised its stake in Harmonic by 0.4% during the second quarter. Rhumbline Advisers now owns 320,516 shares of the communications equipment provider’s stock valued at $3,772,000 after buying an additional 1,382 shares during the last quarter. Texas Permanent School Fund Corp raised its holdings in Harmonic by 1.5% in the first quarter. Texas Permanent School Fund Corp now owns 98,377 shares of the communications equipment provider’s stock worth $1,322,000 after buying an additional 1,462 shares during the last quarter. Finally, ProShare Advisors LLC increased its holdings in shares of Harmonic by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 22,256 shares of the communications equipment provider’s stock worth $299,000 after purchasing an additional 1,532 shares in the last quarter. 99.38% of the stock is currently owned by hedge funds and other institutional investors.

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.