Lumentum Holdings Inc. (LITE) Sees Unusually-High Trading Volume
Lumentum Holdings Inc. (NASDAQ:LITE) saw unusually-high trading volume on Thursday . Approximately 982,618 shares traded hands during trading, an increase of 6% from the previous session’s volume of 923,339 shares.The stock last traded at $34.63 and had previously closed at $35.12.
LITE has been the subject of several research analyst reports. B. Riley reiterated a “buy” rating and set a $41.50 target price on shares of Lumentum Holdings in a research report on Wednesday, August 10th. Zacks Investment Research cut Lumentum Holdings from a “buy” rating to a “hold” rating in a research report on Thursday, May 5th. Jefferies Group reiterated a “buy” rating and set a $34.00 target price on shares of Lumentum Holdings in a research report on Thursday, May 5th. Stifel Nicolaus increased their target price on Lumentum Holdings from $31.00 to $42.00 and gave the stock a “buy” rating in a research report on Wednesday, August 10th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $35.00 target price on shares of Lumentum Holdings in a research report on Wednesday, June 15th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. Lumentum Holdings presently has an average rating of “Buy” and a consensus price target of $33.35.
The stock’s 50 day moving average is $31.21 and its 200-day moving average is $26.45. The company’s market capitalization is $2.06 billion.
Lumentum Holdings (NASDAQ:LITE) last issued its earnings results on Tuesday, August 9th. The company reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.05. During the same quarter in the previous year, the firm posted $0.15 earnings per share. The firm had revenue of $241.70 million for the quarter, compared to analyst estimates of $238.52 million. Lumentum Holdings’s quarterly revenue was up 15.7% on a year-over-year basis. On average, equities research analysts predict that Lumentum Holdings Inc. will post $1.84 earnings per share for the current fiscal year.
In other Lumentum Holdings news, COO Vincent Retort sold 39,473 shares of the company’s stock in a transaction on Monday, July 25th. The shares were sold at an average price of $30.00, for a total value of $1,184,190.00. Following the transaction, the chief operating officer now directly owns 40,060 shares in the company, valued at $1,201,800. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Aaron Tachibana sold 6,086 shares of the company’s stock in a transaction on Friday, August 19th. The shares were sold at an average price of $34.64, for a total transaction of $210,819.04. Following the completion of the transaction, the chief financial officer now owns 13,239 shares in the company, valued at $458,598.96. The disclosure for this sale can be found here.
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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