LightPath Technologies (NASDAQ:LPTH) Shares Gap Up – What’s Next?

LightPath Technologies, Inc. (NASDAQ:LPTH)’s share price gapped up before the market opened on Friday . The stock had previously closed at $13.12, but opened at $14.50. LightPath Technologies shares last traded at $14.56, with a volume of 1,326,897 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Piper Sandler started coverage on shares of LightPath Technologies in a research report on Wednesday. They set an “overweight” rating and a $15.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of LightPath Technologies in a report on Friday, July 17th. Wall Street Zen downgraded LightPath Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $16.50 price objective on shares of LightPath Technologies in a report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $14.30.

LightPath Technologies Stock Performance

The stock’s fifty day simple moving average is $12.96 and its 200-day simple moving average is $12.61. The company has a quick ratio of 3.24, a current ratio of 3.86 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $948.11 million, a PE ratio of -30.20 and a beta of 1.39.

Insider Transactions at LightPath Technologies

In other LightPath Technologies news, Director Run Strategic Opportunit North sold 3,571,400 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $14.00, for a total transaction of $49,999,600.00. Following the sale, the director directly owned 2,934,828 shares in the company, valued at approximately $41,087,592. The trade was a 54.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 24.80% of the company’s stock.

Institutional Investors Weigh In On LightPath Technologies

Several institutional investors and hedge funds have recently made changes to their positions in LPTH. Bank of New York Mellon Corp purchased a new position in LightPath Technologies during the 2nd quarter valued at about $2,352,000. Tema ETFs LLC grew its position in shares of LightPath Technologies by 129,258.4% in the second quarter. Tema ETFs LLC now owns 1,986,945 shares of the technology company’s stock valued at $32,487,000 after purchasing an additional 1,985,409 shares during the last quarter. Wasatch Advisors LP purchased a new position in shares of LightPath Technologies during the 2nd quarter worth approximately $8,496,000. PVG Asset Management Corp acquired a new position in shares of LightPath Technologies during the 1st quarter worth approximately $108,000. Finally, Bank of America Corp DE lifted its stake in LightPath Technologies by 118.2% in the 1st quarter. Bank of America Corp DE now owns 556,037 shares of the technology company’s stock valued at $5,577,000 after buying an additional 301,225 shares in the last quarter. 56.29% of the stock is currently owned by hedge funds and other institutional investors.

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.