LightPath Technologies (NASDAQ:LPTH) Stock Price Up 6.3% – Here’s Why

LightPath Technologies, Inc. (NASDAQ:LPTH)’s stock price was up 6.3% during trading on Tuesday . The company traded as high as $13.39 and last traded at $13.22. Approximately 3,426,851 shares traded hands during mid-day trading, an increase of 18% from the average daily volume of 2,894,540 shares. The stock had previously closed at $12.44.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on LPTH shares. Canaccord Genuity Group lifted their target price on shares of LightPath Technologies from $15.50 to $16.50 and gave the stock a “buy” rating in a research report on Monday, May 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of LightPath Technologies in a research report on Tuesday, April 21st. Wall Street Zen lowered shares of LightPath Technologies from a “hold” rating to a “sell” rating in a report on Sunday. Finally, HC Wainwright raised their price target on shares of LightPath Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Thursday, February 12th. 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $14.13.

LightPath Technologies Trading Up 10.8%

The company has a market capitalization of $865.25 million, a P/E ratio of -27.56 and a beta of 1.26. 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 stock’s 50 day moving average is $12.15 and its 200-day moving average is $10.64.

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

Insider Transactions at LightPath Technologies

In other LightPath Technologies news, Director Run Strategic Opportunit North sold 595,573 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $12.53, for a total transaction of $7,462,529.69. Following the sale, the director directly owned 3,393,395 shares in the company, valued at approximately $42,519,239.35. This trade represents a 14.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 2,424,299 shares of company stock valued at $29,699,636 over the last three months. 24.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Occudo Quantitative Strategies LP purchased a new position in shares of LightPath Technologies in the 3rd quarter worth $82,000. Hudson Bay Capital Management LP purchased a new position in shares of LightPath Technologies in the 3rd quarter worth $84,000. Wexford Capital LP purchased a new position in shares of LightPath Technologies in the 3rd quarter worth $88,000. Jefferies Financial Group Inc. purchased a new position in shares of LightPath Technologies in the 3rd quarter worth $90,000. Finally, Royal Bank of Canada boosted 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 buying an additional 8,380 shares during the last quarter. 56.29% of the stock is owned by hedge funds and other institutional investors.

LightPath Technologies Company Profile

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.