Lumentum Holdings Inc. (NASDAQ:LITE) Sees Large Decline in Short Interest

Lumentum Holdings Inc. (NASDAQ:LITE) saw a significant decline in short interest in July. As of July 31st, there was short interest totalling 9,490,000 shares, a decline of 8.8% from the July 15th total of 10,410,000 shares. Approximately 14.8% of the shares of the stock are short sold. Based on an average daily volume of 1,150,000 shares, the days-to-cover ratio is presently 8.3 days.

Lumentum Stock Down 0.5 %

Lumentum stock opened at $51.98 on Monday. The company has a market cap of $3.51 billion, a P/E ratio of -9.90, a price-to-earnings-growth ratio of 39.11 and a beta of 0.88. Lumentum has a 1-year low of $35.35 and a 1-year high of $60.99. The company has a fifty day simple moving average of $50.52 and a 200 day simple moving average of $48.14. The company has a current ratio of 5.20, a quick ratio of 3.87 and a debt-to-equity ratio of 2.13.

Lumentum (NASDAQ:LITE) last posted its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. The company had revenue of $308.30 million during the quarter, compared to analysts’ expectations of $301.36 million. Lumentum had a negative net margin of 24.91% and a negative return on equity of 1.72%. Lumentum’s quarterly revenue was down 16.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.12 EPS. Research analysts anticipate that Lumentum will post -0.64 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Barclays upped their price objective on Lumentum from $38.00 to $40.00 and gave the company an “underweight” rating in a research report on Thursday. JPMorgan Chase & Co. upped their price objective on Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Northland Securities upped their price objective on Lumentum from $40.00 to $45.00 and gave the company a “market perform” rating in a research report on Friday. Jefferies Financial Group upped their target price on Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Bank of America upped their target price on Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a research note on Thursday. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $59.08.

Institutional Investors Weigh In On Lumentum

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 DIFC Ltd bought a new stake in shares of Lumentum during the 2nd quarter valued at approximately $36,000. Principal Securities Inc. acquired a new stake in Lumentum during the 4th quarter worth approximately $55,000. CENTRAL TRUST Co boosted its position in Lumentum by 714.3% during the 1st quarter. CENTRAL TRUST Co now owns 1,140 shares of the technology company’s stock worth $54,000 after buying an additional 1,000 shares during the period. Signaturefd LLC boosted its position in 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 buying an additional 554 shares during the period. Finally, EntryPoint Capital LLC acquired a new stake in Lumentum during the 1st quarter worth approximately $112,000. 94.05% of the stock is owned by 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.