Stocks of Lumentum Holdings Inc. (NASDAQ:LITE) traded higher last session on Wall Street, down -1.76% to $51.44.
According to the data, Lumentum Holdings Inc. (NASDAQ:LITE) has 17 analysts covering its stock. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $67.00 and a low of $40.00, we find $56.45. Given the previous closing price of $52.36, this indicates a potential upside of 7.81 percent. LITE stock price is now -3.39% away from the 50-day moving average and -6.36% away from the 200-day moving average. The market capitalization of the company currently stands at $3.56B.
A total of 7 analysts have issued a hold rating and 6 have given it a buy rating. Brokers who have rated the stock have averaged $55.06 as their price target over the next twelve months.
With the price target maintained at $50, BofA Securities recently Downgraded its rating from Neutral to Underperform for Lumentum Holdings Inc. (NASDAQ: LITE).
In other news, Ali Wajid, EVP & Chief Financial Officer sold 6,872 shares of the company’s stock on Jun 20. The stock was sold for $415,756 at an average price of $60.50. Upon completion of the transaction, the EVP & Chief Financial Officer now directly owns 35,629 shares in the company, valued at $1.83 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Aug 29, Chief Accounting Officer Sepe Matthew Joseph sold 3,030 shares of the business’s stock. A total of $261,183 was realized by selling the stock at an average price of $86.20. This leaves the insider owning 25,288 shares of the company worth $1.3 million. Insiders disposed of 166,622 shares of company stock worth roughly $8.57 million over the past 1 year. A total of 1.10% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in LITE stock. A new stake in Lumentum Holdings Inc. shares was purchased by VOLORIDGE INVESTMENT MANAGEMENT, LLC during the first quarter worth $20,956,000. SEGALL BRYANT & HAMILL, LLC invested $17,179,000 in shares of LITE during the first quarter. In the first quarter, BALYASNY ASSET MANAGEMENT L.P. acquired a new stake in Lumentum Holdings Inc. valued at approximately $8,218,000. TWINBEECH CAPITAL LP acquired a new stake in LITE for approximately $7,798,000. HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND purchased a new stake in LITE valued at around $3,437,000 in the second quarter. In total, there are 530 active investors with 100.85% ownership of the company’s stock.
Tuesday’s opening bell rang with an opening price of $51.55 for Lumentum Holdings Inc. (NASDAQ: LITE). During the past 12 months, Lumentum Holdings Inc. has had a low of $42.00 and a high of $96.46. As of last week, the company has a debt-to-equity ratio of 1.51, a current ratio of 3.20, and a quick ratio of 2.70. The fifty day moving average price for LITE is $53.33 and a two-hundred day moving average price translates $54.84 for the stock.
The latest earnings results from Lumentum Holdings Inc. (NASDAQ: LITE) was released for Mar, 2023. The net profit margin was -2.00% and return on equity was -2.30% for LITE. The company reported revenue of $383.4 million for the quarter, compared to $395.4 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -3.03 percent.
Lumentum Holdings Inc.(LITE) 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 in 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.It offers tunable transponders, transceivers, and transmitter modules; tunable lasers, receivers, and modulators; transport products, such as reconfigurable optical add/drop multiplexers, amplifiers, and optical channel monitors, as well as components, including 980nm, multi-mode, and Raman pumps; and switches, attenuators, photodetectors, gain flattening filters, isolators, wavelength-division multiplexing filters, arrayed waveguide gratings, multiplex/de-multiplexers, and integrated passive modules. This segment also provides Super Transport Blade, which integrates optical transport functions into a single-slot blade; vertical-cavity surface-emitting lasers; directly modulated and electro-absorption modulated lasers; and laser illumination sources for 3D sensing systems. It serves customers in telecommunications, data communications, and consumer and industrial markets. The Commercial Lasers segment offers diode-pumped solid-state, fiber, diode, direct-diode, and gas lasers, such as argon-ion and helium-neon lasers for use in original equipment manufacturer applications. It serves customers in markets and applications, such as sheet metal processing, general manufacturing, biotechnology, graphics and imaging, remote sensing, and precision machining. Lumentum Holdings Inc. was incorporated in 2015 and is headquartered in San Jose, California.
