Harmonic (NASDAQ:HLIT – Get Free Report) issued an update on its third quarter earnings guidance on Monday morning. The company provided earnings per share guidance of $0.19-0.24 for the period, compared to the consensus earnings per share estimate of $0.20. The company issued revenue guidance of $175-190 million, compared to the consensus revenue estimate of $177.83 million. Harmonic also updated its FY 2024 guidance to 0.560-0.750 EPS.
Harmonic Stock Up 2.2 %
Shares of HLIT stock traded up $0.32 during trading hours on Wednesday, hitting $14.56. 642,980 shares of the company were exchanged, compared to its average volume of 1,708,717. Harmonic has a 52 week low of $8.80 and a 52 week high of $15.31. The business has a 50 day moving average of $11.88 and a two-hundred day moving average of $12.03. The company has a market capitalization of $1.63 billion, a PE ratio of 23.73 and a beta of 0.89. The company has a current ratio of 1.09, a quick ratio of 0.78 and a debt-to-equity ratio of 0.03.
Harmonic (NASDAQ:HLIT – Get Free Report) last announced its earnings results on Monday, July 29th. The communications equipment provider reported $0.08 EPS for the quarter, topping the consensus estimate of $0.04 by $0.04. The business had revenue of $138.70 million during the quarter, compared to analysts’ expectations of $133.67 million. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The firm’s revenue was down 11.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.07 earnings per share. Analysts anticipate that Harmonic will post 0.36 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Read Our Latest Stock Analysis on HLIT
Insider Transactions at Harmonic
In other news, SVP Ian Graham sold 52,730 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $10.95, for a total transaction of $577,393.50. Following the completion of the sale, the senior vice president now owns 63,616 shares in the company, valued at approximately $696,595.20. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 2.20% of the stock is currently owned by corporate insiders.
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.
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