Lumentum Holdings Inc. (NASDAQ:LITE) Short Interest Update

Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) was the target of a large increase in short interest in May. As of May 15th, there was short interest totalling 12,310,000 shares, an increase of 19.9% from the April 30th total of 10,270,000 shares. Based on an average daily trading volume, of 2,800,000 shares, the days-to-cover ratio is presently 4.4 days. Currently, 18.5% of the company's stock are short sold.

Insider Activity at Lumentum

In other Lumentum news, insider Yuen Wupen sold 4,426 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $71.80, for a total transaction of $317,786.80. Following the completion of the sale, the insider now owns 92,099 shares of the company's stock, valued at $6,612,708.20. This represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jae Kim sold 4,577 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $77.98, for a total value of $356,914.46. Following the sale, the senior vice president now directly owns 31,534 shares of the company's stock, valued at $2,459,021.32. The trade was a 12.67% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,298 shares of company stock valued at $1,081,764. 0.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lumentum

Several institutional investors have recently modified their holdings of LITE. J.Safra Asset Management Corp raised its position in Lumentum by 31.1% in the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock valued at $43,000 after buying an additional 122 shares during the last quarter. Jones Financial Companies Lllp raised its position in Lumentum by 54.2% in the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after buying an additional 130 shares during the last quarter. Quadrant Capital Group LLC raised its position in Lumentum by 27.2% in the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock valued at $64,000 after buying an additional 164 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in Lumentum by 1.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 14,130 shares of the technology company's stock valued at $881,000 after buying an additional 176 shares during the last quarter. Finally, Manchester Capital Management LLC increased its position in shares of Lumentum by 22.6% during the 4th quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company's stock worth $86,000 after purchasing an additional 190 shares during the last quarter. Institutional investors own 94.05% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on LITE shares. Jefferies Financial Group started coverage on Lumentum in a report on Friday, February 21st. They set a "buy" rating for the company. B. Riley upped their target price on Lumentum from $65.00 to $73.00 and gave the company a "neutral" rating in a research note on Wednesday. Stifel Nicolaus increased their price objective on Lumentum from $85.00 to $100.00 and gave the stock a "buy" rating in a research note on Thursday. Northland Securities set a $80.00 price objective on Lumentum in a research note on Wednesday, May 7th. Finally, Needham & Company LLC decreased their target price on Lumentum from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $82.80.

Lumentum Trading Up 0.5%

LITE traded up $0.42 during midday trading on Friday, reaching $82.06. 552,822 shares of the company were exchanged, compared to its average volume of 2,034,393. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. Lumentum has a one year low of $38.29 and a one year high of $104.00. The stock has a market capitalization of $5.69 billion, a P/E ratio of -10.66 and a beta of 1.18. The stock's 50-day simple moving average is $64.68 and its 200 day simple moving average is $75.09.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.07. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The business had revenue of $425.20 million for the quarter, compared to analysts' expectations of $418.18 million. During the same quarter in the previous year, the business posted $0.09 EPS. Lumentum's revenue for the quarter was up 16.0% on a year-over-year basis. As a group, analysts forecast that Lumentum will post 0.03 earnings per share for the current fiscal year.

Lumentum Company Profile

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.