Brokerages expect Harmonic Inc. (NASDAQ:HLIT) to report ($0.01) earnings per share for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Harmonic’s earnings. The highest EPS estimate is $0.01 and the lowest is ($0.02). Harmonic posted earnings of ($0.20) per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 95%. The firm is scheduled to issue its next earnings report on Monday, July 30th.
On average, analysts expect that Harmonic will report full-year earnings of $0.06 per share for the current financial year, with EPS estimates ranging from ($0.05) to $0.16. For the next year, analysts expect that the business will post earnings of $0.15 per share. Zacks’ EPS averages are an average based on a survey of research firms that that provide coverage for Harmonic.
Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, April 30th. The communications equipment provider reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.05. The business had revenue of $90.10 million during the quarter, compared to the consensus estimate of $88.36 million. Harmonic had a negative return on equity of 14.52% and a negative net margin of 19.87%. The firm’s revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.14) earnings per share.
HLIT has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded Harmonic from a “hold” rating to a “sell” rating in a report on Thursday, March 15th. BidaskClub downgraded Harmonic from a “sell” rating to a “strong sell” rating in a report on Tuesday, January 30th. Finally, Raymond James upgraded Harmonic from an “underperform” rating to a “market perform” rating in a report on Tuesday, May 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $5.06.
Harmonic opened at $3.80 on Tuesday, according to Marketbeat.com. The stock has a market capitalization of $302.47 million, a P/E ratio of -7.04 and a beta of 0.80. The company has a quick ratio of 1.10, a current ratio of 1.28 and a debt-to-equity ratio of 0.56. Harmonic has a 12 month low of $3.65 and a 12 month high of $3.80.
In other Harmonic news, Director Floyd E. Kvamme bought 20,000 shares of the firm’s stock in a transaction on Monday, May 7th. The stock was purchased at an average cost of $3.70 per share, with a total value of $74,000.00. Following the completion of the purchase, the director now owns 758,922 shares in the company, valued at $2,808,011.40. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Sanjay Kalra sold 10,455 shares of the business’s stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $3.53, for a total value of $36,906.15. Following the completion of the transaction, the chief financial officer now directly owns 39,198 shares of the company’s stock, valued at $138,368.94. The disclosure for this sale can be found here. Over the last three months, insiders sold 57,972 shares of company stock valued at $205,458. Insiders own 5.53% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Tower Research Capital LLC TRC boosted its position in shares of Harmonic by 1,620.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 30,971 shares of the communications equipment provider’s stock worth $130,000 after buying an additional 29,171 shares during the period. SG Americas Securities LLC boosted its position in shares of Harmonic by 193.7% during the fourth quarter. SG Americas Securities LLC now owns 36,761 shares of the communications equipment provider’s stock worth $154,000 after buying an additional 24,244 shares during the period. Spark Investment Management LLC acquired a new position in shares of Harmonic during the fourth quarter worth about $161,000. Arizona State Retirement System boosted its position in shares of Harmonic by 224.9% during the fourth quarter. Arizona State Retirement System now owns 137,181 shares of the communications equipment provider’s stock worth $576,000 after buying an additional 94,963 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Harmonic by 18.2% during the third quarter. JPMorgan Chase & Co. now owns 139,888 shares of the communications equipment provider’s stock worth $419,000 after buying an additional 21,554 shares during the period. 90.56% of the stock is owned by institutional investors.
Harmonic Inc designs, manufactures, and sells video infrastructure products and system solutions worldwide. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.
Get a free copy of the Zacks research report on Harmonic (HLIT)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Harmonic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harmonic and related companies with MarketBeat.com's FREE daily email newsletter.