Harmonic Inc. (HLIT) Releases Quarterly Earnings Results, Beats Expectations By $0.07 EPS
Harmonic Inc. (NASDAQ:HLIT) issued its quarterly earnings data on Monday. The communications equipment provider reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.07, Bloomberg Earnings reports. Harmonic had a negative net margin of 21.58% and a negative return on equity of 13.22%. The company had revenue of $92.00 million for the quarter, compared to analysts’ expectations of $85.63 million. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. Harmonic’s revenue for the quarter was down 9.3% on a year-over-year basis. Harmonic updated its Q4 guidance to ($0.05)-0.04 EPS.
Shares of Harmonic (NASDAQ:HLIT) traded up 3.51% during mid-day trading on Monday, hitting $2.95. 742,977 shares of the company traded hands. The stock’s market capitalization is $239.75 million. The firm’s 50 day moving average price is $3.03 and its 200-day moving average price is $4.29. Harmonic has a 1-year low of $2.80 and a 1-year high of $6.18.
Several brokerages recently weighed in on HLIT. ValuEngine cut shares of Harmonic from a “hold” rating to a “sell” rating in a research note on Monday, October 2nd. Zacks Investment Research cut shares of Harmonic from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 18th. BidaskClub cut shares of Harmonic from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Dougherty & Co reissued a “buy” rating and issued a $6.50 price objective on shares of Harmonic in a research note on Monday, October 23rd. Finally, TheStreet cut shares of Harmonic from a “c-” rating to a “d+” rating in a research note on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $5.15.
In related news, insider Patrick Harshman sold 7,979 shares of the stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $3.47, for a total transaction of $27,687.13. Following the transaction, the insider now owns 570,733 shares of the company’s stock, valued at approximately $1,980,443.51. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 5.53% of the stock is currently owned by company insiders.
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Harmonic Company Profile
Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.
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