5 Stocks Getting Crushed by Global Supply Chain Crisis

4. Lumentum Holdings Inc. (NASDAQ:LITE)

Number of Hedge Fund Holders: 31

Year-to-Date Share Price Decline as of June 1: 18.98%

Lumentum Holdings Inc. (NASDAQ:LITE) is a California-based firm that designs and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates in two segments – Optical Communications and Commercial Lasers. The stock is down about 19% year-to-date as of June 1. 

On May 5, B. Riley analyst Dave Kang lowered the price target on Lumentum Holdings Inc. (NASDAQ:LITE) to $119 from $120 and reiterated a Buy rating on the shares after the fiscal Q3 results. The analyst noted that demand remains robust, but supply chain constraints impacted revenue by $65 million in Q3 and is forecasted to hit the sales by about $100 million in Q4.

According to Insider Monkey’s database, 31 hedge funds were bullish on Lumentum Holdings Inc. (NASDAQ:LITE) at the end of March 2022, compared to 29 funds in the earlier quarter. Anand Parekh’s Alyeska Investment Group is a leading shareholder of the company, with 930,738 shares worth about $91 million.