Shares of Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $52.00, but opened at $50.27. Lumentum shares last traded at $49.86, with a volume of 73,535 shares changing hands.
Wall Street Analyst Weigh In
LITE has been the topic of several analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Lumentum from $105.00 to $73.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. UBS Group raised their price objective on Lumentum from $93.00 to $96.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. B. Riley upped their target price on Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Jefferies Financial Group began coverage on shares of Lumentum in a research report on Friday, February 21st. They issued a "buy" rating on the stock. Finally, Northland Securities raised shares of Lumentum from a "market perform" rating to an "outperform" rating in a report on Monday, April 7th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $82.60.
View Our Latest Analysis on Lumentum
Lumentum Price Performance
The business's 50 day simple moving average is $62.32 and its 200-day simple moving average is $74.99. The stock has a market capitalization of $4.09 billion, a price-to-earnings ratio of -7.71 and a beta of 1.14. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94.
Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. On average, research analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.
Insider Activity at Lumentum
In related 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 completion of the sale, the chief financial officer now owns 51,976 shares in the company, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.19% of the stock is currently owned by corporate insiders.
Institutional Trading of Lumentum
Hedge funds have recently bought and sold shares of the business. HighTower Advisors LLC bought a new stake in shares of Lumentum in the third quarter valued at approximately $216,000. Tidal Investments LLC raised its holdings in Lumentum by 35.6% during the 3rd quarter. Tidal Investments LLC now owns 18,669 shares of the technology company's stock valued at $1,183,000 after acquiring an additional 4,899 shares during the period. Synovus Financial Corp lifted its position in shares of Lumentum by 1.5% during the third quarter. Synovus Financial Corp now owns 13,225 shares of the technology company's stock worth $838,000 after acquiring an additional 200 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Lumentum by 33.3% in the fourth quarter. GAMMA Investing LLC now owns 1,192 shares of the technology company's stock valued at $100,000 after purchasing an additional 298 shares in the last quarter. Finally, Friedenthal Financial bought a new stake in shares of Lumentum during the 4th quarter valued at $773,000. 94.05% of the stock is currently owned by institutional investors.
About Lumentum
(
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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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