LITE (Lumentum Holdings Inc.) may reap gains as insiders became active recently

In a filing, Lumentum Holdings Inc. revealed its EVP & Chief Financial Officer Ali Wajid unloaded Company’s shares for reported $0.42 million on Jun 20. In the deal valued at $60.50 per share,6,872 shares were sold. As a result of this transaction, Ali Wajid now holds 35,629 shares worth roughly $ 1.89 million.

Rosenblatt upgraded its Lumentum Holdings Inc. [LITE] rating to a Buy from a a Neutral in a research note published on Tuesday, August 18, 2023; the price target was decreased to $62 from $67. PT values the company’s stock at a premium of 14.56 to its Tuesday closing price.

Price Performance Review of LITE

On Tuesday, Lumentum Holdings Inc. [NASDAQ:LITE] saw its stock fall -1.71% to $52.97. On the same session, the stock had its day’s lowest price of $52.59, but rose to a high of $53.72. Over the last five days, the stock has gained 3.70%. Lumentum Holdings Inc. shares have risen nearly 1.53% since the year began. Nevertheless, the stocks have fallen -33.93% over the past one year. While a 52-week high of $82.78 was reached on 06/20/23, a 52-week low of $42.00 was recorded on 05/12/23. SMA at 50 days reached $52.58, while 200 days put it at $52.79. A total of 1.19 million shares were traded, compared to the trading of 1.29 million shares in the previous session.

Levels Of Support And Resistance For LITE Stock

The 24-hour chart illustrates a support level at 52.47, which if violated will result in even more drops to 51.96. On the upside, there is a resistance level at 53.60. A further resistance level may holdings at 54.22. The Relative Strength Index (RSI) on the 14-day chart is 54.16, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 2.55, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 17.05%. Stochastics %K at 89.14% indicates the stock is a selling.

How much short interest is there in Lumentum Holdings Inc.?

A steep rise in short interest was recorded in Lumentum Holdings Inc. stocks on Aug 14, 2023, dropping by -1.3 million shares to a total of 8.99 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 10.29 million shares. There was a decline of -14.46%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 15.95% of the overall stock float, the days-to-cover ratio (short ratio) fell to 6.78.

Lumentum Holdings Inc. [LITE] – Who Are The Largest Shareholders?

In filings from Fidelity Management & Research Co, it is revealed that the company now owns 6,824,389 shares, or roughly 9.93% of the outstanding LITE shares. In other words, the investor’s shares have risen by 3,499,812 from its previous 13-F filing of 3324577.0. Additionally, The Vanguard Group, Inc. increased 4.77% of its stake after which the total value it holdings stand at $347,661,813, while BlackRock Fund Advisors reduced -2.44% of its stake to hold $295.11 million in the firm. Over the last quarter, AllianceBernstein LP purchased 146,014 shares of Lumentum Holdings Inc., while Columbia Management Investment Ad bought -408,647 shares. At present, Swedbank Robur Fonder AB is holding 2,000,000 shares valued at $104.72 million. SSgA Funds Management, Inc. owned 1,966,876 shares of the company at the time of its most recent 13F filing, worth $102.99 million.

According to FactSet, Lumentum Holdings Inc.’s share price will average $52.96 in the next year, based on opinions of analysts polled by the firm. This is up nearly 2.06 percent from its previous closing price of $53.89. Analysts expect Lumentum Holdings Inc. stock to reach the higher price of $62.00, while the lowest price estimate is $40.00. However, 16 analysts have rated LITE stock as an Overweight in their predictions for 2023.