LightPath Technologies (NASDAQ:LPTH) Shares Up 12.6% After Analyst Upgrade

Shares of LightPath Technologies, Inc. (NASDAQ:LPTH) rose 12.6% during trading on Monday after Canaccord Genuity Group raised their price target on the stock from $15.50 to $16.50. Canaccord Genuity Group currently has a buy rating on the stock. LightPath Technologies traded as high as $12.99 and last traded at $12.96. Approximately 1,059,380 shares were traded during trading, a decline of 62% from the average daily volume of 2,815,812 shares. The stock had previously closed at $11.51.

Several other analysts also recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of LightPath Technologies in a report on Tuesday, April 21st. Wall Street Zen upgraded shares of LightPath Technologies from a “sell” rating to a “hold” rating in a report on Saturday. Finally, HC Wainwright lifted their target price 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 issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, LightPath Technologies presently has an average rating of “Moderate Buy” and an average price target of $14.13.

Insider Transactions at LightPath Technologies

In other LightPath Technologies news, Director Run Strategic Opportunit North sold 302,352 shares of the business’s stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of $12.31, for a total value of $3,721,953.12. Following the sale, the director owned 3,283,164 shares of the company’s stock, valued at $40,415,748.84. The trade was a 8.43% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders have sold 2,131,247 shares of company stock valued at $26,122,799. Insiders own 24.80% of the company’s stock.

Institutional Investors Weigh In On LightPath Technologies

Large investors have recently made changes to their positions in the company. Jane Street Group LLC lifted its position in LightPath Technologies by 92.1% during the 1st quarter. Jane Street Group LLC now owns 60,612 shares of the technology company’s stock worth $122,000 after buying an additional 29,054 shares in the last quarter. Mink Brook Asset Management LLC acquired a new position in LightPath Technologies during the 2nd quarter worth about $246,000. SG Americas Securities LLC acquired a new position in LightPath Technologies during the 3rd quarter worth about $139,000. Wealth Effects LLC lifted its position in LightPath Technologies by 9.7% during the 3rd quarter. Wealth Effects LLC now owns 149,250 shares of the technology company’s stock worth $1,184,000 after buying an additional 13,250 shares in the last quarter. Finally, GatePass Capital LLC acquired a new position in LightPath Technologies during the 3rd quarter worth about $198,000. Institutional investors own 56.29% of the company’s stock.

LightPath Technologies Trading Up 11.3%

The company’s 50-day moving average is $12.07 and its 200-day moving average is $10.44. The firm has a market cap of $739.25 million, a price-to-earnings ratio of -25.62 and a beta of 1.26. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.42 and a current ratio of 3.97.

LightPath Technologies (NASDAQ:LPTH) last released its earnings results on Thursday, May 7th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02). LightPath Technologies had a negative net margin of 37.38% and a negative return on equity of 20.69%. The company had revenue of $19.15 million for the quarter, compared to the consensus estimate of $17.04 million. On average, research analysts predict that LightPath Technologies, Inc. will post -0.11 earnings per share for the current year.

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.