Lumentum (NASDAQ:LITE) Shares Gap Up After Analyst Upgrade

Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) shares gapped up before the market opened on Friday after Rosenblatt Securities raised their price target on the stock from $69.00 to $110.00. The stock had previously closed at $73.64, but opened at $86.50. Rosenblatt Securities currently has a buy rating on the stock. Lumentum shares last traded at $85.92, with a volume of 2,155,661 shares traded.

Several other brokerages have also recently weighed in on LITE. Bank of America raised their target price on Lumentum from $45.00 to $50.00 and gave the company an "underperform" rating in a research note on Thursday, August 15th. B. Riley increased their price target on Lumentum from $40.00 to $50.00 and gave the company a "neutral" rating in a research report on Thursday, August 15th. Susquehanna raised their price objective on Lumentum from $80.00 to $115.00 and gave the stock a "positive" rating in a research report on Friday. Northland Securities raised their price objective on Lumentum from $45.00 to $60.00 and gave the stock a "market perform" rating in a research report on Friday. Finally, Needham & Company LLC raised their price objective on Lumentum from $65.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, August 15th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $70.08.

Institutional Trading of Lumentum

Several institutional investors have recently bought and sold shares of the stock. Capital Performance Advisors LLP bought a new position in Lumentum in the 3rd quarter valued at $33,000. Point72 DIFC Ltd bought a new stake in shares of Lumentum during the second quarter worth $36,000. GAMMA Investing LLC raised its position in shares of Lumentum by 141.6% during the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company's stock worth $57,000 after acquiring an additional 524 shares during the last quarter. Signaturefd LLC raised its position in shares of Lumentum by 93.9% during the second quarter. Signaturefd LLC now owns 1,144 shares of the technology company's stock worth $58,000 after acquiring an additional 554 shares during the last quarter. Finally, EntryPoint Capital LLC bought a new stake in shares of Lumentum during the first quarter worth $112,000. Institutional investors and hedge funds own 94.05% of the company's stock.

Lumentum Trading Up 13.9 %

The business has a 50-day moving average price of $62.73 and a two-hundred day moving average price of $53.61. The company has a market cap of $5.75 billion, a P/E ratio of -10.36, a P/E/G ratio of 5.48 and a beta of 0.88. The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, beating analysts' consensus estimates of $0.03 by $0.03. The business had revenue of $308.30 million during the quarter, compared to the consensus estimate of $301.36 million. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The firm's revenue was down 16.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.12 earnings per share. On average, analysts predict that Lumentum Holdings Inc. will post 0.2 EPS for the current year.

About Lumentum

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.