Harmonic (NASDAQ:HLIT) Issues Quarterly Earnings Results

Harmonic (NASDAQ:HLIT) announced its quarterly earnings data on Monday. The communications equipment provider reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.06, FiscalAI reports. The firm had revenue of $148.84 million during the quarter, compared to the consensus estimate of $129.47 million. Harmonic had a positive return on equity of 10.91% and a negative net margin of 8.50%.

Harmonic Stock Performance

Shares of NASDAQ HLIT traded down $0.04 during mid-day trading on Monday, reaching $10.19. 1,666,997 shares of the company were exchanged, compared to its average volume of 1,810,589. The stock has a market capitalization of $1.11 billion, a P/E ratio of -24.26 and a beta of 1.37. The company has a quick ratio of 2.56, a current ratio of 3.05 and a debt-to-equity ratio of 0.30. The company’s 50-day simple moving average is $11.17 and its 200-day simple moving average is $11.57. Harmonic has a twelve month low of $8.47 and a twelve month high of $17.68.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on HLIT. Wall Street Zen downgraded shares of Harmonic from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 1st. Northland Securities set a $17.00 price target on shares of Harmonic in a report on Thursday, August 13th. Weiss Ratings upgraded Harmonic from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, October 8th. Raymond James Financial reiterated an “outperform” rating and issued a $19.00 price objective on shares of Harmonic in a report on Thursday, August 13th. Finally, Rosenblatt Securities restated a “buy” rating and set a $20.00 target price on shares of Harmonic in a research report on Thursday. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Harmonic has a consensus rating of “Hold” and an average price target of $17.50.

Harmonic Company Profile

Harmonic Inc (NASDAQ: HLIT) develops broadband access and video-delivery technologies for communications service providers, content providers and broadcasters. Its solutions help operators deliver high-speed internet, television and streaming services across cable, fiber and other network infrastructures.

The company’s broadband portfolio includes its CableOS platform, a software-based solution designed to support virtualized broadband access networks, along with technologies for DOCSIS, fiber and hybrid fiber-coaxial networks.