LightPath Technologies, Inc. (LPTH) Trading 8.3% Higher on Better-Than-Expected Earnings
LightPath Technologies, Inc. (NASDAQ:LPTH) traded up 8.3% on Friday after the company announced better than expected quarterly earnings. The company traded as high as $2.84 and last traded at $2.61. 1,457,289 shares were traded during trading, an increase of 957% from the average session volume of 137,906 shares. The stock had previously closed at $2.41.
The technology company reported $0.24 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.20. The business had revenue of $9.01 million for the quarter, compared to analysts’ expectations of $8.75 million. LightPath Technologies had a net margin of 6.94% and a return on equity of 12.48%.
Several research analysts have recently weighed in on the stock. ValuEngine upgraded shares of LightPath Technologies from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Zacks Investment Research cut shares of LightPath Technologies from a “buy” rating to a “hold” rating in a research note on Friday, July 7th. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $3.00.
Several institutional investors and hedge funds have recently added to or reduced their stakes in LPTH. US Bancorp DE purchased a new position in shares of LightPath Technologies during the 1st quarter valued at $137,000. EAM Investors LLC purchased a new position in shares of LightPath Technologies during the 1st quarter valued at $547,000. Wellington Management Group LLP lifted its stake in shares of LightPath Technologies by 191.5% during the 1st quarter. Wellington Management Group LLP now owns 1,386,900 shares of the technology company’s stock valued at $3,800,000 after buying an additional 911,200 shares in the last quarter. Royce & Associates LP lifted its stake in shares of LightPath Technologies by 17.4% during the 1st quarter. Royce & Associates LP now owns 675,000 shares of the technology company’s stock valued at $1,850,000 after buying an additional 100,000 shares in the last quarter. Finally, Spark Investment Management LLC purchased a new position in shares of LightPath Technologies during the 2nd quarter valued at $174,000. Institutional investors own 30.97% of the company’s stock.
The firm’s 50-day moving average price is $2.57 and its 200-day moving average price is $2.66. The stock has a market cap of $62.94 million, a P/E ratio of 29.00 and a beta of -0.59.
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About LightPath Technologies
LightPath Technologies, Inc is a manufacturer and integrator of families of precision molded aspheric optics, fiber-optic collimator, GRADIUM glass lenses and other optical materials used to produce products that manipulate light. The Company designs, develops, manufactures and distributes optical components and assemblies utilizing the optical processes and manufacturing technologies.
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