Lumentum (NASDAQ:LITE) Shares Up 4.4% – What’s Next?

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) shot up 4.4% during mid-day trading on Wednesday . The stock traded as high as $65.03 and last traded at $66.41. 129,843 shares changed hands during trading, a decline of 92% from the average session volume of 1,725,456 shares. The stock had previously closed at $63.59.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on LITE shares. Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and upped their price target for the company from $80.00 to $125.00 in a research note on Friday, January 17th. BNP Paribas upgraded shares of Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price target on the stock in a research note on Tuesday, March 11th. Northland Securities increased their price target on shares of Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a research report on Friday, February 7th. Morgan Stanley dropped their price objective on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, January 31st. Finally, Raymond James upgraded shares of Lumentum from an “outperform” rating to a “strong-buy” rating and reduced their target price for the stock from $96.00 to $82.00 in a report on Monday, March 24th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $87.40.

Lumentum Stock Performance

The firm’s fifty day moving average price is $73.97 and its 200-day moving average price is $76.40. The firm has a market cap of $4.65 billion, a price-to-earnings ratio of -8.73 and a beta of 1.03. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94.

Lumentum (NASDAQ:LITE) last released its quarterly 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 net margin of 36.98% and a negative return on equity of 7.25%. Analysts expect that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Insider Buying and Selling at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the transaction, the chief financial officer now owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.19% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lumentum

Several institutional investors have recently bought and sold shares of LITE. Quarry LP lifted its stake in shares of Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after acquiring an additional 201 shares during the period. UMB Bank n.a. lifted its position 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 purchasing an additional 253 shares during the period. Jones Financial Companies Lllp boosted its holdings in 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 in the last quarter. CoreCap Advisors LLC increased its position in Lumentum by 2,235.3% during the 4th quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock worth $33,000 after purchasing an additional 380 shares during the period. Finally, Nomura Asset Management Co. Ltd. raised its stake 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 buying an additional 270 shares in the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

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.