Wall Street brokerages forecast that Harmonic Inc (NASDAQ:HLIT) will post sales of $96.47 million for the current quarter, Zacks reports. Three analysts have provided estimates for Harmonic’s earnings, with the lowest sales estimate coming in at $95.60 million and the highest estimate coming in at $97.30 million. Harmonic reported sales of $113.10 million during the same quarter last year, which indicates a negative year over year growth rate of 14.7%. The firm is scheduled to report its next earnings results after the market closes on Wednesday, February 28th.
According to Zacks, analysts expect that Harmonic will report full year sales of $96.47 million for the current financial year, with estimates ranging from $353.00 million to $355.10 million. For the next financial year, analysts expect that the firm will report sales of $404.03 million per share, with estimates ranging from $390.00 million to $425.00 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Harmonic.
Several equities research analysts have recently commented on HLIT shares. Dougherty & Co restated a “buy” rating and set a $6.50 price target on shares of Harmonic in a research note on Monday, October 23rd. Zacks Investment Research upgraded Harmonic from a “hold” rating to a “strong-buy” rating and set a $4.25 price target for the company in a research note on Friday, November 3rd. BidaskClub lowered Harmonic from a “sell” rating to a “strong sell” rating in a report on Tuesday, January 30th. Finally, ValuEngine raised Harmonic from a “sell” rating to a “hold” rating in a report on Friday, December 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. Harmonic has a consensus rating of “Hold” and a consensus price target of $5.06.
Shares of Harmonic (NASDAQ:HLIT) traded down $0.27 during midday trading on Wednesday, reaching $2.95. The company’s stock had a trading volume of 1,200,000 shares, compared to its average volume of 427,903. Harmonic has a one year low of $2.80 and a one year high of $6.18. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.99 and a current ratio of 1.20. The stock has a market capitalization of $240.77, a PE ratio of -2.92 and a beta of 0.88.
Institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC grew its holdings in Harmonic by 1,620.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 30,971 shares of the communications equipment provider’s stock valued at $130,000 after purchasing an additional 29,171 shares during the last quarter. BNP Paribas Arbitrage SA grew its holdings in Harmonic by 41.0% in the third quarter. BNP Paribas Arbitrage SA now owns 49,992 shares of the communications equipment provider’s stock valued at $152,000 after purchasing an additional 14,536 shares during the last quarter. SG Americas Securities LLC grew its holdings in Harmonic by 193.7% in the fourth quarter. SG Americas Securities LLC now owns 36,761 shares of the communications equipment provider’s stock valued at $154,000 after purchasing an additional 24,244 shares during the last quarter. Spark Investment Management LLC acquired a new stake in Harmonic in the fourth quarter valued at $161,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Harmonic in the third quarter valued at $190,000. 91.40% of the stock is currently owned by institutional investors.
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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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