Lumentum (NASDAQ:LITE) Stock Price Up 1.2% – Here’s What Happened

Lumentum Holdings Inc. (NASDAQ:LITE)’s share price shot up 1.2% on Wednesday . The stock traded as high as $719.12 and last traded at $707.10. 2,572,510 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 5,917,500 shares. The stock had previously closed at $698.91.

Wall Street Analyst Weigh In

A number of research analysts recently commented on LITE shares. Morgan Stanley upped their price objective on Lumentum from $710.00 to $900.00 and gave the company an “equal weight” rating in a report on Wednesday, May 6th. TD Cowen lifted their target price on Lumentum from $875.00 to $995.00 and gave the company a “hold” rating in a research report on Wednesday, May 6th. UBS Group upped their price target on Lumentum from $455.00 to $960.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Northland Securities raised their price objective on Lumentum from $1,000.00 to $1,200.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. Finally, Citic Securities boosted their price objective on shares of Lumentum from $620.00 to $1,186.00 in a report on Monday, May 11th. Fourteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,021.95.

Lumentum Stock Performance

The firm has a 50-day moving average price of $886.59 and a 200 day moving average price of $691.84. The firm has a market capitalization of $55.01 billion, a PE ratio of 130.94 and a beta of 1.48. The company has a quick ratio of 0.97, a current ratio of 1.14 and a debt-to-equity ratio of 0.01.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Tuesday, May 5th. The technology company reported $2.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.27 by $0.10. The business had revenue of $808.40 million for the quarter, compared to analysts’ expectations of $810.21 million. Lumentum had a net margin of 17.61% and a return on equity of 24.81%. The business’s quarterly revenue was up 90.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 earnings per share. Lumentum has set its Q4 2026 guidance at 2.850-3.050 EPS. Research analysts expect that Lumentum Holdings Inc. will post 6.4 earnings per share for the current year.

Insider Transactions at Lumentum

In related news, Director Ian Small sold 4,954 shares of the stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $868.07, for a total transaction of $4,300,418.78. Following the completion of the sale, the director owned 21,008 shares in the company, valued at $18,236,414.56. This represents a 19.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Yuen Wupen sold 3,210 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $953.95, for a total transaction of $3,062,179.50. Following the transaction, the insider directly owned 81,488 shares in the company, valued at $77,735,477.60. The trade was a 3.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 41,260 shares of company stock worth $38,859,220. Insiders own 0.43% of the company’s stock.

Hedge Funds Weigh In On Lumentum

A number of hedge funds and other institutional investors have recently made changes to their positions in LITE. Hilton Head Capital Partners LLC purchased a new stake in Lumentum during the 1st quarter valued at approximately $25,000. Sachetta LLC grew its stake in shares of Lumentum by 118.8% in the 1st quarter. Sachetta LLC now owns 35 shares of the technology company’s stock valued at $25,000 after purchasing an additional 19 shares during the last quarter. Wiser Advisor Group LLC increased its holdings in shares of Lumentum by 6,000.0% in the first quarter. Wiser Advisor Group LLC now owns 61 shares of the technology company’s stock valued at $43,000 after purchasing an additional 60 shares during the period. Harbor Investment Advisory LLC increased its holdings in shares of Lumentum by 1,140.0% in the second quarter. Harbor Investment Advisory LLC now owns 62 shares of the technology company’s stock valued at $53,000 after purchasing an additional 57 shares during the period. Finally, SJS Investment Consulting Inc. raised its stake in shares of Lumentum by 687.5% during the first quarter. SJS Investment Consulting Inc. now owns 63 shares of the technology company’s stock worth $44,000 after purchasing an additional 55 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Company Profile

Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.

Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.