Lumentum (NASDAQ:LITE) Trading Down 2.3% – Here’s What Happened

Lumentum Holdings Inc. (NASDAQ:LITE) shares were down 2.3% during mid-day trading on Thursday . The company traded as low as $831.17 and last traded at $850.00. Approximately 8,277,507 shares changed hands during trading, an increase of 38% from the average session volume of 6,014,757 shares. The stock had previously closed at $869.98.

Wall Street Analyst Weigh In

A number of research firms have recently commented on LITE. Northland Securities upped their price target on shares of Lumentum from $1,000.00 to $1,200.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Citigroup raised their target price on shares of Lumentum from $800.00 to $1,100.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. BNP Paribas Exane raised their target price on shares of Lumentum from $1,040.00 to $1,300.00 in a research report on Wednesday, May 6th. Susquehanna lifted their price target on shares of Lumentum from $550.00 to $1,100.00 and gave the company a “positive” rating in a research note on Monday, April 20th. Finally, UBS Group boosted their price target on Lumentum from $455.00 to $960.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $1,021.95.

Lumentum Price Performance

The firm has a market capitalization of $66.13 billion, a PE ratio of 157.41 and a beta of 1.47. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.97 and a current ratio of 1.14. The stock has a fifty day moving average price of $902.94 and a 200-day moving average price of $649.78.

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

Insiders Place Their Bets

In related news, SVP Jae Kim sold 1,422 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $953.95, for a total transaction of $1,356,516.90. Following the completion of the transaction, the senior vice president owned 32,333 shares in the company, valued at $30,844,065.35. The trade was a 4.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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. Also, Director Isaac Hosojiro Harris sold 1,416 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $1,000.08, for a total transaction of $1,416,113.28. Following the sale, the director directly owned 6,984 shares of the company’s stock, valued at $6,984,558.72. The trade was a 16.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, 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

Several institutional investors and hedge funds have recently bought and sold shares of LITE. Sachetta LLC increased its holdings 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 acquiring an additional 19 shares during the last quarter. Hilton Head Capital Partners LLC purchased a new stake in Lumentum during the first quarter worth approximately $25,000. Abel Hall LLC lifted its stake in Lumentum by 5.5% during the first quarter. Abel Hall LLC now owns 693 shares of the technology company’s stock worth $487,000 after purchasing an additional 36 shares during the last quarter. Checchi Capital Advisers LLC boosted its holdings in Lumentum by 5.1% in the first quarter. Checchi Capital Advisers LLC now owns 790 shares of the technology company’s stock valued at $555,000 after purchasing an additional 38 shares in the last quarter. Finally, 180 Wealth Advisors LLC boosted its holdings in Lumentum by 2.9% in the first quarter. 180 Wealth Advisors LLC now owns 1,553 shares of the technology company’s stock valued at $1,092,000 after purchasing an additional 44 shares in the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

About Lumentum

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.