On August 7, Viavi Solutions fell 5.12% in regular trading, trading at $38.65/share, with turnover of $42.89 million. The decline marks the second consecutive session of selling pressure following the company's better-than-expected fiscal Q4 earnings report.
Viavi reported adjusted EPS of $0.34, beating the consensus estimate of $0.30, while revenue came in at $443.1 million versus expectations of $432.6 million. Fiscal Q1 guidance of $0.40-$0.42 EPS on revenue of $450-$460 million also exceeded analyst forecasts of $0.28 EPS on $432.2 million revenue. However, shares had surged 5% to 7% ahead of the earnings release on August 5, with the optical communications sector rallying broadly and pre-earnings positioning driving concentrated long entries.
Additionally, B. Riley on August 6 lowered its price target from $63 to $60 while maintaining a Buy rating, adding to profit-taking sentiment. The current decline primarily reflects continued unwinding of the sharp pre-earnings rally despite strong fundamental results.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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