Dark Forest Capital Management LP Makes New $469,000 Investment in Lumentum Holdings Inc. (NASDAQ:LITE)

Dark Forest Capital Management LP purchased a new position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 5,582 shares of the technology company's stock, valued at approximately $469,000.

A number of other institutional investors also recently modified their holdings of LITE. UMB Bank n.a. lifted its holdings in Lumentum by 301.2% in the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock valued at $28,000 after buying an additional 253 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of Lumentum by 54.2% in the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after purchasing an additional 130 shares during the period. J.Safra Asset Management Corp boosted its position in shares of Lumentum by 31.1% during the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock valued at $43,000 after purchasing an additional 122 shares in the last quarter. Quadrant Capital Group LLC boosted its position in shares of Lumentum by 27.2% during the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock valued at $64,000 after purchasing an additional 164 shares in the last quarter. Finally, Daiwa Securities Group Inc. acquired a new stake in Lumentum during the fourth quarter worth approximately $67,000. 94.05% of the stock is owned by institutional investors.

Lumentum Stock Performance

Shares of LITE stock opened at $60.00 on Friday. Lumentum Holdings Inc. has a one year low of $38.29 and a one year high of $104.00. The company has a market cap of $4.15 billion, a P/E ratio of -7.80 and a beta of 1.14. The firm has a 50-day moving average of $61.91 and a 200-day moving average of $74.99. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. Equities research analysts forecast that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on LITE. Northland Capmk upgraded Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Northland Securities raised shares of Lumentum from a "market perform" rating to an "outperform" rating in a research note on Monday, April 7th. Jefferies Financial Group assumed coverage on shares of Lumentum in a report on Friday, February 21st. They set a "buy" rating on the stock. Barclays decreased their target price on Lumentum from $125.00 to $70.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Finally, Rosenblatt Securities cut their price target on Lumentum from $110.00 to $85.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $82.60.

Insider Activity at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of the company's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the transaction, the chief financial officer now owns 51,976 shares of the company's stock, valued at $4,071,799.84. This represents a 4.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is owned by company insiders.

Lumentum Profile

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.

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