LITE Stock Summary and Trading Ideas (Lumentum Holdings | NASDAQ:LITE)

Lumentum Holdings Inc is a California-based technology firm. The company provides two types of optical and photonic products: optical components that are used in telecommunications networking equipment, and commercial lasers for manufacturing, inspection, and life-science lab uses. Its segments are OpComms and Lasers. The firm is also expanding into new optical applications, such as 3-D sensing laser diode for consumer electronics. It generates maximum revenue from the OpComms segment. The OpComms segment products include a wide range of components, modules and subsystems to support customers including carrier networks for access (local), metro (intracity), long-haul, and submarine (undersea) applications.

Lumentum Holdings trades on the NASDAQ stock market under the symbol LITE.

As of April 23, 2024, LITE stock price climbed to $42.01 with 983,383 million shares trading.

LITE has a beta of 2.36, meaning it tends to be more sensitive to market movements. LITE has a correlation of 0.37 to the broad based SPY ETF.

LITE has a market cap of $2.83 billion. This is considered a Mid Cap stock.

Last quarter Lumentum Holdings reported $367 million in Revenue and $.32 earnings per share. This beat revenue expectation by $3 million and exceeded earnings estimates by $.02.

In the last 3 years, LITE stock traded as high as $108.90 and as low as $35.35.

The top ETF exchange traded funds that LITE belongs to (by Net Assets): VTI, IJH, VB, VXF, VGT.

LITE has underperformed the market in the last year with a price return of -10.7% while the SPY ETF gained +24.3%. LITE has also underperformed the stock market ETF in the last 3 month and 2 week periods returning -22.5% and -8.5%, respectively, while the SPY returned +4.9% and -2.5%, respectively.

LITE support price is $40.17 and resistance is $42.51 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that LITE stock will trade within this expected range on the day.