Lumentum Holdings Inc Stock Price Could Go Down After Today’s Bearish Options Activity

 Lumentum Holdings Inc Stock Price Could Go Down After Today's Bearish Options Activity

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 317,386 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 $21.47 million for 29.00 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 -33.79% below today’s ($41.79) stock price. Lumentum has been the topic of 30 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The firm earned “Hold” rating on Tuesday, August 4 by Jefferies. The firm earned “Equal Weight” rating on Wednesday, November 11 by Barclays Capital. Jefferies maintained the shares of LITE in a report on Wednesday, November 11 with “Hold” rating. The firm has “Outperform” rating given on Monday, August 10 by RBC Capital Markets. As per Thursday, August 11, the company rating was downgraded by Morgan Stanley. The rating was downgraded by Barclays Capital to “Underweight” on Friday, January 8. The firm has “Buy” rating by Stifel Nicolaus given on Wednesday, August 12. The firm has “Market Perform” rating given on Tuesday, May 31 by Raymond James. On Wednesday, August 5 the stock rating was initiated by B. Riley & Co with “Buy”. UBS initiated Lumentum Holdings Inc (NASDAQ:LITE) on Thursday, August 13 with “Buy” rating.

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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