Lumentum (NASDAQ:LITE) Stock Price Down 15.9% – Time to Sell?

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) were down 15.9% during mid-day trading on Thursday . The company traded as low as $57.69 and last traded at $56.17. Approximately 1,041,417 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 2,549,353 shares. The stock had previously closed at $66.82.

Analysts Set New Price Targets

Several research firms have issued reports on LITE. Northland Securities upped their price objective on Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a research note on Friday, February 7th. Raymond James raised shares of Lumentum from an “outperform” rating to a “strong-buy” rating and reduced their price objective for the stock from $96.00 to $82.00 in a research report on Monday, March 24th. Jefferies Financial Group started coverage on shares of Lumentum in a research report on Friday, February 21st. They issued a “buy” rating on the stock. Morgan Stanley reduced their target price on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, January 31st. Finally, BNP Paribas raised shares of Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price target on the stock in a report on Tuesday, March 11th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Lumentum presently has an average rating of “Moderate Buy” and an average target price of $87.40.

Lumentum Trading Down 7.3 %

The stock has a market capitalization of $3.43 billion, a P/E ratio of -6.44 and a beta of 1.14. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The business has a 50-day moving average price of $71.46 and a two-hundred day moving average price of $76.13.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. On average, analysts expect that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Wajid Ali sold 2,172 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the completion of the transaction, the chief financial officer now owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.19% of the stock is currently owned by company insiders.

Institutional Trading of Lumentum

Several large investors have recently bought and sold shares of LITE. Capital World Investors lifted its holdings in shares of Lumentum by 108.3% in the fourth quarter. Capital World Investors now owns 3,600,132 shares of the technology company’s stock worth $302,231,000 after acquiring an additional 1,871,572 shares during the last quarter. Norges Bank acquired a new position in Lumentum during the 4th quarter worth approximately $68,962,000. Nuveen Asset Management LLC lifted its stake in Lumentum by 98.9% in the 4th quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company’s stock valued at $103,122,000 after purchasing an additional 610,938 shares during the last quarter. Balyasny Asset Management L.P. boosted its position in Lumentum by 419.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 444,147 shares of the technology company’s stock valued at $37,286,000 after buying an additional 583,330 shares in the last quarter. Finally, Capital Research Global Investors bought a new stake in shares of Lumentum during the fourth quarter worth $42,415,000. 94.05% of the stock is owned by institutional investors and hedge funds.

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.