LightPath Technologies (NASDAQ:LPTH) Trading 8.3% Higher – Here’s What Happened

LightPath Technologies, Inc. (NASDAQ:LPTH) was up 8.3% during mid-day trading on Wednesday . The stock traded as high as $14.18 and last traded at $14.17. 1,154,506 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 3,093,819 shares. The stock had previously closed at $13.09.

Analyst Ratings Changes

LPTH has been the subject of several research reports. Wall Street Zen lowered LightPath Technologies from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Canaccord Genuity Group restated a “buy” rating and issued a $16.50 target price on shares of LightPath Technologies in a research report on Monday, July 27th. Piper Sandler started coverage on LightPath Technologies in a research note on Wednesday. They issued an “overweight” rating and a $15.00 price target on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of LightPath Technologies in a research note on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.30.

LightPath Technologies Stock Down 4.4%

The stock’s 50-day moving average price is $12.96 and its two-hundred day moving average price is $12.61. The stock has a market capitalization of $823.79 million, a PE ratio of -26.24 and a beta of 1.39. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.24 and a current ratio of 3.86.

Insiders Place Their Bets

In related news, Director Run Strategic Opportunit North sold 3,571,400 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $14.00, for a total transaction 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 $41,087,592. This trade represents a 54.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 24.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On LightPath Technologies

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