LightPath Technologies (NASDAQ:LPTH) Shares Down 8% – Here’s What Happened

Shares of LightPath Technologies, Inc. (NASDAQ:LPTH) were down 8% during mid-day trading on Monday . The stock traded as low as $11.02 and last traded at $11.0420. Approximately 661,128 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 3,237,630 shares. The stock had previously closed at $12.00.

Analyst Ratings Changes

LPTH has been the subject of a number of research analyst reports. Lake Street Capital raised their target price on LightPath Technologies from $10.00 to $14.00 and gave the company a “buy” rating in a report on Tuesday, January 6th. Wall Street Zen raised shares of LightPath Technologies from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. Weiss Ratings restated a “sell (d-)” rating on shares of LightPath Technologies in a research note on Thursday, January 22nd. HC Wainwright raised their target price on shares of LightPath Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a report on Thursday, February 12th. Finally, Canaccord Genuity Group began coverage on shares of LightPath Technologies in a report on Thursday, January 29th. They set a “buy” rating and a $15.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $12.10.

LightPath Technologies Stock Down 6.9%

The firm has a market capitalization of $644.51 million, a price-to-earnings ratio of -21.48 and a beta of 0.97. The business’s fifty day moving average price is $10.92 and its 200 day moving average price is $8.28. The company has a current ratio of 3.97, a quick ratio of 3.42 and a debt-to-equity ratio of 0.01.

Insider Activity

In other news, Director Run Strategic Opportunit North sold 770,321 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The stock was 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 represents a 22.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 24.80% of the company’s stock.

Hedge Funds Weigh In On LightPath Technologies

Several institutional investors have recently bought and sold shares of LPTH. Jane Street Group LLC lifted its stake in shares of LightPath Technologies by 92.1% in the 1st quarter. Jane Street Group LLC now owns 60,612 shares of the technology company’s stock worth $122,000 after acquiring an additional 29,054 shares during the period. Thompson Davis & CO. Inc. purchased a new position in LightPath Technologies during the second quarter worth about $137,000. J.W. Cole Advisors Inc. acquired a new stake in LightPath Technologies in the second quarter valued at about $79,000. Marathon Capital Management purchased a new stake in LightPath Technologies in the 2nd quarter valued at approximately $54,000. Finally, Mink Brook Asset Management LLC acquired a new position in LightPath Technologies during the 2nd quarter worth approximately $246,000. 56.29% of the stock is owned by institutional investors and hedge funds.

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.