Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Lumentum Holdings Inc shares valued at $487,558 were sold by Sepe Matthew Joseph on Feb 15 ’24. At $49.23 per share, Sepe Matthew Joseph sold 9,903 shares. The insider’s holdings dropped to 33,188 shares worth approximately $1.5 million following the completion of this transaction.
Also, Johnson Julia Suzanne sold 1,163 shares, netting a total of over 51,370 in proceeds. Following the sale of shares at $44.17 each, the insider now holds 22,032 shares.
Before that, Ali Wajid had sold 6,872 shares from its account. In a trade valued at $415,756, the EVP & Chief Financial Officer traded Lumentum Holdings Inc shares for $60.50 each. Upon closing the transaction, the insider’s holdings decreased to 6,872 shares, worth approximately $1.62 million.
As published in a research note from Craig Hallum on December 22, 2023, Lumentum Holdings Inc [LITE] has been rated up from a Hold to a Buy. Analysts at Rosenblatt upgraded the stock from ‘”a Neutral”‘ to ‘”a Buy”‘ outlook in a report released in mid August. As of July 18, 2023, BofA Securities has decreased its “Neutral” rating to a “an Underperform” for LITE. Earlier on July 05, 2023, Barclays downgraded its rating. Their new recommendation was “an Underweight” for LITE stock which previously was a “an Equal weight”.
Analyzing LITE Stock Performance
During the last five days, there has been a drop of approximately -5.25%. Over the course of the year, Lumentum Holdings Inc shares have dropped approximately -13.51%. Shares of the company reached a 52-week high of $60.99 on 02/06/24 and a 52-week low of $44.82 on 04/10/24. A 50-day SMA is recorded $49.47, while a 200-day SMA reached $48.52. Nevertheless, trading volume fell to 0.73 million shares from 0.64 million shares the previous day.
Support And Resistance Levels for Lumentum Holdings Inc (LITE)
According to the 24-hour chart, there is a support level at 44.61, which, if violated, would cause prices to drop to 43.88. In the upper region, resistance lies at 46.28. The next price resistance is at 47.22. RSI (Relative Strength Index) is 40.05 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.78, which suggests the price will decrease in the coming days. Percent R is at 92.84%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Lumentum Holdings Inc subject to short interest?
Stocks of Lumentum Holdings Inc saw a sharp steep in short interest on Mar 15, 2024 dropping by 50000.0 shares to 10.06 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 10.11 million shares. A decline of -0.5% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 7.07 of the overall float, the days-to-cover ratio (short ratio) decline to 7.07.
