Northland Capmk Forecasts Stronger Earnings for Harmonic

Harmonic Inc. (NASDAQ:HLIT) – Analysts at Northland Capmk lifted their FY2024 earnings per share (EPS) estimates for Harmonic in a note issued to investors on Tuesday, October 29th. Northland Capmk analyst T. Savageaux now expects that the communications equipment provider will earn $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 $0.49 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) last released its earnings results 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. The firm had revenue of $195.80 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.05) earnings per share.

HLIT has been the subject of a number of other research reports. Raymond James downgraded Harmonic from a “strong-buy” rating to an “outperform” rating and cut their price objective for the company from $17.00 to $14.00 in a research report on Tuesday. Rosenblatt Securities cut their price objective on Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday. Jefferies Financial Group downgraded Harmonic from a “buy” rating to a “hold” rating and cut their price objective for the company from $14.00 to $12.50 in a research report on Tuesday. Northland Securities cut their price objective on Harmonic from $16.00 to $14.00 and set an “outperform” rating for the company in a research report on Tuesday. Finally, Barclays cut their price objective on Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.25.

Harmonic Stock Performance

HLIT 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 has a 50 day moving average price of $13.90 and a two-hundred day moving average price of $12.56. The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of 15.01 and a beta of 0.87. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.08 and a quick ratio of 1.32.

Institutional Trading of Harmonic

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Harmonic by 1.7% in the first quarter. Vanguard Group Inc. now owns 9,852,064 shares of the communications equipment provider’s stock valued at $132,412,000 after purchasing an additional 166,018 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Harmonic by 8.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,741,998 shares of the communications equipment provider’s stock worth $44,043,000 after acquiring an additional 294,922 shares during the last quarter. Leeward Investments LLC MA increased its stake in shares of Harmonic by 5.6% in the second quarter. Leeward Investments LLC MA now owns 1,975,966 shares of the communications equipment provider’s stock worth $23,257,000 after acquiring an additional 105,162 shares during the last quarter. Clearline Capital LP increased its stake in shares of Harmonic by 777.6% in the second quarter. Clearline Capital LP now owns 1,570,461 shares of the communications equipment provider’s stock worth $18,484,000 after acquiring an additional 1,391,504 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in shares of Harmonic by 1,276.3% in the first 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 last quarter. Hedge funds and other institutional investors own 99.38% 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.