Lumentum (NASDAQ:LITE) Shares Gap Up - Here's What Happened

Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $89.19, but opened at $94.00. Lumentum shares last traded at $91.55, with a volume of 476,306 shares traded.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Needham & Company LLC reiterated a "buy" rating and set a $110.00 target price on shares of Lumentum in a report on Friday. Stifel Nicolaus boosted their price target on Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday. B. Riley boosted their target price on shares of Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a report on Friday. Rosenblatt Securities reaffirmed a "buy" rating and issued a $110.00 price target on shares of Lumentum in a report on Friday. Finally, Susquehanna boosted their target price on Lumentum from $80.00 to $115.00 and gave the stock a "positive" rating in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Lumentum currently has a consensus rating of "Hold" and an average target price of $88.07.

Lumentum Trading Down 4.6 %

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 firm has a market capitalization of $5.63 billion, a P/E ratio of -10.65 and a beta of 0.94. The firm has a 50 day moving average price of $87.68 and a two-hundred day moving average price of $71.74.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.00%. On average, equities research analysts expect that Lumentum Holdings Inc. will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling at Lumentum

In related news, CFO Wajid Ali sold 29,887 shares of the company's stock in a transaction on Friday, November 29th. The shares were sold at an average price of $85.06, for a total value of $2,542,188.22. Following the completion of the sale, the chief financial officer now directly owns 56,492 shares in the company, valued at approximately $4,805,209.52. This represents a 34.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Vincent Retort sold 41,710 shares of the firm's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $89.52, for a total value of $3,733,879.20. Following the transaction, the insider now owns 147,515 shares in the company, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 101,797 shares of company stock worth $8,881,428 over the last ninety days. 0.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lumentum

Large investors have recently added to or reduced their stakes in the stock. Quarry LP lifted its stake in shares of Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company's stock worth $28,000 after buying an additional 201 shares during the last quarter. UMB Bank n.a. boosted its holdings in Lumentum by 301.2% during the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock valued at $28,000 after acquiring an additional 253 shares during the period. Jones Financial Companies Lllp increased its stake in shares of Lumentum by 54.2% in the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock worth $31,000 after purchasing an additional 130 shares during the period. Capital Performance Advisors LLP bought a new position in shares of Lumentum in the third quarter worth about $33,000. Finally, Nomura Asset Management Co. Ltd. lifted its position in shares of 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 purchasing an additional 270 shares during the last quarter. Institutional investors own 94.05% of the company's stock.

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.