LightPath Technologies (NASDAQ:LPTH) Trading Up 8.3% – Still a Buy?

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

Wall Street Analyst Weigh In

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

LightPath Technologies Stock Up 6.2%

The business has a fifty day simple moving average of $13.09 and a 200 day simple moving average of $12.61. The firm has a market cap of $872.78 million, a price-to-earnings ratio of -27.80 and a beta of 1.39. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.86 and a quick ratio of 3.24.

Insider Activity at LightPath Technologies

In related news, Director Run Strategic Opportunit North sold 3,571,400 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $14.00, for a total value of $49,999,600.00. Following the completion of the transaction, the director directly owned 2,934,828 shares of the company’s stock, valued at approximately $41,087,592. This represents a 54.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 24.80% of the company’s stock.

Institutional Investors Weigh In On LightPath Technologies

A number of large investors have recently modified their holdings of the business. Royal Bank of Canada lifted its stake in shares of LightPath Technologies by 707.2% in 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 in the last quarter. Occudo Quantitative Strategies LP purchased a new stake in LightPath Technologies during the 3rd quarter valued at about $82,000. PVG Asset Management Corp acquired a new stake in LightPath Technologies in the 1st quarter valued at about $108,000. Wexford Capital LP purchased a new position in LightPath Technologies in the 3rd quarter worth approximately $88,000. Finally, Jefferies Financial Group Inc. purchased a new position in LightPath Technologies in the 3rd quarter worth approximately $90,000. 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.