LightPath Technologies (NASDAQ:LPTH) Shares Up 12.6% After Analyst Upgrade

LightPath Technologies, Inc. (NASDAQ:LPTH) shares were up 12.6% during mid-day trading on Monday after Canaccord Genuity Group raised their price target on the stock from $15.50 to $16.50. Canaccord Genuity Group currently has a buy rating on the stock. LightPath Technologies traded as high as $12.99 and last traded at $12.96. Approximately 1,059,380 shares were traded during trading, a decline of 62% from the average daily volume of 2,815,812 shares. The stock had previously closed at $11.51.

LPTH has been the subject of a number of other reports. Weiss Ratings restated a “sell (d-)” rating on shares of LightPath Technologies in a report on Tuesday, April 21st. Wall Street Zen upgraded shares of LightPath Technologies from a “sell” rating to a “hold” rating in a report on Saturday. Finally, HC Wainwright boosted 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. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $14.13.

Insider Buying and Selling at LightPath Technologies

In related news, Director Run Strategic Opportunit North sold 595,573 shares of the company’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $12.53, for a total value of $7,462,529.69. Following the sale, the director directly owned 3,393,395 shares of the company’s stock, valued at $42,519,239.35. This represents a 14.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold 2,131,247 shares of company stock valued at $26,122,799 in the last ninety days. 24.80% of the stock is currently owned by corporate insiders.

Institutional Trading of LightPath Technologies

Several institutional investors have recently added to or reduced their stakes in the stock. Occudo Quantitative Strategies LP bought a new stake in shares of LightPath Technologies in the 3rd quarter worth approximately $82,000. Hudson Bay Capital Management LP acquired a new stake in shares of LightPath Technologies in the 3rd quarter worth about $84,000. Wexford Capital LP acquired a new stake in shares of LightPath Technologies in the 3rd quarter worth about $88,000. Jefferies Financial Group Inc. acquired a new stake in shares of LightPath Technologies in the 3rd quarter worth about $90,000. Finally, Granite Investment Partners LLC bought a new position in LightPath Technologies in the 3rd quarter valued at about $106,000. 56.29% of the stock is owned by institutional investors and hedge funds.

LightPath Technologies Stock Up 11.3%

The stock’s 50-day moving average is $12.07 and its 200-day moving average is $10.44. The stock has a market cap of $739.25 million, a P/E ratio of -25.62 and a beta of 1.26. The company has a current ratio of 3.97, a quick ratio of 3.42 and a debt-to-equity ratio of 0.01.

LightPath Technologies (NASDAQ:LPTH) last announced its earnings results on Thursday, May 7th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02). The firm had revenue of $19.15 million during the quarter, compared to analyst estimates of $17.04 million. LightPath Technologies had a negative net margin of 37.38% and a negative return on equity of 20.69%. As a group, research analysts anticipate that LightPath Technologies, Inc. will post -0.11 earnings per share for the current fiscal year.

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.