LightPath Technologies (NASDAQ:LPTH) Shares Gap Up – Here’s What Happened

LightPath Technologies, Inc. (NASDAQ:LPTH)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $13.23, but opened at $13.77. LightPath Technologies shares last traded at $13.88, with a volume of 411,610 shares.

Analysts Set New Price Targets

A number of analysts have weighed in on LPTH shares. Canaccord Genuity Group reissued a “buy” rating and set a $16.50 target price on shares of LightPath Technologies in a research report on Monday, July 27th. Wall Street Zen downgraded shares of LightPath Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of LightPath Technologies in a research note on Friday, July 17th. Finally, Piper Sandler initiated coverage on shares of LightPath Technologies in a research report on Wednesday, August 12th. They set an “overweight” rating and a $15.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, LightPath Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $14.30.

LightPath Technologies Price Performance

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 business has a 50-day moving average price of $12.82 and a two-hundred day moving average price of $12.83. The company has a market capitalization of $827.57 million, a price-to-earnings ratio of -26.36 and a beta of 1.39.

Insider Buying and Selling

In other LightPath Technologies news, Director Run Strategic Opportunit North sold 3,571,400 shares of the company’s 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 transaction, the director owned 2,934,828 shares in the company, valued at approximately $41,087,592. This represents a 54.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 24.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in LPTH. SG Americas Securities LLC raised its position in LightPath Technologies by 6.0% in the 1st quarter. SG Americas Securities LLC now owns 57,684 shares of the technology company’s stock valued at $579,000 after buying an additional 3,276 shares during the last quarter. TD Waterhouse Canada Inc. purchased a new position in LightPath Technologies during the 2nd quarter worth $71,000. Jefferies Financial Group Inc. boosted its holdings in LightPath Technologies by 45.8% during the 4th quarter. Jefferies Financial Group Inc. now owns 16,623 shares of the technology company’s stock worth $180,000 after acquiring an additional 5,223 shares during the last quarter. OMERS ADMINISTRATION Corp grew its stake in shares of LightPath Technologies by 41.3% in the 4th quarter. OMERS ADMINISTRATION Corp now owns 28,400 shares of the technology company’s stock worth $307,000 after acquiring an additional 8,300 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in shares of LightPath Technologies by 707.2% in 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 in the last quarter. 56.29% of the stock is currently 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.