LightPath Technologies (NASDAQ:LPTH) Trading Down 5.7% – Here’s What Happened

LightPath Technologies, Inc. (NASDAQ:LPTH)’s stock price was down 5.7% during trading on Monday . The company traded as low as $12.70 and last traded at $12.92. Approximately 748,740 shares were traded during trading, a decline of 73% from the average daily volume of 2,784,902 shares. The stock had previously closed at $13.70.

Analyst Ratings Changes

A number of equities research analysts have commented on LPTH shares. Weiss Ratings reissued a “sell (d-)” rating on shares of LightPath Technologies in a report on Tuesday, April 21st. Lake Street Capital raised their price target on LightPath Technologies from $10.00 to $14.00 and gave the company a “buy” rating in a report on Tuesday, January 6th. HC Wainwright raised their price target on LightPath Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a report on Thursday, February 12th. Canaccord Genuity Group started coverage on LightPath Technologies in a report on Thursday, January 29th. They set a “buy” rating and a $15.00 price target on the stock. Finally, Wall Street Zen cut LightPath Technologies from a “hold” rating to a “sell” rating in a report on Saturday, April 4th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, LightPath Technologies has an average rating of “Moderate Buy” and a consensus price target of $13.75.

LightPath Technologies Trading Down 10.0%

The stock has a market cap of $711.56 million, a PE ratio of -23.71 and a beta of 1.26. The stock has a 50-day moving average price of $12.03 and a two-hundred day moving average price of $10.36. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.97 and a quick ratio of 3.42.

Insider Buying and Selling at LightPath Technologies

In other news, Director Run Strategic Opportunit North sold 595,573 shares of the firm’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $12.53, for a total transaction of $7,462,529.69. Following the completion of the transaction, the director owned 3,393,395 shares in the company, valued at $42,519,239.35. This trade represents a 14.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 2,131,247 shares of company stock worth $26,122,799 in the last ninety days. Company insiders own 24.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Granite Investment Partners LLC purchased a new position in shares of LightPath Technologies during the first quarter valued at about $123,000. Counterpoint Mutual Funds LLC purchased a new position in shares of LightPath Technologies during the first quarter valued at about $4,249,000. Y Intercept Hong Kong Ltd purchased a new position in shares of LightPath Technologies during the first quarter valued at about $600,000. SG Americas Securities LLC grew its position in shares of LightPath Technologies by 6.0% during the first quarter. SG Americas Securities LLC now owns 57,684 shares of the technology company’s stock valued at $579,000 after purchasing an additional 3,276 shares in the last quarter. Finally, Peregrine Investment Management Inc. purchased a new position in shares of LightPath Technologies during the first quarter valued at about $4,012,000. Hedge funds and other institutional investors own 56.29% of the company’s stock.

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.