LightPath Technologies (NASDAQ:LPTH) Trading Up 8% – Here’s What Happened

LightPath Technologies, Inc. (NASDAQ:LPTH) shares were up 8% on Tuesday . The company traded as high as $10.44 and last traded at $10.44. Approximately 907,243 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 3,142,735 shares. The stock had previously closed at $9.67.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on LPTH shares. Canaccord Genuity Group lowered their target price on shares of LightPath Technologies from $16.50 to $15.50 and set a “buy” rating on the stock in a research note on Tuesday, September 1st. Wall Street Zen cut LightPath Technologies from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of LightPath Technologies in a research report on Friday, July 17th. Finally, Piper Sandler began coverage on LightPath Technologies in a research report on Wednesday, August 12th. They issued an “overweight” rating and a $15.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $14.10.

LightPath Technologies Trading Up 9.5%

The company has a current ratio of 3.86, a quick ratio of 3.24 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $664.95 million, a price-to-earnings ratio of -21.18 and a beta of 1.39. The company has a fifty day moving average of $12.22 and a 200-day moving average of $12.78.

Hedge Funds Weigh In On LightPath Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. AWM Investment Company Inc. purchased a new position in LightPath Technologies in the 2nd quarter valued at $41,488,000. Tema ETFs LLC grew its holdings in shares of LightPath Technologies by 129,258.4% during the second quarter. Tema ETFs LLC now owns 1,986,945 shares of the technology company’s stock worth $32,487,000 after buying an additional 1,985,409 shares in the last quarter. Granahan Investment Management LLC purchased a new stake in shares of LightPath Technologies during the fourth quarter worth $7,085,000. Wasatch Advisors LP acquired a new stake in shares of LightPath Technologies in the second quarter valued at about $8,496,000. Finally, Russell Investments Group Ltd. acquired a new stake in shares of LightPath Technologies in the third quarter valued at about $3,669,000. Hedge funds and other institutional investors own 56.29% of the company’s stock.

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.