Lumentum Holdings Inc (NASDAQ:LITE) dropped 5.5% during trading on Friday . The company traded as low as $48.60 and last traded at $48.85. Approximately 3,096,194 shares traded hands during trading, an increase of 74% from the average daily volume of 1,782,923 shares. The stock had previously closed at $51.70.

LITE has been the topic of a number of recent analyst reports. Zacks Investment Research cut shares of Lumentum from a “buy” rating to a “hold” rating in a research note on Wednesday, December 6th. Barclays raised their target price on shares of Lumentum from $59.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 2nd. BidaskClub cut shares of Lumentum from a “hold” rating to a “sell” rating in a research note on Saturday, December 2nd. Craig Hallum restated a “buy” rating and set a $85.00 target price (up previously from $75.00) on shares of Lumentum in a research note on Wednesday, November 1st. Finally, Jefferies Group restated a “buy” rating and set a $75.00 target price on shares of Lumentum in a research note on Friday, October 6th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $69.69.

The firm has a market cap of $3,030.00 and a PE ratio of -31.93. The company has a debt-to-equity ratio of 0.50, a quick ratio of 4.38 and a current ratio of 5.21.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Wednesday, November 1st. The technology company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.09). Lumentum had a negative net margin of 9.32% and a positive return on equity of 15.99%. sell-side analysts expect that Lumentum Holdings Inc will post 2.86 earnings per share for the current year.

In related news, CFO Aaron Tachibana sold 1,248 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $60.00, for a total value of $74,880.00. Following the completion of the transaction, the chief financial officer now directly owns 69,830 shares of the company’s stock, valued at $4,189,800. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Martin A. Kaplan sold 15,000 shares of the firm’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $57.07, for a total transaction of $856,050.00. Following the completion of the transaction, the director now directly owns 29,573 shares of the company’s stock, valued at $1,687,731.11. The disclosure for this sale can be found here. Over the last three months, insiders sold 31,643 shares of company stock valued at $1,806,554. 0.76% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of LITE. Riverhead Capital Management LLC grew its holdings in shares of Lumentum by 71.8% in the second quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock valued at $118,000 after purchasing an additional 862 shares in the last quarter. Virtu KCG Holdings LLC purchased a new position in shares of Lumentum in the second quarter valued at $226,000. Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Lumentum in the third quarter valued at $234,000. First Allied Advisory Services Inc. purchased a new position in shares of Lumentum in the third quarter valued at $237,000. Finally, Boothbay Fund Management LLC purchased a new position in shares of Lumentum in the third quarter valued at $273,000.

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About Lumentum

Lumentum Holdings Inc is a 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 Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).

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