Why Lumentum Holdings Stock Gained 16.2% in October
Shares of Lumentum Holdings (NASDAQ: LITE) rose 16.2% in October according to data provided by S&P Global Market Intelligence. The company is a maker of optical sensor technologies and a supplier for Apple's (NASDAQ: AAPL) mobile devices. Its stock climbed in relation to strong demand for the iPhone X and favorable earnings reports from related suppliers.
Win Semiconductor, which supplies a component for the Lumentum chips that are used in Apple devices, released a September revenue report on Oct. 5, showing that its sales had increased roughly 24% year over year. Lumentum's shares climbed roughly 6% the day of trading following the news. The stock posted another 6% daily gain on Oct. 16 following news that AMS, a company that's also presumed to be an Apple supplier, posted a better than expected earnings forecast. Shares then climbed higher in the lead up to the company's Nov. 1 earnings report.
Image source: Lumentum.
Source: Fool.com
Lumentum Holdings Inc Stock
With 0 Sell predictions and 2 Buy predictions the community sentiment towards the Lumentum Holdings Inc stock is not clear.
With a target price of 50 € there is a positive potential of 24.69% for Lumentum Holdings Inc compared to the current price of 40.1 €.
