LightPath Technologies (NASDAQ:LPTH) Sets New 1-Year High – Here’s What Happened

LightPath Technologies, Inc. (NASDAQ:LPTH) hit a new 52-week high on Friday . The stock traded as high as $16.65 and last traded at $16.36, with a volume of 2105002 shares changing hands. The stock had previously closed at $14.28.

Analysts Set New Price Targets

Several brokerages have recently weighed in on LPTH. Canaccord Genuity Group upped their price objective on shares of LightPath Technologies from $15.50 to $16.50 and gave the company a “buy” rating in a report on Monday, May 11th. HC Wainwright upped their price objective on shares of LightPath Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a report on Thursday, February 12th. Wall Street Zen lowered shares of LightPath Technologies from a “hold” rating to a “sell” rating in a report on Sunday, May 17th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of LightPath Technologies in a report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, LightPath Technologies has an average rating of “Moderate Buy” and a consensus price target of $14.13.

LightPath Technologies Stock Up 14.0%

The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.24 and a current ratio of 3.86. The company has a market cap of $1.02 billion, a price-to-earnings ratio of -32.56 and a beta of 1.26. The stock’s fifty day moving average is $12.32 and its two-hundred day moving average is $10.75.

LightPath Technologies (NASDAQ:LPTH) last posted its earnings results on Thursday, May 7th. The technology company reported ($0.02) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.02). LightPath Technologies had a negative net margin of 37.38% and a negative return on equity of 15.55%. The company had revenue of $19.15 million for the quarter, compared to analyst estimates of $17.04 million. Sell-side analysts predict that LightPath Technologies, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling at LightPath Technologies

In other LightPath Technologies news, Director Run Strategic Opportunit North sold 165,000 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $12.16, for a total value of $2,006,400.00. Following the completion of the sale, the director directly owned 2,990,112 shares of the company’s stock, valued at approximately $36,359,761.92. This represents a 5.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last quarter, insiders have sold 1,828,726 shares of company stock valued at $22,237,106. Corporate insiders own 24.80% of the company’s stock.

Institutional Investors Weigh In On LightPath Technologies

Institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada grew its position in LightPath Technologies by 707.2% in the 1st quarter. Royal Bank of Canada now owns 9,565 shares of the technology company’s stock worth $96,000 after purchasing an additional 8,380 shares in the last quarter. Lake Street Private Wealth LLC bought a new stake in LightPath Technologies in the 4th quarter worth about $108,000. Occudo Quantitative Strategies LP bought a new stake in LightPath Technologies in the 3rd quarter worth about $82,000. Hudson Bay Capital Management LP bought a new stake in LightPath Technologies in the 3rd quarter worth about $84,000. Finally, Wexford Capital LP bought a new stake in LightPath Technologies in the 3rd quarter worth about $88,000. 56.29% of the stock is owned by institutional investors.

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.