Lumentum Holdings $LITE Stock Dark Pool Selling, Bear Watch

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Lumentum $LITE stock is on Bear Watch after the stock plunged on November 8, 2022, and dark pool selling was detected in the stock.

Dark Pool Selling In $LITE Stock

Dark pool trades occurred in $LITE stock on October 27, 2022. The unusually large $19.50 dark pool trade looks like selling because of how $LITE stock fell following the trade hitting the tape.

LITE stock chart on November 9, 2022, with dark pool trades shown with orange bar.

Lumentum Stock $LITE Technical Analysis

$LITE stock is in a technical downtrend. The stock is trading in a downtrend channel and the MACD recently gave a sell signal. One of the more troubling indicators is the collapse shown in the money flow as investors dump the stock.

LITE stock chart on November 9, 2022, with negative money flow and a negative MACD.

On the 2-hour chart over the last 20 days, we see the absolute collapse of money flow as investors dump the stock.

LITE stock chart on November 9, 2022, in the 2-hour time frame over the last 20 days.

Lumentum price target lowered at B. Riley

On November 9, 2022, Riley analyst Dave Kang lowered the price target on Lumentum to $90 and kept a Buy rating on the stock. The analyst thinks that 3D sensing is the main reason why revenue missed expectations in the second quarter. He expects this number to fall by about 25% quarter-over-quarter in the second quarter. Kang tells investors that supply chain constraints continue to weigh on revenue, and management expects the situation to persist throughout fiscal 2023.

Lumentum price target lowered at Craig-Hallum

On November 9, 2022, Craig-Hallum analyst Richard Shannon lowered his price target on Lumentum to $80 from $115 and maintained a Buy rating on the stock. The analyst notes that the company lowered its outlook for fiscal year 2023 for the second consecutive quarter, due to weaker-than-expected datacom and 3DS sales and slower supply improvements. This is expected to hurt EPS.

Lumentum downgraded at Northland

On November 9, 2022, Tim Savageaux downgraded Lumentums stock to Market Perform from Outperform with a price target of $65. Despite an in line Q1, the company offered a much lower than expected guide for Q2 and fiscal 2023, Savageaux tells investors in a research note. The analyst is moving to the sidelines because there are a lot of things going on, and the execution is not even.

Lumentum $LITE Initiated With Buy Rating At BoFA

Lumentum Announces Fiscal First Quarter 2023 Financial Results

On November 8, 2022, Lumentum Holdings reported results for its fiscal first quarter ended October 1, 2022. Lumentum reported Q1 adjusted EPS of $1.69 versus the consensus estimate of $1.56. The company reported Q1 revenue of $506.8M versus the consensus estimate of $503.57M.

“Solid execution drove first quarter revenue above the midpoint of our guidance, earnings per share to the high end of our range, and operating margin above guidance,” said Alan Lowe, President and CEO. “Demand is robust from our Telecom and Industrial Lasers customers. Looking forward, and consistent with industry trends, supply of specific IC components has not materialized as quickly as expected, and we now expect these shortages to continue into our fiscal 2024. Also, our near-term Datacom and 3D sensing outlook is lower than our prior projections.” Lowe added, “The closing of our two announced acquisitions in the first quarter position us to accelerate long-term technology trends in advanced networking hardware and adjacent markets, and expand our share in the growing telecom infrastructure market. Since closing these acquisitions, we have even higher confidence in accomplishing our goals. We look forward to sharing more on our progress in the coming quarters.”

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