FY2024 EPS Estimates for Harmonic Raised by Northland Capmk

Harmonic Inc. (NASDAQ:HLIT) – Research analysts at Northland Capmk raised their FY2024 earnings per share (EPS) estimates for Harmonic in a report issued 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 estimate 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.

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

Harmonic Stock Down 1.2 %

Shares of NASDAQ:HLIT opened at $10.96 on Friday. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of 15.01 and a beta of 0.89. The company has a quick ratio of 1.32, a current ratio of 2.08 and a debt-to-equity ratio of 0.29. The firm’s 50 day moving average price is $13.83 and its 200 day moving average price is $12.56. Harmonic has a fifty-two week low of $9.10 and a fifty-two week high of $15.46.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share for the quarter, topping 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 company had revenue of $195.80 million for the quarter, compared to analyst estimates of $181.77 million. During the same quarter in the previous year, the company posted ($0.05) earnings per share. The firm’s revenue for the quarter was up 53.9% compared to the same quarter last year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of HLIT. GSA Capital Partners LLP acquired a new stake in shares of Harmonic during the first quarter worth $923,000. Jane Street Group LLC boosted its position in Harmonic by 1,276.3% during the 1st quarter. Jane Street Group LLC now owns 1,203,297 shares of the communications equipment provider’s stock worth $16,172,000 after acquiring an additional 1,115,870 shares during the period. Assenagon Asset Management S.A. lifted its position in Harmonic by 216.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 545,495 shares of the communications equipment provider’s stock worth $6,420,000 after buying an additional 373,155 shares in the last quarter. Lisanti Capital Growth LLC acquired a new position in Harmonic in the first quarter worth approximately $3,659,000. Finally, Russell Investments Group Ltd. raised its holdings 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. Hedge funds and other 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.