Lumentum (NASDAQ:LITE) Shares Down 9.8%

Lumentum Holdings Inc. (NASDAQ:LITE)’s share price traded down 9.8% on Monday . The stock traded as low as $38.29 and last traded at $39.99. 1,112,759 shares changed hands during mid-day trading, a decline of 14% from the average session volume of 1,299,300 shares. The stock had previously closed at $44.33.

Wall Street Analyst Weigh In

LITE has been the topic of several analyst reports. B. Riley reduced their price target on shares of Lumentum from $41.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 7th. StockNews.com upgraded Lumentum to a “sell” rating in a report on Monday, May 6th. JPMorgan Chase & Co. reduced their price objective on shares of Lumentum from $62.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, April 11th. Barclays lowered their target price on shares of Lumentum from $40.00 to $38.00 and set an “underweight” rating for the company in a research note on Tuesday, May 7th. Finally, Needham & Company LLC decreased their price objective on shares of Lumentum from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, May 20th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $53.08.

Lumentum Trading Down 7.5 %

The company has a current ratio of 5.20, a quick ratio of 3.87 and a debt-to-equity ratio of 2.13. The company has a market cap of $2.77 billion, a PE ratio of -8.44, a P/E/G ratio of 39.11 and a beta of 0.88. The company has a fifty day simple moving average of $50.41 and a two-hundred day simple moving average of $48.83.

Lumentum (NASDAQ:LITE) last released its earnings results on Monday, May 6th. The technology company reported ($0.18) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.18). Lumentum had a negative net margin of 24.91% and a negative return on equity of 1.72%. The firm had revenue of $366.50 million for the quarter, compared to analyst estimates of $366.53 million. Analysts anticipate that Lumentum Holdings Inc. will post -0.64 EPS for the current year.

Institutional Investors Weigh In On Lumentum

Large investors have recently modified their holdings of the company. CENTRAL TRUST Co grew its stake in shares of Lumentum by 714.3% during the first quarter. CENTRAL TRUST Co now owns 1,140 shares of the technology company’s stock worth $54,000 after purchasing an additional 1,000 shares in the last quarter. Principal Securities Inc. purchased a new stake in Lumentum during the 4th quarter worth about $55,000. Signaturefd LLC boosted its position in shares of Lumentum by 93.9% during the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after acquiring an additional 554 shares in the last quarter. EntryPoint Capital LLC acquired a new position in shares of Lumentum during the 1st quarter worth about $112,000. Finally, nVerses Capital LLC raised its position in shares of Lumentum by 416.7% during the 2nd quarter. nVerses Capital LLC now owns 3,100 shares of the technology company’s stock worth $158,000 after acquiring an additional 2,500 shares in the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

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.