Why Harmonic Stock Arced 18% Higher Today
Shares of video streaming technology provider Harmonic (NASDAQ: HLIT) catapulted to a 17.8% gain through noon ET Tuesday after beating analyst targets for earnings and almost hitting sales targets last night.
Wall Street had forecast an $0.08 per share non-GAAP profit (generally accepted accounting principles) for the company, on sales of $157.8 million. Harmonic delivered all $0.12 of non-GAAP earnings, and its sales were $157.6 million.
Sales grew 7% year over year, led by a 23% gain in revenue from broadband services, and 72% from video software-as-a-service (SaaS). Gross profit margins on those revenues surged 640 basis points to 53.3%.
Source Fool.com
Harmonic Stock
€11.80
3.960%
Harmonic is currently one of the favorites of our community with 14 Buy predictions and no Sell predictions.
As a result the target price of 14 € shows a slightly positive potential of 18.64% compared to the current price of 11.8 € for Harmonic.
