Lumentum (NASDAQ:LITE) Updates Q4 Earnings Guidance

Lumentum (NASDAQ:LITE) updated its fourth quarter earnings guidance on Monday. The company provided earnings per share (EPS) guidance of ($0.05)-$0.10 for the period, compared to the consensus estimate of $0.14. The company issued revenue guidance of $290-$315 million, compared to the consensus revenue estimate of $330.86 million. Lumentum also updated its Q4 2024 guidance to -0.050-0.100 EPS.

Lumentum Price Performance

Lumentum stock traded up $0.24 during midday trading on Thursday, hitting $42.83. The company’s stock had a trading volume of 260,586 shares, compared to its average volume of 1,447,169. Lumentum has a 12 month low of $35.35 and a 12 month high of $65.16. The company has a quick ratio of 2.42, a current ratio of 3.13 and a debt-to-equity ratio of 1.96. The stock’s 50-day moving average price is $45.98 and its 200-day moving average price is $47.20. The company has a market capitalization of $2.89 billion, a PE ratio of -8.01 and a beta of 1.09.

Lumentum (NASDAQ:LITE) last released its earnings results on Thursday, February 8th. The technology company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). The business had revenue of $366.80 million during the quarter, compared to the consensus estimate of $363.44 million. Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. Analysts anticipate that Lumentum will post -0.64 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on LITE. StockNews.com upgraded Lumentum to a sell rating in a research report on Monday. Rosenblatt Securities boosted their target price on Lumentum from $60.00 to $65.00 and gave the stock a buy rating in a research report on Friday, February 9th. Stifel Nicolaus reiterated a buy rating and issued a $62.00 price target on shares of Lumentum in a research report on Monday, April 1st. JPMorgan Chase & Co. cut their price objective on Lumentum from $62.00 to $57.00 and set an overweight rating on the stock in a report on Thursday, April 11th. Finally, Barclays cut their price target on shares of Lumentum from $40.00 to $38.00 and set an underweight rating on the stock in a report on Tuesday. Three analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $52.08.

Insider Buying and Selling at Lumentum

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $49.23, for a total transaction of $487,524.69. Following the transaction, the chief accounting officer now directly owns 33,188 shares in the company, valued at approximately $1,633,845.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.60% of the company’s stock.

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.