LightPath Technologies (NASDAQ:LPTH) Shares Gap Up – Still a Buy?

LightPath Technologies, Inc. (NASDAQ:LPTH) gapped up prior to trading on Tuesday. The stock had previously closed at $7.43, but opened at $7.95. LightPath Technologies shares last traded at $7.90, with a volume of 423,408 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on LPTH. Canaccord Genuity Group decreased their price objective on LightPath Technologies from $16.50 to $15.50 and set a “buy” rating for the company in a report on Tuesday, September 1st. Piper Sandler cut their target price on shares of LightPath Technologies from $15.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday. Weiss Ratings reiterated a “sell (d-)” rating on shares of LightPath Technologies in a research report on Thursday, October 15th. Finally, Wall Street Zen cut shares of LightPath Technologies from a “hold” rating to a “sell” rating in a research note on Sunday, September 20th. One 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. Based on data from MarketBeat.com, LightPath Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $13.70.

LightPath Technologies Trading Up 7.9%

The company has a 50 day simple moving average of $10.21 and a 200 day simple moving average of $12.01. The stock has a market capitalization of $561.72 million, a PE ratio of -20.05 and a beta of 1.38.

Hedge Funds Weigh In On LightPath Technologies

A number of large investors have recently bought and sold shares of the company. TD Waterhouse Canada Inc. purchased a new position in LightPath Technologies during the second quarter worth about $71,000. Royal Bank of Canada grew its position in LightPath Technologies by 707.2% during the first quarter. Royal Bank of Canada now owns 9,565 shares of the technology company’s stock worth $96,000 after buying an additional 8,380 shares during the period. PVG Asset Management Corp acquired a new position in LightPath Technologies during the first quarter worth about $108,000. Granite Investment Partners LLC acquired a new position in LightPath Technologies during the first quarter worth about $123,000. Finally, Round Rock Advisors LLC grew its position in LightPath Technologies by 59.5% during the second quarter. Round Rock Advisors LLC now owns 30,691 shares of the technology company’s stock worth $502,000 after buying an additional 11,452 shares during the period. Hedge funds and other institutional investors own 56.29% of the company’s stock.

LightPath Technologies Company Profile

LightPath Technologies, Inc is a photonics and optics manufacturer that develops, manufactures, and distributes precision optical components, assemblies, and imaging systems. The company’s products are designed for applications that require the control, transmission, or detection of light across visible, near-infrared, and infrared wavelengths.

Its product portfolio includes precision-molded glass aspheric lenses, infrared optics, coated optical components, custom optical assemblies, and thermal imaging solutions.