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 Performance
Shares of NASDAQ:HLIT traded up $0.32 during trading on Wednesday, hitting $14.56. 642,980 shares of the company traded hands, compared to its average volume of 1,708,717. The business’s fifty day moving average is $11.88 and its 200-day moving average is $12.03. The company has a quick ratio of 0.78, a current ratio of 1.09 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 23.73 and a beta of 0.89. Harmonic has a one year low of $8.80 and a one year high of $15.31.
Harmonic (NASDAQ:HLIT – Get Free Report) last issued its quarterly earnings results on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The firm had revenue of $138.70 million during the quarter, compared to analyst estimates of $133.67 million. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The firm’s quarterly revenue was down 11.1% on a year-over-year basis. During the same period last year, the company posted $0.07 EPS. As a group, equities analysts predict that Harmonic will post 0.36 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Check Out Our Latest Report on Harmonic
Insider Buying and Selling
In other news, SVP Ian Graham sold 52,730 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $10.95, for a total transaction of $577,393.50. Following the transaction, the senior vice president now directly owns 63,616 shares of the company’s stock, valued at $696,595.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.20% of the company’s stock.
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.
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