The stock of Lumentum Holdings Inc (NASDAQ:LITE) hit a new 52-week high and has $70.70 target or 64.00% above today’s $43.11 share price. The 7 months bullish chart indicates low risk for the $2.63B company. The 1-year high was reported on Oct, 5 by Barchart.com. If the $70.70 price target is reached, the company will be worth $1.68 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 138,054 shares traded hands. Lumentum Holdings Inc (NASDAQ:LITE) has risen 66.55% since March 2, 2016 and is uptrending. It has outperformed by 58.29% 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 $21.96M for 29.94 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. 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 “Equal-Weight” rating given on Thursday, August 13 by Morgan Stanley. M Partners maintained the shares of LITE in a report on Wednesday, November 11 with “Buy” rating. The company was initiated on Thursday, August 6 by JP Morgan. The firm earned “Buy” rating on Tuesday, August 4 by Needham. The firm earned “Underweight” rating on Thursday, August 11 by Morgan Stanley. Raymond James upgraded the shares of LITE in a report on Tuesday, May 31 to “Market Perform” rating. The company was maintained on Wednesday, August 12 by Stifel Nicolaus. Goldman Sachs initiated the stock with “Neutral” rating in Wednesday, August 5 report. Jefferies initiated Lumentum Holdings Inc (NASDAQ:LITE) on Tuesday, August 4 with “Hold” rating. As per Wednesday, August 5, the company rating was initiated by B. Riley & Co.
According to Zacks Investment Research, “Lumentum Holdings Inc. is a manufacturer of innovative optical and photonic products. The Company’s operating segment consists of Optical Communications and Commercial Lasers. Optical Communications segment portfolio includes products used by Telecom and Datacom nanoelectromechanical systems and traditional as well as cloud/data center service providers. Commercial Lasers segment products serve its customers in markets and applications, such as manufacturing, biotechnology, graphics and imaging, remote sensing and precision machining. Lumentum Holdings Inc. is headquartered in Milpitas, California.”
More news for Lumentum Holdings Inc (NASDAQ:LITE) were recently published by: Seekingalpha.com, which released: “Spin-Off In The Spotlight: Lumentum Holdings Inc.” on October 04, 2016. Nasdaq.com‘s article titled: “Lumentum Holdings Inc (LITE) CEO and President Alan S Lowe Sold $5.9 million …” and published on August 25, 2016 is yet another important article.
LITE Company Profile
Lumentum Holdings Inc., incorporated on February 10, 2015, is a well-known provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Firm operates in two divisions: Optical Communications (OpComms) and Commercial Lasers (Lasers). The Company’s clients include original equipment manufacturers (OEMs).
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