Lumentum (NASDAQ:LITE) Shares Gap Up on Analyst Upgrade

Lumentum Holdings Inc. (NASDAQ:LITE)’s stock price gapped up prior to trading on Friday after Rosenblatt Securities raised their price target on the stock from $69.00 to $110.00. The stock had previously closed at $73.64, but opened at $86.50. Rosenblatt Securities currently has a buy rating on the stock. Lumentum shares last traded at $85.92, with a volume of 2,155,661 shares trading hands.

A number of other analysts also recently commented on LITE. Barclays increased their price target on Lumentum from $38.00 to $40.00 and gave the company an “underweight” rating in a research report on Thursday, August 15th. Needham & Company LLC raised their price objective on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. B. Riley boosted their target price on shares of Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Susquehanna upped their price objective on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday. Finally, Northland Securities increased their price target on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Lumentum presently has an average rating of “Hold” and a consensus price target of $70.08.

Institutional Trading of Lumentum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP purchased a new position in Lumentum during the third quarter valued at $33,000. Point72 DIFC Ltd purchased a new position in Lumentum in the 2nd quarter worth approximately $36,000. GAMMA Investing LLC boosted its stake in Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after purchasing an additional 524 shares during the last quarter. Signaturefd LLC increased its holdings in Lumentum by 93.9% in the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after buying an additional 554 shares in the last quarter. Finally, EntryPoint Capital LLC bought a new stake in shares of Lumentum in the first quarter worth approximately $112,000. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Stock Performance

The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43. The company’s fifty day moving average is $63.25 and its 200-day moving average is $53.90.

Lumentum (NASDAQ:LITE) last announced its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.03. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The business had revenue of $308.30 million for the quarter, compared to analysts’ expectations of $301.36 million. During the same period last year, the firm posted $0.12 earnings per share. The business’s revenue for the quarter was down 16.9% on a year-over-year basis. As a group, equities analysts predict that Lumentum Holdings Inc. will post 0.17 EPS for the current year.

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.