LightPath Technologies (NASDAQ:LPTH) Stock Falls 8.5% – Here’s Why

LightPath Technologies, Inc. (NASDAQ:LPTH) shares traded down 8.5% on Monday. The company traded as low as $8.85 and last traded at $8.89. 2,170,880 shares traded hands during mid-day trading, a decline of 30% from the average daily volume of 3,113,836 shares. The stock had previously closed at $9.72.

Analysts Set New Price Targets

LPTH has been the topic of several research analyst reports. Piper Sandler initiated coverage on shares of LightPath Technologies in a report on Wednesday, August 12th. They issued an “overweight” rating and a $15.00 price target on the stock. Canaccord Genuity Group reduced their target price on shares of LightPath Technologies from $16.50 to $15.50 and set a “buy” rating for the company in a research report on Tuesday, September 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of LightPath Technologies in a report on Friday, July 17th. Finally, Wall Street Zen lowered LightPath Technologies from a “hold” rating to a “sell” rating in a research note on Sunday, September 20th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, LightPath Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $14.10.

LightPath Technologies Stock Down 7.8%

The business’s 50 day simple moving average is $11.25 and its two-hundred day simple moving average is $12.55. The stock has a market cap of $627.56 million, a P/E ratio of -22.40 and a beta of 1.38.

Hedge Funds Weigh In On LightPath Technologies

A number of hedge funds have recently modified their holdings of the business. Tidal Investments LLC increased its stake in shares of LightPath Technologies by 10,315.1% in the second quarter. Tidal Investments LLC now owns 1,952,629 shares of the technology company’s stock valued at $31,925,000 after buying an additional 1,933,881 shares during the period. WINTON GROUP Ltd acquired a new position in shares of LightPath Technologies in the 2nd quarter worth approximately $835,000. RFG Advisory LLC bought a new position in LightPath Technologies during the second quarter worth $5,879,000. FirstWave Capital Management LLC acquired a new position in LightPath Technologies in the second quarter valued at $1,700,000. Finally, TD Waterhouse Canada Inc. acquired a new stake in LightPath Technologies during the 2nd quarter worth about $71,000. Institutional investors and hedge funds own 56.29% of the company’s stock.

About LightPath Technologies

LightPath Technologies, Inc is a photonics and optical technology company that designs, manufactures and supplies precision optical and infrared products. Its offerings include molded glass aspheric lenses, infrared optics, optical assemblies, coatings and custom-engineered components used in imaging, sensing and laser applications.

The company serves customers in markets including defense and aerospace, industrial technology, security, medical equipment and communications. Its products are incorporated into systems such as thermal imaging cameras, laser-based equipment and other optical instruments, and are sold to customers in the United States and international markets.

LightPath has expanded its capabilities through acquisitions and internal development, including the addition of infrared optics and imaging expertise.