Harmonic Inc. (HLIT) Announces Quarterly Earnings Results

Harmonic Inc. (NASDAQ:HLIT) posted its quarterly earnings data on Monday. The communications equipment provider reported ($0.01) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.07, Bloomberg Earnings reports. Harmonic had a negative return on equity of 13.22% and a negative net margin of 21.58%. The business 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 earned ($0.01) earnings per share. The business’s revenue was down 9.3% on a year-over-year basis. Harmonic updated its Q4 guidance to ($0.05)-0.04 EPS.

Harmonic (NASDAQ:HLIT) opened at 2.95 on Tuesday. Harmonic has a 12 month low of $2.80 and a 12 month high of $6.18. The stock’s 50 day moving average price is $3.03 and its 200-day moving average price is $4.26. The stock’s market cap is $239.75 million.

Several research analysts have weighed in on the company. ValuEngine cut Harmonic from a “hold” rating to a “sell” rating in a research report on Monday, October 2nd. Zacks Investment Research cut Harmonic from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 18th. BidaskClub cut Harmonic from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Dougherty & Co reissued a “buy” rating and issued a $6.50 price objective on shares of Harmonic in a research report on Monday, October 23rd. Finally, TheStreet cut Harmonic from a “c-” rating to a “d+” rating in a research report on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $5.15.

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In related news, insider Patrick Harshman sold 7,979 shares of Harmonic stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $3.47, for a total value of $27,687.13. Following the completion of the sale, the insider now owns 570,733 shares of the company’s stock, valued at $1,980,443.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.53% of the company’s stock.

About Harmonic

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.

Earnings History for Harmonic (NASDAQ:HLIT)

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