Lumentum Holdings Inc. (LITE) Sees Unusually-High Trading Volume
Lumentum Holdings Inc. (NASDAQ:LITE) shares saw unusually-strong trading volume on Thursday . Approximately 982,618 shares changed hands during mid-day 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.
Several research analysts have recently commented on LITE shares. B. Riley reissued a “buy” rating and issued a $33.00 target price on shares of Lumentum Holdings in a report on Sunday, May 8th. Zacks Investment Research downgraded Lumentum Holdings from a “hold” rating to a “sell” rating in a report on Wednesday, May 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 price objective on shares of Lumentum Holdings in a report on Wednesday, June 15th. MKM Partners upped their price objective on Lumentum Holdings from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, July 20th. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Lumentum Holdings in a report on Monday, August 8th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $33.35.
The stock’s market capitalization is $2.10 billion. The company’s 50 day moving average price is $31.46 and its 200-day moving average price is $26.51.
Lumentum Holdings (NASDAQ:LITE) last announced its quarterly earnings data on Tuesday, August 9th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.05. The firm earned $241.70 million during the quarter, compared to the consensus estimate of $238.52 million. The business’s revenue was up 15.7% compared to the same quarter last year. During the same period last year, the business earned $0.15 earnings per share. On average, equities analysts expect that Lumentum Holdings Inc. will post $1.84 earnings per share for the current year.
In other Lumentum Holdings news, COO Vincent Retort sold 1,523 shares of the firm’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $33.96, for a total value of $51,721.08. Following the sale, the chief operating officer now owns 587 shares in the company, valued at $19,934.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Alan S. Lowe sold 174,222 shares of the firm’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $34.03, for a total transaction of $5,928,774.66. Following the completion of the sale, the chief executive officer now owns 38,880 shares in the company, valued at approximately $1,323,086.40. 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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