Peregrine Investment Management Inc. Acquires Shares of 400,000 LightPath Technologies, Inc. $LPTH

Peregrine Investment Management Inc. acquired a new stake in shares of LightPath Technologies, Inc. (NASDAQ:LPTH) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 400,000 shares of the technology company’s stock, valued at approximately $4,012,000. LightPath Technologies comprises 3.2% of Peregrine Investment Management Inc.’s holdings, making the stock its 19th largest position.

A number of other institutional investors have also modified their holdings of LPTH. Occudo Quantitative Strategies LP purchased a new position in shares of LightPath Technologies during the 3rd quarter valued at about $82,000. Hudson Bay Capital Management LP purchased a new position in shares of LightPath Technologies during the 3rd quarter valued at about $84,000. Wexford Capital LP purchased a new position in shares of LightPath Technologies during the 3rd quarter valued at about $88,000. Jefferies Financial Group Inc. purchased a new position in shares of LightPath Technologies during the 3rd quarter valued at about $90,000. Finally, Granite Investment Partners LLC purchased a new position in shares of LightPath Technologies during the 3rd quarter valued at about $106,000. Hedge funds and other institutional investors own 56.29% of the company’s stock.

LightPath Technologies Price Performance

Shares of LightPath Technologies stock opened at $14.26 on Monday. The company has a quick ratio of 3.24, a current ratio of 3.86 and a debt-to-equity ratio of 0.01. LightPath Technologies, Inc. has a twelve month low of $2.75 and a twelve month high of $18.94. The business has a 50-day moving average price of $13.98 and a 200 day moving average price of $11.75. The firm has a market cap of $895.39 million, a PE ratio of -28.52 and a beta of 1.32.

LightPath Technologies (NASDAQ:LPTH) last announced its quarterly earnings results on Thursday, May 7th. The technology company reported ($0.02) earnings per share for the quarter, meeting the consensus estimate of ($0.02). LightPath Technologies had a negative return on equity of 15.55% and a negative net margin of 37.38%.The firm had revenue of $19.15 million during the quarter, compared to analyst estimates of $17.04 million. Sell-side analysts predict that LightPath Technologies, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling at LightPath Technologies

In related news, Director Run Strategic Opportunit North sold 3,571,400 shares of LightPath Technologies stock in a transaction dated 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 completion of the transaction, the director owned 2,934,828 shares in the company, valued at $41,087,592. The trade was 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 sold 4,287,258 shares of company stock valued at $58,744,883. 24.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on LPTH shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of LightPath Technologies in a research note on Tuesday, April 21st. Wall Street Zen lowered LightPath Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Finally, Canaccord Genuity Group lifted their price target on LightPath Technologies from $15.50 to $16.50 and gave the company a “buy” rating in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $14.13.

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.