Lumentum Holdings Inc. (NASDAQ:LITE) is seeing a big drop in short interest

Lumentum Holdings Inc. (NASDAQ:LITE – Get Free Report ) received a significant drop in short interest during the month of July. As of July 31st, there was short interest totaling 9,490,000 shares, a decrease of 8.8% from the July 15th total of 10,410,000 shares. About 14.8% of the company’s shares are short sold. Based on an average daily volume of 1,150,000 shares, the short interest rate is currently 8.3 days.

The Wall Street analyst weighs in

Several equities analysts have recently issued reports on LITE shares. Morgan Stanley raised their target price on shares of Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a report on Thursday. Barclays raised their target price on shares of Lumentum from $38.00 to $40.00 and gave the company an “underweight” rating in a report on Thursday. Susquehanna boosted their price objective on shares of Lumentum from $60.00 to $70.00 and gave the stock a “positive” rating in a report on Wednesday, July 17th. Needham & Company LLC upped their price objective on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Bank of America boosted their price objective on shares of Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Thursday. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. Lumentum has a consensus rating of “Hold” and an average target price of $58.36, based on data from MarketBeat.com.

Check out our latest review on Lumentum

Lumentum trading down 0.5%

NASDAQ:LITE opened at $51.98 on Friday. The company has a current ratio of 5.20, a quick ratio of 3.87, and a debt-to-equity ratio of 2.13. Lumentum has a 12-month low of $35.35 and a 12-month high of $60.99. The company has a market cap of $3.51 billion, a PE ratio of -9.90, a price-to-earnings-growth ratio of 39.11 and a beta of 0.88. The company has a 50 day simple moving average of $50.52 and a two hundred day simple moving average of $48.24.

Institutional investors weigh in on Lumentum

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Lumentum by 6.5% during the 4th quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock valued at $377,225,000 after acquiring an additional 442,177 shares during the period. Duality Advisers LP bought a new stake in shares of Lumentum in the first quarter valued at $1,307,000. Retirement Systems of Alabama grew its position in shares of Lumentum by 13.9% in the first quarter. Retirement Systems of Alabama now owns 357,452 shares of the technology company’s stock valued at $16,925,000 after acquiring an additional 43,687 shares during the period. International Assets Investment Management LLC bought a new stake in shares of Lumentum in the 4th quarter valued at $1,379,000. Finally, John G Ullman & Associates Inc. grew its position in shares of Lumentum by 26.0% in the first quarter. John G Ullman & Associates Inc. now owns 73,973 shares of the technology company’s stock valued at $3,503,000 after acquiring an additional 15,282 shares during the period. Institutional investors own 94.05% of the company’s shares.

Lumentum Company Profile

(Get a free report)

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

Further reading

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