Lumentum Holdings Inc. (LITE) Sees Strong Trading Volume
Shares of Lumentum Holdings Inc. (NASDAQ:LITE) saw an uptick in trading volume on Monday . 1,000,628 shares were traded during trading, an increase of 11% from the previous session’s volume of 898,713 shares.The stock last traded at $33.76 and had previously closed at $34.60.
A number of research firms have commented on LITE. B. Riley reissued a “buy” rating and set a $31.50 price target on shares of Lumentum Holdings in a report on Tuesday, May 3rd. Jefferies Group reissued a “buy” rating and set a $34.00 price target on shares of Lumentum Holdings in a report on Thursday, May 5th. Zacks Investment Research cut Lumentum Holdings from a “buy” rating to a “hold” rating in a report on Thursday, May 5th. JPMorgan Chase & Co. raised Lumentum Holdings from a “neutral” rating to an “overweight” rating and raised their price target for the company from $25.00 to $28.00 in a report on Thursday, May 5th. Finally, Needham & Company LLC reissued a “buy” rating and set a $35.00 price target on shares of Lumentum Holdings in a report on Wednesday, June 15th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $33.35.
The company has a 50-day moving average of $29.06 and a 200-day moving average of $25.86. The company’s market capitalization is $2.03 billion.
Lumentum Holdings (NASDAQ:LITE) last posted its quarterly earnings results on Tuesday, August 9th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.36 by $0.05. The business earned $241.70 million during the quarter, compared to analysts’ expectations of $238.52 million. Lumentum Holdings’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.15 earnings per share. Equities research analysts expect that Lumentum Holdings Inc. will post $1.84 EPS for the current year.
In other news, COO Vincent Retort sold 8,114 shares of the stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $32.59, for a total transaction of $264,435.26. Following the sale, the chief operating officer now directly owns 587 shares of the company’s stock, valued at approximately $19,130.33. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.
An institutional investor recently bought a new position in Lumentum Holdings stock. Schwab Charles Investment Management Inc. bought a new stake in Lumentum Holdings Inc. (NASDAQ:LITE) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 93,081 shares of the company’s stock, valued at approximately $2,050,000. Schwab Charles Investment Management Inc. owned approximately 0.16% of Lumentum Holdings at the end of the most recent reporting period.
Lumentum Holdings Inc (Lumentum) is a provider of optical and photonic products. The Company’s products are used in a range of end markets, including data communications (Datacom) and telecommunications (Telecom) networking, and industrial and commercial lasers (commercial lasers) for manufacturing, inspection and life-sciences applications.
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