Harmonic Inc. (NASDAQ:HLIT) Posts Earnings Results, Beats Estimates By $0.04 EPS

Harmonic Inc. (NASDAQ:HLIT) posted its quarterly earnings data on Monday. The communications equipment provider reported ($0.20) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.24) by $0.04, Bloomberg Earnings reports. The company had revenue of $82.30 million for the quarter, compared to analyst estimates of $80.88 million. Harmonic had a negative return on equity of 7.29% and a negative net margin of 17.50%. The firm’s quarterly revenue was down 24.9% on a year-over-year basis. Harmonic updated its FY17 guidance to (0.50)-(0.33) EPS and its Q3 guidance to (0.03)-(0.11) EPS.

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Shares of Harmonic (NASDAQ HLIT) traded up 2.50% during trading on Monday, reaching $4.10. The company’s stock had a trading volume of 611,821 shares. The stock’s 50 day moving average price is $4.93 and its 200-day moving average price is $5.33. Harmonic has a 52-week low of $3.01 and a 52-week high of $6.18. The stock’s market cap is $330.18 million.

In related news, CFO Harold L. Covert sold 13,172 shares of the firm’s stock in a transaction that occurred on Thursday, May 11th. The stock was sold at an average price of $5.14, for a total transaction of $67,704.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.53% of the stock is owned by company insiders.

HLIT has been the topic of a number of recent analyst reports. Jefferies Group LLC reaffirmed a “hold” rating and issued a $4.00 price objective (down from $4.75) on shares of Harmonic in a research note on Tuesday, May 2nd. Zacks Investment Research raised Harmonic from a “sell” rating to a “hold” rating in a research note on Wednesday, May 3rd. Finally, BidaskClub lowered Harmonic from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. Harmonic has a consensus rating of “Hold” and an average price target of $5.44.

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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.