Lumentum (NASDAQ:LITE) Stock Price Passes Below 50-Day Moving Average – What’s Next?

Lumentum Holdings Inc. (NASDAQ:LITE)’s stock price crossed 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 changing hands.

Analysts Set New Price Targets

LITE has been the topic of a number of recent research reports. Susquehanna boosted their target price on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research report on Friday, November 8th. Rosenblatt Securities raised their target price on Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Morgan Stanley boosted their price target on Lumentum from $76.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Raymond James lifted their price objective on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, Northland Securities increased their target price on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Lumentum currently has a consensus rating of “Hold” and an average target price of $75.38.

Lumentum Price Performance

The company has a market capitalization of $5.85 billion, a P/E ratio of -10.29 and a beta of 0.94. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The business has a 50 day simple moving average of $84.29 and a 200-day simple moving average of $66.43.

Insider Buying and Selling at Lumentum

In other Lumentum news, insider Vincent Retort sold 41,710 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the completion of the transaction, the insider now owns 147,515 shares in the company, valued at approximately $13,205,542.80. The trade was a 22.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Wajid Ali sold 29,887 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the completion of the transaction, the chief financial officer now owns 56,492 shares of the company’s stock, valued at $4,805,209.52. This represents a 34.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,797 shares of company stock valued at $8,881,428 in the last ninety days. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Quarry LP boosted its position in shares of Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after purchasing an additional 201 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in Lumentum during the third quarter worth approximately $33,000. Nomura Asset Management Co. Ltd. grew its position in Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after buying an additional 270 shares during the last quarter. Point72 DIFC Ltd bought a new position in shares of Lumentum in the second quarter valued at $36,000. Finally, GAMMA Investing LLC lifted its position in shares of Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after acquiring an additional 524 shares during the last quarter. 94.05% of the stock is 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.