Lumentum (NASDAQ:LITE) Stock Price Passes Below Fifty Day Moving Average – Here’s Why

Lumentum Holdings Inc. (NASDAQ:LITE) passed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $84.29 and traded as low as $83.23. Lumentum shares last traded at $85.19, with a volume of 1,114,538 shares.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Northland Securities lifted their target price on shares of Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Barclays lifted their price objective 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. Susquehanna raised their target price on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research report on Friday, November 8th. Raymond James lifted their price target on Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Rosenblatt Securities increased their price objective on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Lumentum currently has an average rating of “Hold” and an average price target of $75.38.

Lumentum Stock Down 1.6 %

The stock has a market cap of $5.85 billion, a price-to-earnings ratio of -10.29 and a beta of 0.94. The business has a fifty day moving average of $84.29 and a 200 day moving average of $66.43. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04.

Insider Transactions at Lumentum

In other Lumentum news, CAO Matthew Joseph Sepe sold 8,172 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total transaction of $715,867.20. Following the transaction, the chief accounting officer now owns 21,138 shares in the company, valued at $1,851,688.80. This trade represents a 27.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the completion of the transaction, the director now directly owns 8,761 shares in the company, valued at approximately $763,696.37. This represents a 63.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,797 shares of company stock worth $8,881,428 in the last 90 days. 0.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in Lumentum by 33.3% during the fourth quarter. GAMMA Investing LLC now owns 1,192 shares of the technology company’s stock valued at $100,000 after acquiring an additional 298 shares during the period. Synovus Financial Corp lifted its position in shares of Lumentum by 1.5% during the 3rd quarter. Synovus Financial Corp now owns 13,225 shares of the technology company’s stock worth $838,000 after purchasing an additional 200 shares during the last quarter. Tidal Investments LLC boosted its stake in Lumentum by 35.6% during the 3rd quarter. Tidal Investments LLC now owns 18,669 shares of the technology company’s stock valued at $1,183,000 after purchasing an additional 4,899 shares during the period. Geode Capital Management LLC increased its position in Lumentum by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock worth $75,198,000 after buying an additional 15,799 shares during the period. Finally, M&T Bank Corp lifted its holdings in shares of Lumentum by 69.1% during the third quarter. M&T Bank Corp now owns 11,743 shares of the technology company’s stock worth $745,000 after buying an additional 4,798 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

About Lumentum

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.