Harmonic (NASDAQ:HLIT) Releases Earnings Results, Beats Expectations By $0.04 EPS

Harmonic (NASDAQ:HLIT) released its quarterly earnings data on Thursday. The communications equipment provider reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.04, FiscalAI reports. The company had revenue of $98.24 million during the quarter, compared to analyst estimates of $140.98 million. Harmonic had a net margin of 7.81% and a return on equity of 13.70%.

Harmonic Price Performance

NASDAQ:HLIT traded up $0.17 during midday trading on Thursday, hitting $10.73. The company had a trading volume of 1,238,863 shares, compared to its average volume of 949,351. The company has a market capitalization of $1.20 billion, a PE ratio of 25.55 and a beta of 1.05. The company has a quick ratio of 1.64, a current ratio of 2.08 and a debt-to-equity ratio of 0.27. Harmonic has a 52-week low of $7.80 and a 52-week high of $11.49. The stock’s fifty day moving average price is $10.11 and its 200-day moving average price is $9.92.

Insider Activity

In other Harmonic news, SVP Neven Haltmayer sold 23,835 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $10.41, for a total value of $248,122.35. Following the completion of the sale, the senior vice president owned 149,570 shares of the company’s stock, valued at $1,557,023.70. This represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David Krall purchased 47,528 shares of Harmonic stock in a transaction on Thursday, December 11th. The shares were acquired at an average price of $10.50 per share, for a total transaction of $499,044.00. Following the completion of the transaction, the director directly owned 223,125 shares of the company’s stock, valued at approximately $2,342,812.50. The trade was a 27.07% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 1.21% of the company’s stock.

Institutional Investors Weigh In On Harmonic

A number of institutional investors have recently made changes to their positions in HLIT. iSAM Funds UK Ltd purchased a new position in Harmonic in the 3rd quarter worth $49,000. Royal Bank of Canada grew its stake in shares of Harmonic by 64.6% during the fourth quarter. Royal Bank of Canada now owns 7,645 shares of the communications equipment provider’s stock valued at $75,000 after buying an additional 3,000 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new position in shares of Harmonic in the fourth quarter worth about $90,000. Russell Investments Group Ltd. lifted its stake in shares of Harmonic by 23,297.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 9,359 shares of the communications equipment provider’s stock valued at $95,000 after acquiring an additional 9,319 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in Harmonic during the 4th quarter valued at about $110,000. Hedge funds and other institutional investors own 99.38% of the company’s stock.

Analyst Ratings Changes

HLIT has been the subject of several analyst reports. Barclays raised their price target on shares of Harmonic from $8.00 to $11.00 and gave the company an “equal weight” rating in a report on Wednesday, November 5th. Rosenblatt Securities reiterated a “buy” rating and issued a $14.00 price objective on shares of Harmonic in a research report on Thursday, February 12th. Needham & Company LLC reissued a “buy” rating and set a $15.00 price objective on shares of Harmonic in a research note on Tuesday, December 9th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Harmonic in a research report on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Harmonic currently has an average rating of “Hold” and a consensus target price of $13.33.

About Harmonic

Harmonic Inc (NASDAQ:HLIT) is a leading provider of video delivery infrastructure that enables service providers, broadcasters and content owners to capture, process and distribute high‐quality video across broadcast, cable, satellite and IP networks. The company’s portfolio spans real‐time video compression solutions, including encoders and transcoders, as well as storage and server products designed for live production, playout and streaming on any device.

Harmonic’s product lines include cable edge QAM modules and set‐top video processing platforms for traditional pay‐TV operators, alongside cloud‐native software for over‐the‐top (OTT) delivery, origin servers and content delivery network (CDN) services.