Lumentum (NASDAQ:LITE) Shares Gap Up - What's Next?

Shares of Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $89.36, but opened at $94.13. Lumentum shares last traded at $92.83, with a volume of 354,641 shares.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on LITE. Needham & Company LLC restated a "buy" rating and issued a $110.00 price objective on shares of Lumentum in a research report on Thursday, January 9th. Barclays raised shares of Lumentum from an "underweight" rating to an "overweight" rating and boosted their price target for the stock from $80.00 to $125.00 in a report on Friday. Morgan Stanley increased their price objective on shares of Lumentum from $76.00 to $83.00 and gave the company an "equal weight" rating in a report on Tuesday, December 17th. Raymond James lifted their target price on shares of Lumentum from $70.00 to $100.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. Finally, Rosenblatt Securities upped their price target on shares of Lumentum from $69.00 to $110.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, Lumentum presently has a consensus rating of "Moderate Buy" and a consensus target price of $81.92.

Lumentum Stock Up 5.7 %

The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. The business has a 50 day simple moving average of $86.72 and a 200-day simple moving average of $68.24. The firm has a market capitalization of $6.49 billion, a price-to-earnings ratio of -11.40 and a beta of 0.94.

Insider Buying and Selling

In other news, Director Harold L. Covert sold 15,000 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the completion of the transaction, the director now directly owns 8,761 shares in the company, valued at approximately $763,696.37. This represents a 63.13 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Vincent Retort sold 41,710 shares of the company's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the completion of the transaction, the insider now directly owns 147,515 shares in the company, valued at $13,205,542.80. The trade was a 22.04 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,797 shares of company stock worth $8,881,428. Insiders own 0.19% of the company's stock.

Hedge Funds Weigh In On Lumentum

Large investors have recently made changes to their positions in the stock. Quarry LP lifted its stake in Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company's stock worth $28,000 after acquiring an additional 201 shares in the last quarter. UMB Bank n.a. boosted its stake in shares of 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 purchasing an additional 253 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of Lumentum in the third quarter valued at approximately $33,000. Point72 DIFC Ltd purchased a new stake in Lumentum during the 2nd quarter worth approximately $36,000. Finally, Nomura Asset Management Co. Ltd. increased its stake in Lumentum by 67.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company's stock worth $42,000 after buying an additional 270 shares during the period. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Company 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.