Lumentum (NASDAQ:LITE) Stock Price Down 3.4% – What’s Next?

Lumentum Holdings Inc. (NASDAQ:LITE)’s stock price fell 3.4% during mid-day trading on Friday . The company traded as low as $67.28 and last traded at $67.28. 473,099 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 1,416,679 shares. The stock had previously closed at $69.62.

Analysts Set New Price Targets

A number of research firms have recently issued reports on LITE. Barclays lifted their target price on shares of Lumentum from $38.00 to $40.00 and gave the company an “underweight” rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. lifted their target price on shares of Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Northland Securities raised their price target on shares of Lumentum from $40.00 to $45.00 and gave the company a “market perform” rating in a report on Friday, August 16th. Raymond James raised their price target on shares of Lumentum from $55.00 to $70.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Finally, Susquehanna raised their price target on shares of Lumentum from $60.00 to $70.00 and gave the company a “positive” rating in a report on Wednesday, July 17th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $60.00.

Lumentum Stock Down 4.9 %

The business’s fifty day simple moving average is $59.13 and its 200 day simple moving average is $51.54. The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61. The stock has a market cap of $4.48 billion, a price-to-earnings ratio of -12.62, a price-to-earnings-growth ratio of 5.78 and a beta of 0.89.

Lumentum (NASDAQ:LITE) last released its earnings results on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The firm had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. During the same quarter in the previous year, the business earned $0.12 EPS. The business’s quarterly revenue was down 16.9% compared to the same quarter last year. Equities analysts forecast that Lumentum Holdings Inc. will post 0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lumentum

Institutional investors and hedge funds have recently made changes to their positions in the company. Point72 DIFC Ltd acquired a new position in shares of Lumentum in the 2nd quarter valued at $36,000. GAMMA Investing LLC grew its holdings in shares of Lumentum by 141.6% in the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after buying an additional 524 shares during the period. Signaturefd LLC grew its holdings in shares of Lumentum by 93.9% in the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock valued at $58,000 after buying an additional 554 shares during the period. EntryPoint Capital LLC bought a new stake in Lumentum in the 1st quarter valued at $112,000. Finally, nVerses Capital LLC lifted its position in Lumentum by 416.7% in the 2nd quarter. nVerses Capital LLC now owns 3,100 shares of the technology company’s stock valued at $158,000 after acquiring an additional 2,500 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

About Lumentum

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.