Harmonic (HLIT) Posts Quarterly Earnings, Beats Expectations By $0.01 EPS
Harmonic (NASDAQ:HLIT) posted its quarterly earnings results on Tuesday. The company reported $0.08 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.07 by $0.01, Analyst Ratings Network.com reports. The company had revenue of $120.20 million for the quarter, compared to the consensus estimate of $121.14 million. During the same quarter last year, the company posted $0.07 earnings per share. Harmonic’s revenue was up 1.9% compared to the same quarter last year.
Shares of Harmonic (NASDAQ:HLIT) traded up 1.21% during mid-day trading on Tuesday, hitting $6.67. The stock had a trading volume of 962,737 shares. Harmonic has a 52 week low of $4.85 and a 52 week high of $8.25. The stock’s 50-day moving average is $7.08 and its 200-day moving average is $7.41. The company has a market cap of $672.4 million and a P/E ratio of 16.43.
On a related note, analysts at Raymond James downgraded shares of Harmonic from a “market perform” rating to an “underperform” rating in a research note to investors on Friday, January 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $6.58.
Harmonic Inc, designs, manufactures and sells versatile and video infrastructure products and system solutions.
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