Lumentum (LITE) Cracks Past $1,000—an All-Time High on Nasdaq 100 Inclusion

Lumentum Holdings Inc. (NASDAQ:LITE) is one of the 10 Stocks With Easy Double-Digit Returns.

Lumentum Holdings soared to a fresh all-time high on Monday, cracking past the $1,000 territory, as investors cheered its official inclusion in the Nasdaq 100 index.

In an update on the same day, Lumentum Holdings Inc. (NASDAQ:LITE) said that it is set to join the said index effective Monday, May 18.

Photo from Lumentum Holdings website

Companies added to indices typically see a boost in their share prices ahead of the effective date of their inclusion, as funds tracking the index are required to adjust their portfolios to mirror its composition.

Launched in January 1985, the Nasdaq-100 index features the world’s most innovative leaders in technology and advanced infrastructure.

“Lumentum’s inclusion in the Nasdaq-100 underscores the critical role our optical products play in AI-driven infrastructure. As the speed and bandwidth inside data centers increase, so does the need for optical solutions. We are just beginning to see the first use cases of co-packaged optics, optical circuit switches, and 200G lasers,” Lumentum Holdings Inc. (NASDAQ:LITE) President and CEO Michael Hurlston said.

Following the news, shares of the company climbed to its highest price of $1,073.33 at intra-day trade, before trimming gains to end the session just up by 16.57 percent at $1,053.09 apiece.

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