Lumentum (NASDAQ:LITE) Trading 9.4% Higher – Here’s What Happened

Lumentum Holdings Inc. (NASDAQ:LITE)’s stock price traded up 9.4% on Tuesday . The company traded as high as $843.00 and last traded at $837.56. Approximately 4,018,249 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 5,803,728 shares. The stock had previously closed at $765.55.

Analysts Set New Price Targets

A number of research analysts recently issued reports on LITE shares. Zacks Research cut shares of Lumentum from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Jefferies Financial Group restated a “buy” rating and issued a $1,200.00 price objective on shares of Lumentum in a report on Wednesday, May 6th. Craig Hallum lifted their target price on shares of Lumentum from $900.00 to $1,150.00 in a report on Wednesday, May 6th. Mizuho set a $1,100.00 price target on Lumentum in a research report on Wednesday, May 6th. Finally, B. Riley Financial restated a “buy” rating on shares of Lumentum in a research note on Friday, May 1st. Fourteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,012.67.

Lumentum Stock Up 6.5%

The company has a market capitalization of $68.73 billion, a PE ratio of 164.39 and a beta of 1.48. 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 company’s 50-day moving average is $852.21 and its 200 day moving average is $722.46.

Lumentum (NASDAQ:LITE) last issued its 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. Lumentum had a net margin of 17.61% and a return on equity of 24.81%. The business had revenue of $808.40 million during the quarter, compared to analysts’ expectations of $810.21 million. During the same period in the previous year, the company earned $0.57 earnings per share. The business’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. As a group, analysts anticipate that Lumentum Holdings Inc. will post 6.42 EPS for the current year.

Insiders Place Their Bets

In related news, Director Brian Lillie sold 11,951 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $981.64, for a total value of $11,731,579.64. Following the transaction, the director directly owned 13,959 shares of the company’s stock, valued at approximately $13,702,712.76. This represents a 46.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ian Small sold 4,954 shares of the business’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $868.07, for a total value of $4,300,418.78. Following the completion of the transaction, the director owned 21,008 shares of the company’s stock, valued at $18,236,414.56. This represents a 19.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 41,260 shares of company stock worth $38,859,220 in the last three months. Corporate insiders own 0.43% of the company’s stock.

Institutional Trading of Lumentum

A number of institutional investors have recently made changes to their positions in LITE. Trust Asset Management LLC bought a new stake in shares of Lumentum in the second quarter worth approximately $703,000. First Community Trust NA purchased a new position in shares of Lumentum in the 2nd quarter worth $148,000. Tema ETFs LLC grew its holdings in shares of Lumentum by 14.6% in the second quarter. Tema ETFs LLC now owns 1,331 shares of the technology company’s stock worth $1,142,000 after acquiring an additional 170 shares during the period. Nolet Wealth Management LLC purchased a new stake in Lumentum during the second quarter valued at $221,000. Finally, Farrell Financial LLC increased its position in Lumentum by 41.1% during the second quarter. Farrell Financial LLC now owns 573 shares of the technology company’s stock valued at $492,000 after acquiring an additional 167 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.