Lumentum (NASDAQ:LITE) Stock Price Down 3.4% – What’s Next?

by · The Markets Daily

Lumentum Holdings Inc. (NASDAQ:LITE – Get Free Report)’s stock price fell 3.4% during trading on Friday . The company traded as low as $67.28 and last traded at $67.28. 473,099 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 1,416,679 shares. The stock had previously closed at $69.62.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on LITE shares. Rosenblatt Securities lifted their price objective on shares of Lumentum from $65.00 to $69.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. boosted their price target on Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Northland Securities increased their price objective on Lumentum from $40.00 to $45.00 and gave the company a “market perform” rating in a report on Friday, August 16th. Morgan Stanley increased their price objective on Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Finally, B. Riley increased their price objective on Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $60.00.

Check Out Our Latest Report on LITE

Lumentum Price Performance

The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61. The company’s 50 day moving average is $58.67 and its 200 day moving average is $51.38. The firm has a market capitalization of $4.49 billion, a price-to-earnings ratio of -13.26, a P/E/G ratio of 5.78 and a beta of 0.89.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Point72 DIFC Ltd acquired a new stake in Lumentum in the 2nd quarter valued at $36,000. GAMMA Investing LLC grew its position in shares of Lumentum by 141.6% in the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after purchasing an additional 524 shares in the last quarter. Signaturefd LLC boosted its stake in Lumentum by 93.9% during the second quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock valued at $58,000 after buying an additional 554 shares during the period. EntryPoint Capital LLC bought a new stake in Lumentum during the first quarter worth about $112,000. Finally, nVerses Capital LLC lifted its stake in Lumentum by 416.7% during the second quarter. nVerses Capital LLC now owns 3,100 shares of the technology company’s stock worth $158,000 after purchasing an additional 2,500 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

Lumentum Company Profile

(Get Free Report)

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.

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