LightPath Technologies (NASDAQ:LPTH) Trading Up 9.7% – Here’s Why

Shares of LightPath Technologies, Inc. (NASDAQ:LPTH) were up 9.7% on Tuesday . The company traded as high as $16.04 and last traded at $15.99. 865,354 shares were traded during trading, a decline of 73% from the average daily volume of 3,200,706 shares. The stock had previously closed at $14.57.

Wall Street Analysts Forecast Growth

LPTH has been the subject of several recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of LightPath Technologies in a research report on Tuesday, April 21st. Canaccord Genuity Group raised their price objective on LightPath Technologies from $15.50 to $16.50 and gave the company a “buy” rating in a research report on Monday, May 11th. Finally, Wall Street Zen cut LightPath Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. One equities research 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 MarketBeat.com, LightPath Technologies presently has an average rating of “Moderate Buy” and an average price target of $14.12.

LightPath Technologies Trading Up 7.3%

The business’s 50-day moving average price is $14.34 and its 200 day moving average price is $12.25. 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 firm has a market capitalization of $981.41 million, a price-to-earnings ratio of -31.26 and a beta of 1.32.

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

Insider Activity at LightPath Technologies

In related news, Director Run Strategic Opportunit North sold 3,571,400 shares of the 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 of the company’s stock, valued at approximately $41,087,592. This represents a 54.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders sold a total of 3,864,452 shares of company stock valued at $53,576,437 in the last 90 days. Insiders own 24.80% of the company’s stock.

Hedge Funds Weigh In On LightPath Technologies

Several institutional investors and hedge funds have recently made changes to their positions in LPTH. SG Americas Securities LLC raised its stake in shares of 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 purchasing an additional 3,276 shares in the last quarter. Jefferies Financial Group Inc. increased its holdings in LightPath Technologies by 45.8% in the fourth quarter. Jefferies Financial Group Inc. now owns 16,623 shares of the technology company’s stock valued at $180,000 after buying an additional 5,223 shares during the last quarter. Thompson Davis & CO. Inc. increased its holdings in LightPath Technologies by 11.8% in the fourth quarter. Thompson Davis & CO. Inc. now owns 63,600 shares of the technology company’s stock valued at $687,000 after buying an additional 6,691 shares during the last quarter. OMERS ADMINISTRATION Corp raised its stake in LightPath Technologies by 41.3% during the fourth quarter. OMERS ADMINISTRATION Corp now owns 28,400 shares of the technology company’s stock valued at $307,000 after buying an additional 8,300 shares in the last quarter. Finally, Royal Bank of Canada lifted its holdings in LightPath Technologies by 707.2% during 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 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.