Lumentum (NASDAQ:LITE) Reaches New 1-Year High – Here’s What Happened

Lumentum Holdings Inc. (NASDAQ:LITE)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $93.96 and last traded at $93.91, with a volume of 734830 shares traded. The stock had previously closed at $88.70.

Analyst Ratings Changes

A number of equities analysts have recently commented on LITE shares. B. Riley raised their target price on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Jefferies Financial Group raised their target price on shares of Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. raised their target price on shares of Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Rosenblatt Securities raised their target price on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, Barclays raised their target price on shares of Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a research report on Monday, November 11th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $74.85.

Lumentum Stock Up 7.3 %

The company’s fifty day simple moving average is $73.15 and its 200-day simple moving average is $59.03. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The firm has a market capitalization of $6.54 billion, a PE ratio of -11.34 and a beta of 0.95.

Insiders Place Their Bets

In related news, Director Harold L. Covert sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total value of $1,307,550.00. Following the sale, the director now owns 8,761 shares in the company, valued at $763,696.37. This represents a 63.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Wajid Ali sold 29,887 shares of the firm’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 transaction, the chief financial officer now directly owns 56,492 shares of the company’s stock, valued at $4,805,209.52. This represents a 34.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 101,797 shares of company stock valued at $8,881,428. 0.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Lumentum

Institutional investors have recently bought and sold shares of the business. Atom Investors LP purchased a new position in Lumentum during the 3rd quarter worth approximately $4,127,000. West Tower Group LLC purchased a new position in Lumentum during the 3rd quarter worth approximately $444,000. Quest Partners LLC raised its position in Lumentum by 776,400.0% during the 3rd quarter. Quest Partners LLC now owns 7,765 shares of the technology company’s stock worth $492,000 after buying an additional 7,764 shares during the last quarter. International Assets Investment Management LLC raised its position in Lumentum by 6,238.0% during the 3rd quarter. International Assets Investment Management LLC now owns 21,169 shares of the technology company’s stock worth $1,342,000 after buying an additional 20,835 shares during the last quarter. Finally, DigitalBridge Group Inc. raised its position in Lumentum by 10.9% during the 2nd quarter. DigitalBridge Group Inc. now owns 554,529 shares of the technology company’s stock worth $28,237,000 after buying an additional 54,703 shares during the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

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.