Lumentum Holdings Inc Can Burn Your Long Portfolio. Option Traders Are Bearish

 Lumentum Holdings Inc Can Burn Your Long Portfolio. Option Traders Are Bearish

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 121,695 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 EPS, up 140.00% or $0.21 from last year’s $0.15 per share. LITE’s profit will be $21.49M for 28.97 P/E if the $0.36 EPS becomes a reality. After $0.35 actual EPS 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 -33.68% below today’s ($41.72) stock price. Lumentum has been the topic of 30 analyst reports since August 4, 2015 according to StockzIntelligence Inc. Raymond James upgraded the shares of LITE in a report on Tuesday, May 31 to “Market Perform” rating. Needham initiated the stock with “Buy” rating in Tuesday, August 4 report. M Partners maintained the shares of LITE in a report on Wednesday, November 11 with “Buy” rating. UBS initiated the stock with “Buy” rating in Thursday, August 13 report. On Tuesday, February 23 the stock rating was initiated by Piper Jaffray with “Overweight”. On Friday, February 5 the stock rating was maintained by Stifel Nicolaus with “Buy”. The firm earned “Equal Weight” rating on Wednesday, August 5 by Barclays Capital. The firm has “Strong Buy” rating by Needham given on Monday, September 19. JP Morgan initiated Lumentum Holdings Inc (NASDAQ:LITE) rating on Thursday, August 6. JP Morgan has “Neutral” rating and $20 price target. Raymond James initiated the stock with “Mkt Perform” rating in Tuesday, August 4 report.

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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