Could Lumentum Holdings Inc Gain Strenght? Option Traders Don’t Think So

 Could Lumentum Holdings Inc Gain Strenght? Option Traders Don't Think So

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. About 72,369 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 $21.50M for 28.96 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 -33.65% below today’s ($41.7) stock price. Lumentum has been the topic of 30 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The stock of Lumentum Holdings Inc (NASDAQ:LITE) has “Buy” rating given on Thursday, September 24 by M Partners. The rating was initiated by Morgan Stanley on Thursday, August 13 with “Equal-Weight”. RBC Capital Markets initiated Lumentum Holdings Inc (NASDAQ:LITE) rating on Monday, August 10. RBC Capital Markets has “Outperform” rating and $22.0 price target. On Tuesday, August 18 the stock rating was initiated by Northland Capital with “Outperform”. The firm has “Underweight” rating by Morgan Stanley given on Thursday, August 11. The stock of Lumentum Holdings Inc (NASDAQ:LITE) earned “Buy” rating by Stifel Nicolaus on Friday, February 5. Goldman Sachs initiated it with “Neutral” rating and $21 target price in Wednesday, August 5 report. RBC Capital Markets downgraded Lumentum Holdings Inc (NASDAQ:LITE) rating on Wednesday, September 9. RBC Capital Markets has “Sector Perform” rating and $20 price target. On Tuesday, August 4 the stock rating was initiated by Raymond James with “Mkt Perform”. As per Wednesday, November 11, the company rating was maintained by Barclays Capital.

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 $2.49 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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