In today’s session Lumentum Holdings Inc (LITE) recorded an unusually high (1,459) contracts volume of put trades. Someone, most probably a professional was a very active buyer of the October, 2016 put, expecting serious LITE decrease. With 1,459 contracts traded and 6354 open interest for the Oct, 16 contract, it seems this is a quite bearish bet. The option with symbol: LITE161021P00040000 closed last at: $0.85 or 19% down. The stock increased 1.62% or $0.67 during the last trading session, hitting $42.12. About 491,411 shares traded hands. Lumentum Holdings Inc (NASDAQ:LITE) has risen 70.02% since March 1, 2016 and is uptrending. It has outperformed by 60.77% the S&P500.
Analysts await Lumentum Holdings Inc (NASDAQ:LITE) to report earnings on November, 8. They expect $0.36 earnings per share, up 140.00% or $0.21 from last year’s $0.15 per share. LITE’s profit will be $21.45 million for 29.25 P/E if the $0.36 EPS becomes a reality. After $0.35 actual earnings per share reported by Lumentum Holdings Inc for the previous quarter, Wall Street now forecasts 2.86% EPS growth.
Lumentum Holdings Inc (NASDAQ:LITE) Ratings Coverage
Out of 14 analysts covering Lumentum (NASDAQ:LITE), 6 rate it a “Buy”, 2 “Sell”, while 6 “Hold”. This means 43% are positive. $50 is the highest target while $18 is the lowest. The $27.67 average target is -34.31% below today’s ($42.12) stock price. Lumentum has been the topic of 30 analyst reports since August 4, 2015 according to StockzIntelligence Inc. Morgan Stanley downgraded the stock to “Underweight” rating in Thursday, August 11 report. The stock of Lumentum Holdings Inc (NASDAQ:LITE) earned “Hold” rating by Jefferies on Wednesday, November 11. The firm has “Outperform” rating by Northland Capital given on Tuesday, August 18. The stock of Lumentum Holdings Inc (NASDAQ:LITE) earned “Buy” rating by UBS on Thursday, August 13. The stock of Lumentum Holdings Inc (NASDAQ:LITE) has “Strong Buy” rating given on Monday, September 19 by Needham. The company was initiated on Tuesday, August 4 by Raymond James. The firm earned “Neutral” rating on Wednesday, August 5 by Goldman Sachs. The rating was initiated by Barclays Capital on Wednesday, August 5 with “Equal Weight”. The firm has “Equal-Weight” rating given on Thursday, August 13 by Morgan Stanley. The firm earned “Hold” rating on Tuesday, August 4 by Jefferies.
Lumentum Holdings Inc. is a provider of optical and photonic products for a range of end market applications, including data communications and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The company has a market cap of $2.51 billion. The Firm operates in two divisions: Optical Communications (OpComms) and Commercial Lasers (Lasers). It currently has negative earnings. The Company’s OpComms products include a range of components, modules and subsystems to support and maintain clients in its two primary markets: Telecom and Datacom.
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