LightPath Technologies’ (LPTH) “Buy” Rating Reaffirmed at Canaccord Genuity Group

LightPath Technologies (NASDAQ:LPTH)‘s stock had its “buy” rating reissued by equities researchers at Canaccord Genuity Group in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $16.50 price target on the technology company’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 46.80% from the stock’s previous close.

LPTH has been the topic of several other research reports. Wall Street Zen lowered LightPath Technologies from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of LightPath Technologies in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, LightPath Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $14.12.

LightPath Technologies Stock Up 3.8%

LPTH stock traded up $0.41 during midday trading on Monday, reaching $11.24. 235,854 shares of the company were exchanged, compared to its average volume of 3,156,374. The company has a market cap of $705.76 million, a price-to-earnings ratio of -22.48 and a beta of 1.34. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.24 and a current ratio of 3.86. LightPath Technologies has a 1-year low of $2.91 and a 1-year high of $18.94. The stock’s 50-day simple moving average is $14.13 and its 200 day simple moving average is $12.71.

LightPath Technologies (NASDAQ:LPTH) last issued its earnings results on Thursday, May 7th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.02). The business had revenue of $19.15 million during the quarter, compared to analysts’ expectations of $17.04 million. LightPath Technologies had a negative net margin of 37.38% and a negative return on equity of 15.55%. On average, equities analysts forecast that LightPath Technologies will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Run Strategic Opportunit North sold 3,571,400 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $14.00, for a total transaction of $49,999,600.00. Following the completion of the sale, the director owned 2,934,828 shares in the company, valued at $41,087,592. This represents a 54.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders have sold 3,864,452 shares of company stock worth $53,576,437. 24.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On LightPath Technologies

Several hedge funds have recently made changes to their positions in the business. Occudo Quantitative Strategies LP purchased a new position in shares of LightPath Technologies during the third quarter worth about $82,000. Wexford Capital LP purchased a new stake in LightPath Technologies during the 3rd quarter valued at approximately $88,000. Jefferies Financial Group Inc. purchased a new stake in LightPath Technologies during the 3rd quarter valued at approximately $90,000. Royal Bank of Canada lifted its position in LightPath Technologies by 707.2% during the 1st quarter. Royal Bank of Canada now owns 9,565 shares of the technology company’s stock worth $96,000 after acquiring an additional 8,380 shares during the period. Finally, PVG Asset Management Corp acquired a new stake in LightPath Technologies during the 1st quarter worth approximately $108,000. Institutional investors and hedge funds own 56.29% of the company’s stock.

About LightPath Technologies

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.