Here's Why Harmonic Stock Soared Higher While the Nasdaq Dropped
Shares of video-streaming technology company (NASDAQ: HLIT) soared higher on Tuesday after reporting financial results for the first quarter of 2024. As of 2 p.m. ET, Harmonic stock was up 15% in stark contrast to the 1% drop for the .
In Q1, Harmonic generated revenue of $122 million, which was down 23% year over year. This included a 21% decline in its broadband-segment revenue and a 25% decline in its smaller video-segment revenue. The company's gross margin also went down. And on the bottom line, it had a net loss of $8 million compared with net income of $5 million in the prior-year period.
With all the financial metrics trending in the wrong direction, investors might rightly wonder why Harmonic stock is up. Here's why: There's some cyclicality with the company's revenue, and one number points to improvements in the near future.
Source Fool.com
Harmonic Stock
We see a rather positive sentiment for Harmonic with 16 Buy predictions and 2 Sell predictions.
As a result the target price of 16 € shows a positive potential of 48.98% compared to the current price of 10.74 € for Harmonic.
