LightPath Technologies (NASDAQ:LPTH) Stock Price Down 6.3% – What’s Next?

LightPath Technologies, Inc. (NASDAQ:LPTH)’s stock price dropped 6.3% during trading on Friday . The company traded as low as $14.44 and last traded at $14.66. Approximately 428,221 shares changed hands during trading, a decline of 86% from the average daily volume of 3,142,437 shares. The stock had previously closed at $15.64.

Analysts Set New Price Targets

LPTH has been the topic of a number of research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of LightPath Technologies in a report on Tuesday, April 21st. Canaccord Genuity Group upped their target price on shares of LightPath Technologies from $15.50 to $16.50 and gave the company a “buy” rating in a research report on Monday, May 11th. HC Wainwright upped their target price on shares of LightPath Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Thursday, February 12th. Finally, Wall Street Zen downgraded shares of LightPath Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. One 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 stock. According to MarketBeat, LightPath Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $14.13.

LightPath Technologies Stock Down 5.7%

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 firm’s 50 day moving average is $13.90 and its two-hundred day moving average is $11.70. The firm has a market capitalization of $926.15 million, a P/E ratio of -29.50 and a beta of 1.33.

LightPath Technologies (NASDAQ:LPTH) last released its quarterly earnings data on Thursday, May 7th. The technology company reported ($0.02) EPS for the quarter, hitting analysts’ consensus estimates of ($0.02). The firm 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%. Research analysts predict that LightPath Technologies, Inc. will post -0.11 EPS for the current year.

Insider Activity

In related news, Director Run Strategic Opportunit North sold 3,571,400 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $14.00, for a total value of $49,999,600.00. Following the sale, the director directly owned 2,934,828 shares in the company, valued at $41,087,592. This represents a 54.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 4,287,258 shares of company stock valued at $58,744,883 over the last three months. Corporate insiders own 24.80% of the company’s stock.

Hedge Funds Weigh In On LightPath Technologies

A number of institutional investors have recently modified their holdings of the company. Bank of America Corp DE raised its position 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 during the period. Royal Bank of Canada raised its position in shares of LightPath Technologies by 707.2% during the first quarter. Royal Bank of Canada now owns 9,565 shares of the technology company’s stock worth $96,000 after purchasing an additional 8,380 shares during the period. Union Square Park Capital Management LLC acquired a new position in shares of LightPath Technologies during the first quarter worth approximately $502,000. Bradley Foster & Sargent Inc. CT acquired a new position in shares of LightPath Technologies during the first quarter worth approximately $535,000. Finally, Granahan Investment Management LLC raised its position in LightPath Technologies by 14.9% in the 1st quarter. Granahan Investment Management LLC now owns 753,621 shares of the technology company’s stock valued at $7,559,000 after buying an additional 97,601 shares during the last quarter. 56.29% of the stock is owned by institutional investors and hedge funds.

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.