Lumentum (NASDAQ:LITE) Sees Unusually-High Trading Volume – Here’s What Happened

Lumentum Holdings Inc. (NASDAQ:LITE) saw unusually-strong trading volume on Monday . Approximately 1,529,050 shares traded hands during trading, a decline of 2% from the previous session’s volume of 1,560,279 shares.The stock last traded at $80.96 and had previously closed at $95.65.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on LITE shares. Barclays upgraded shares of Lumentum from an “underweight” rating to an “overweight” rating and boosted their price objective for the stock from $80.00 to $125.00 in a report on Friday, January 17th. Northland Securities upped their price target on shares of Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Rosenblatt Securities raised their price objective on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Morgan Stanley upped their target price on shares of Lumentum from $76.00 to $83.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Finally, Raymond James lifted their price target on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $81.92.

Lumentum Trading Down 22.0 %

The stock’s fifty day simple moving average is $87.91 and its 200-day simple moving average is $69.81. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The firm has a market cap of $5.13 billion, a PE ratio of -9.03 and a beta of 0.94.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, November 7th. The technology company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.48). Lumentum had a negative return on equity of 6.79% and a negative net margin of 40.70%. The firm had revenue of $336.90 million for the quarter, compared to analyst estimates of $326.94 million. During the same period in the prior year, the firm posted ($0.10) EPS. On average, sell-side analysts forecast that Lumentum Holdings Inc. will post -0.02 earnings per share for the current year.

Insider Buying and Selling

In other Lumentum news, Director Harold L. Covert sold 15,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the transaction, the director now owns 8,761 shares in the company, valued at approximately $763,696.37. This represents a 63.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Wajid Ali sold 29,887 shares of the business’s stock in a transaction that occurred 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 owns 56,492 shares of the company’s stock, valued at $4,805,209.52. This trade represents a 34.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 101,797 shares of company stock valued at $8,881,428. Corporate insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quarry LP increased 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 last quarter. UMB Bank n.a. increased its position in Lumentum by 301.2% during the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after purchasing an additional 253 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in Lumentum during the third quarter worth about $33,000. Point72 DIFC Ltd purchased a new stake in shares of Lumentum in the 2nd quarter valued at approximately $36,000. Finally, Nomura Asset Management Co. Ltd. increased its holdings 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 during the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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.