Why is Lumentum Holdings Inc. (LITE) stock moving?

Lumentum fell sharply on Nov 2. It dropped 18.6% to 684.40, its lowest close in the 30-day window, and it traded far below the roughly 800 level where it had been consolidating. Volume was about 3x the average, which points to heavy institutional selling. This coincided with the listed Nov 2 earnings date, but I could not verify the details of the report or any guidance, so the cause of the move is uncertain. The stock was extremely volatile through October. It swung between about 750 and 920 and had several daily moves of 5-10%. It is now roughly 40% below its 52-week high of 1,143, though still far above the 52-week low of 184. Analyst targets remain well above the current price (average about 1,123), and StoneX recently initiated at Buy. The company is still unprofitable on a trailing basis (EPS about -93) and the stock has a high beta of 1.64. Near-term risk is elevated because the price has broken below prior support near 750 and may keep adjusting after the selloff. Resistance sits around 750-800, where the gap-down opened. A rebound is possible given the oversold condition and the gap between price and analyst targets.