Lumentum (NASDAQ:LITE) Sees Unusually-High Trading Volume – Time to Buy?

Lumentum Holdings Inc. (NASDAQ:LITE) shares saw unusually-strong trading volume on Monday . Approximately 1,529,050 shares traded hands during mid-day trading, a decline of 2% from the previous session’s volume of 1,560,279 shares.The stock last traded at $80.96 and had previously closed at $95.65.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Rosenblatt Securities lifted their target price on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Northland Securities lifted their price objective on shares of Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. Susquehanna upped their target price on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research note on Friday, November 8th. Barclays upgraded Lumentum from an “underweight” rating to an “overweight” rating and lifted their price target for the company from $80.00 to $125.00 in a research note on Friday, January 17th. Finally, Needham & Company LLC restated a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research report on Thursday, January 9th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $81.92.

Lumentum Trading Down 22.0 %

The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The firm has a 50 day moving average price of $87.91 and a 200 day moving average price of $69.81. The stock has a market capitalization of $5.13 billion, a PE ratio of -9.03 and a beta of 0.94.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported ($0.35) EPS for the quarter, missing the consensus estimate of $0.13 by ($0.48). The firm had revenue of $336.90 million during the quarter, compared to analysts’ expectations of $326.94 million. Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. During the same quarter last year, the business posted ($0.10) EPS. Equities analysts expect that Lumentum Holdings Inc. will post -0.02 EPS for the current fiscal year.

Insider Activity at Lumentum

In other news, insider Vincent Retort sold 41,710 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $89.52, for a total value of $3,733,879.20. Following the transaction, the insider now owns 147,515 shares of the company’s stock, valued at approximately $13,205,542.80. This represents a 22.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Wajid Ali sold 29,887 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the completion of the sale, the chief financial officer now owns 56,492 shares of the company’s stock, valued at approximately $4,805,209.52. The trade was a 34.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,797 shares of company stock worth $8,881,428. 0.19% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lumentum

A number of hedge funds and other institutional investors have recently modified their holdings of LITE. Quarry LP raised its holdings in Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after buying an additional 201 shares during the last quarter. UMB Bank n.a. lifted its position in shares of Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after purchasing an additional 253 shares during the period. Capital Performance Advisors LLP bought a new stake in Lumentum during the 3rd quarter valued at approximately $33,000. Point72 DIFC Ltd purchased a new position in shares of Lumentum during the 2nd quarter worth approximately $36,000. Finally, Nomura Asset Management Co. Ltd. raised its position in shares of Lumentum by 67.5% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after acquiring an additional 270 shares in the last quarter. Institutional investors own 94.05% of the company’s stock.

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.