Traders Purchase Large Volume of Call Options on Lumentum (NASDAQ:LITE)

Lumentum Holdings Inc. (NASDAQ:LITE) was the target of some unusual options trading activity on Tuesday. Stock investors bought 15,020 call options on the company. This represents an increase of 901% compared to the average volume of 1,501 call options.

Insider Buying and Selling at Lumentum

In other Lumentum news, CAO Matthew Joseph Sepe sold 9,903 shares of the stock in a transaction that occurred 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 $1,633,845.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Lumentum

Large investors have recently made changes to their positions in the company. FengHe Fund Management Pte. Ltd. purchased a new stake in Lumentum during the 4th quarter valued at $19,547,000. International Assets Investment Management LLC bought a new position in Lumentum in the 4th quarter valued at $1,379,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in Lumentum in the 4th quarter valued at $1,389,000. Pathstone Family Office LLC grew its position in Lumentum by 46.3% in the 3rd quarter. Pathstone Family Office LLC now owns 13,296 shares of the technology company’s stock valued at $606,000 after acquiring an additional 4,207 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in Lumentum by 52.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 211,684 shares of the technology company’s stock valued at $9,564,000 after acquiring an additional 73,047 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors.

Lumentum Price Performance

Shares of NASDAQ:LITE opened at $43.52 on Thursday. Lumentum has a fifty-two week low of $35.35 and a fifty-two week high of $65.16. The business has a 50-day simple moving average of $46.62 and a two-hundred day simple moving average of $47.12. The company has a debt-to-equity ratio of 1.96, a quick ratio of 2.42 and a current ratio of 3.13. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of -11.04 and a beta of 1.09.

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

Analysts Set New Price Targets

LITE has been the topic of several recent analyst reports. JPMorgan Chase & Co. cut their target price 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. B. Riley cut their price target on shares of Lumentum from $42.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday, February 9th. Susquehanna cut their price target on shares of Lumentum from $65.00 to $60.00 and set a “positive” rating on the stock in a report on Friday, February 9th. Raymond James raised their price objective on Lumentum from $51.50 to $58.00 and gave the company an “outperform” rating in a research report on Monday, April 1st. Finally, Rosenblatt Securities raised their price objective on Lumentum from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Three 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. Based on data from MarketBeat.com, Lumentum currently has an average rating of “Hold” and an average price target of $52.69.

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.