Shares of Lumentum Holdings Inc. (NASDAQ:LITE – Get Free Report) shot up 4.8% during trading on Wednesday . The company traded as high as $56.01 and last traded at $55.56. 897,655 shares traded hands during mid-day trading, a decline of 36% from the average session volume of 1,403,021 shares. The stock had previously closed at $53.01.
Analysts Set New Price Targets
LITE has been the topic of a number of analyst reports. Bank of America upped their target price on shares of Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Thursday, August 15th. Northland Securities increased their price objective on Lumentum from $40.00 to $45.00 and gave the stock a “market perform” rating in a research report on Friday, August 16th. Craig Hallum boosted their target price on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Needham & Company LLC raised their price target on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, Morgan Stanley boosted their price objective on Lumentum from $50.00 to $54.00 and gave the stock an “equal weight” rating in a report on Thursday, August 15th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Lumentum presently has an average rating of “Hold” and an average price target of $59.08.
Lumentum Stock Performance
The company has a market cap of $3.75 billion, a P/E ratio of -10.10, a price-to-earnings-growth ratio of 4.55 and a beta of 0.88. The company’s fifty day moving average is $52.49 and its 200 day moving average is $48.47. The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61.
Lumentum (NASDAQ:LITE – Get Free Report) last posted its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.03. The business had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The company’s revenue was down 16.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.12 earnings per share. As a group, equities analysts predict that Lumentum Holdings Inc. will post 0.22 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the company. Point72 DIFC Ltd purchased a new stake in Lumentum during the 2nd quarter valued at $36,000. CENTRAL TRUST Co boosted its holdings in shares of Lumentum by 714.3% during the first quarter. CENTRAL TRUST Co now owns 1,140 shares of the technology company’s stock worth $54,000 after purchasing an additional 1,000 shares during the period. Principal Securities Inc. purchased a new stake in shares of Lumentum during the fourth quarter worth about $55,000. Signaturefd LLC grew its stake in shares of Lumentum by 93.9% in the second quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after purchasing an additional 554 shares during the last quarter. Finally, EntryPoint Capital LLC purchased a new position in Lumentum during the 1st quarter valued at about $112,000. 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.