Lumentum Holdings Inc Draws Bearish Options Activity Today

 Lumentum Holdings Inc Draws Bearish Options Activity Today

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 271,408 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 $21.47M for 29.11 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 -33.99% below today’s ($41.92) stock price. Lumentum has been the topic of 30 analyst reports since August 4, 2015 according to StockzIntelligence Inc. Goldman Sachs initiated the stock with “Neutral” rating in Wednesday, August 5 report. The rating was maintained by Needham with “Strong Buy” on Monday, September 19. The company was maintained on Wednesday, November 11 by Barclays Capital. As per Tuesday, August 4, the company rating was initiated by Jefferies. The rating was initiated by UBS on Thursday, August 13 with “Buy”. On Friday, February 5 the stock rating was maintained by Stifel Nicolaus with “Buy”. On Thursday, September 24 the stock rating was initiated by M Partners with “Buy”. The stock of Lumentum Holdings Inc (NASDAQ:LITE) has “Underweight” rating given on Friday, January 8 by Barclays Capital. The stock of Lumentum Holdings Inc (NASDAQ:LITE) earned “Buy” rating by B. Riley & Co on Wednesday, August 5. The company was maintained on Wednesday, July 20 by M Partners.

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 $2.50 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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