B. Riley Raises Lumentum (NASDAQ:LITE) Price Target to $50.00

Lumentum (NASDAQ:LITE) had its price target boosted by B. Riley from $40.00 to $50.00 in a report published on Thursday morning, Benzinga reports. They currently have a neutral rating on the technology company’s stock.

LITE has been the subject of a number of other reports. Needham & Company LLC raised their price objective on shares of Lumentum from $65.00 to $70.00 and gave the company a buy rating in a research report on Thursday. JPMorgan Chase & Co. raised their price target on shares of Lumentum from $57.00 to $65.00 and gave the company an overweight rating in a report on Monday, August 12th. StockNews.com raised shares of Lumentum to a sell rating in a report on Monday, May 6th. Rosenblatt Securities lifted their price objective on Lumentum from $65.00 to $69.00 and gave the company a buy rating in a research note on Thursday. Finally, Barclays decreased their target price on Lumentum from $40.00 to $38.00 and set an underweight rating on the stock in a research note on Tuesday, May 7th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $59.08.

Lumentum Stock Down 0.5 %

Lumentum stock opened at $51.98 on Thursday. The firm has a 50 day simple moving average of $50.52 and a 200 day simple moving average of $48.14. The company has a current ratio of 5.20, a quick ratio of 3.87 and a debt-to-equity ratio of 2.13. Lumentum has a 1-year low of $35.35 and a 1-year high of $60.99. The firm has a market capitalization of $3.51 billion, a price-to-earnings ratio of -9.90, a P/E/G ratio of 39.11 and a beta of 0.88.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.03. The company had revenue of $308.30 million during the quarter, compared to analysts’ expectations of $301.36 million. Lumentum had a negative return on equity of 1.72% and a negative net margin of 24.91%. The firm’s quarterly revenue was down 16.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.12 earnings per share. On average, analysts predict that Lumentum will post -0.64 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in LITE. Algert Global LLC bought a new stake in shares of Lumentum during the 2nd quarter valued at about $346,000. Susquehanna Fundamental Investments LLC boosted its position in Lumentum by 106.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 29,936 shares of the technology company’s stock valued at $1,524,000 after acquiring an additional 15,436 shares in the last quarter. Shellback Capital LP raised its position in shares of Lumentum by 35.7% in the 2nd quarter. Shellback Capital LP now owns 221,097 shares of the technology company’s stock worth $11,258,000 after acquiring an additional 58,108 shares in the last quarter. Dark Forest Capital Management LP raised its holdings in Lumentum by 11.9% in the second quarter. Dark Forest Capital Management LP now owns 27,408 shares of the technology company’s stock worth $1,396,000 after purchasing an additional 2,905 shares in the last quarter. Finally, DigitalBridge Group Inc. lifted its position in Lumentum by 10.9% during the second quarter. DigitalBridge Group Inc. now owns 554,529 shares of the technology company’s stock valued at $28,237,000 after buying an additional 54,703 shares during the period. 94.05% of the stock is currently owned by institutional investors.

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.