LightPath Technologies (NASDAQ:LPTH) Posts Earnings Results

LightPath Technologies (NASDAQ:LPTH) announced its earnings results on Wednesday. The technology company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.16), FiscalAI reports. The business had revenue of $16.35 million for the quarter, compared to analysts’ expectations of $14.96 million. LightPath Technologies had a negative net margin of 36.76% and a negative return on equity of 60.07%.

LightPath Technologies Trading Down 6.7%

Shares of LPTH traded down $0.74 during trading hours on Wednesday, reaching $10.27. 2,280,892 shares of the company traded hands, compared to its average volume of 3,257,452. The stock’s fifty day moving average price is $10.44 and its 200 day moving average price is $7.80. The company has a current ratio of 1.98, a quick ratio of 1.26 and a debt-to-equity ratio of 0.24. The firm has a market cap of $467.59 million, a price-to-earnings ratio of -26.33 and a beta of 0.97. LightPath Technologies has a 12-month low of $1.61 and a 12-month high of $15.24.

Analyst Ratings Changes

A number of equities research analysts have issued reports on LPTH shares. Canaccord Genuity Group started coverage on LightPath Technologies in a research report on Thursday, January 29th. They set a “buy” rating and a $15.00 price objective on the stock. Lake Street Capital boosted their target price on LightPath Technologies from $10.00 to $14.00 and gave the company a “buy” rating in a research report on Tuesday, January 6th. HC Wainwright raised their price target on LightPath Technologies from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, November 12th. Wall Street Zen cut shares of LightPath Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, January 31st. Finally, LADENBURG THALM/SH SH raised shares of LightPath Technologies to a “strong-buy” rating in a research note on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $11.10.

Insiders Place Their Bets

In related news, Director Run Strategic Opportunit North sold 770,321 shares of LightPath Technologies stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $11.72, for a total transaction of $9,028,162.12. Following the completion of the sale, the director owned 2,728,968 shares in the company, valued at $31,983,504.96. This trade represents a 22.01% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 24.80% of the stock is owned by insiders.

Hedge Funds Weigh In On LightPath Technologies

A number of institutional investors have recently modified their holdings of the stock. Jane Street Group LLC boosted its holdings in shares of LightPath Technologies by 92.1% in the first quarter. Jane Street Group LLC now owns 60,612 shares of the technology company’s stock valued at $122,000 after purchasing an additional 29,054 shares during the period. Mink Brook Asset Management LLC bought a new stake in LightPath Technologies during the 2nd quarter valued at $246,000. JPMorgan Chase & Co. purchased a new stake in shares of LightPath Technologies in the 3rd quarter worth $183,000. Vanguard Group Inc. grew its position in shares of LightPath Technologies by 3.8% during the 3rd quarter. Vanguard Group Inc. now owns 1,967,566 shares of the technology company’s stock worth $15,603,000 after buying an additional 72,208 shares in the last quarter. Finally, Jefferies Financial Group Inc. purchased a new position in shares of LightPath Technologies during the third quarter valued at $90,000. 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.