Harold Covert, a director at Lumentum Holdings Inc . (NASDAQ:LITE), sold 15,000 shares of the company's common stock on November 12, according to a recent SEC filing. The shares were sold at a weighted average price of $87.1695, with transactions executed at prices ranging from $87.02 to $87.40. Following the sale, Covert holds 8,761 shares directly. The total value of the transaction amounted to approximately $1.31 million.
In other recent news, Lumentum Holdings has reported a successful Q1 FY2025, surpassing its guidance with a revenue of $336.9 million and a non-GAAP earnings per share (EPS) of $0.18. The company attributes this success to a record number of Datacom laser chip orders, significantly driven by the increasing demands of cloud and AI customers. Lumentum anticipates a double-digit sequential revenue growth in Q2 and aims to reach a quarterly revenue target of $500 million by the end of calendar 2025. The company also plans to start shipping to a new hyperscale transceiver customer in the first half of calendar 2025. Despite a significant year-over-year decline of 38% in the Industrial Tech segment, Lumentum confirms a robust pipeline of cloud engagements and a strong outlook for growth in cloud and AI sectors. In the coming years, Lumentum is focusing on expanding production capacity outside China, notably in Thailand, to meet increased demand and improve supply chain resilience. These are among the recent developments at Lumentum Holdings.
InvestingPro Insights
The recent insider sale by Harold Covert comes at a time when Lumentum Holdings Inc. (NASDAQ:LITE) is experiencing significant market momentum. According to InvestingPro data, the company's stock has shown a strong return of 27.86% over the last month and an impressive 62.9% over the past three months. This performance aligns with an InvestingPro Tip indicating that LITE has demonstrated a "Strong return over the last month."
Currently trading at $88.06, LITE is near its 52-week high, with the price at 94.91% of its peak. This proximity to the yearly high is reflected in another InvestingPro Tip, which notes that the stock is "Trading near 52-week high." The company's market capitalization stands at $5.86 billion, highlighting its substantial presence in the technology sector.
Despite the positive stock performance, it's worth noting that Lumentum is not currently profitable, with a negative P/E ratio of -10.37. However, an InvestingPro Tip suggests that "Analysts predict the company will be profitable this year," which could explain the market's optimistic outlook.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for LITE, providing a deeper understanding of the company's financial health and market position.
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