LightPath Technologies (NASDAQ:LPTH) Stock Price Up 6.3% – Here’s Why

LightPath Technologies, Inc. (NASDAQ:LPTH) shares rose 6.3% on Tuesday . The company traded as high as $13.39 and last traded at $13.22. Approximately 3,426,851 shares were traded during mid-day trading, an increase of 18% from the average daily volume of 2,894,540 shares. The stock had previously closed at $12.44.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Wall Street Zen cut LightPath Technologies from a “hold” rating to a “sell” rating in a research report on Sunday. HC Wainwright increased their target price on shares of LightPath Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a report on Thursday, February 12th. Canaccord Genuity Group increased their target price on shares of LightPath Technologies from $15.50 to $16.50 and gave the company a “buy” rating in a report on Monday, May 11th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of LightPath Technologies in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $14.13.

LightPath Technologies Stock Performance

The firm has a market capitalization of $865.25 million, a PE ratio of -27.56 and a beta of 1.26. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.86 and a quick ratio of 3.24. The company’s fifty day simple moving average is $12.15 and its 200 day simple moving average is $10.64.

LightPath Technologies (NASDAQ:LPTH) last released its quarterly earnings data on Thursday, May 7th. The technology company reported ($0.02) EPS for the quarter, meeting the consensus estimate of ($0.02). The business had revenue of $19.15 million for the quarter, compared to the consensus estimate of $17.04 million. LightPath Technologies had a negative net margin of 37.38% and a negative return on equity of 15.55%. As a group, equities research analysts expect that LightPath Technologies, Inc. will post -0.11 EPS for the current fiscal year.

Insider Transactions at LightPath Technologies

In related news, Director Run Strategic Opportunit North sold 165,000 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $12.16, for a total transaction of $2,006,400.00. Following the sale, the director owned 2,990,112 shares of the company’s stock, valued at approximately $36,359,761.92. This represents a 5.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 2,424,299 shares of company stock worth $29,699,636. Corporate insiders own 24.80% of the company’s stock.

Institutional Investors Weigh In On LightPath Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in LPTH. Bank of America Corp DE grew its holdings in shares of LightPath Technologies by 118.2% during the first quarter. Bank of America Corp DE now owns 556,037 shares of the technology company’s stock worth $5,577,000 after purchasing an additional 301,225 shares in the last quarter. Royal Bank of Canada lifted its position in LightPath Technologies by 707.2% in the 1st quarter. Royal Bank of Canada now owns 9,565 shares of the technology company’s stock worth $96,000 after buying an additional 8,380 shares during the last quarter. Union Square Park Capital Management LLC purchased a new stake in LightPath Technologies in the first quarter worth approximately $502,000. Bradley Foster & Sargent Inc. CT purchased a new stake in LightPath Technologies in the first quarter worth approximately $535,000. Finally, Granahan Investment Management LLC boosted its stake in LightPath Technologies by 14.9% in the first quarter. Granahan Investment Management LLC now owns 753,621 shares of the technology company’s stock worth $7,559,000 after buying an additional 97,601 shares in the last quarter. Hedge funds and other institutional investors own 56.29% of the company’s stock.

LightPath Technologies Company Profile

LightPath Technologies, Inc designs, manufactures and distributes precision optical components and assemblies for a variety of commercial, industrial, defense and scientific applications. The company’s portfolio includes molded glass aspheric lenses, precision glass optics, infrared lenses and assemblies, diamond-turned optics and molded polymer optics. These components are engineered to support imaging, illumination, laser delivery, detection and sensing systems across visible, ultraviolet and infrared wavelengths.

Among its core offerings, LightPath develops infrared optical solutions using materials such as germanium, zinc selenide and chalcogenide glasses for thermal imaging, night-vision devices and spectroscopy.