LightPath Technologies (NASDAQ:LPTH) Shares Up 9.7% – Still a Buy?

Shares of LightPath Technologies, Inc. (NASDAQ:LPTH) rose 9.7% during mid-day trading on Tuesday . The stock traded as high as $16.04 and last traded at $15.99. Approximately 865,354 shares were traded during trading, a decline of 73% from the average daily volume of 3,200,706 shares. The stock had previously closed at $14.57.

Wall Street Analysts Forecast Growth

A number of research firms have commented on LPTH. Wall Street Zen downgraded shares of LightPath Technologies from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Canaccord Genuity Group increased their target price on shares of LightPath Technologies from $15.50 to $16.50 and gave the stock a “buy” rating in a report on Monday, May 11th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of LightPath Technologies in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $14.12.

LightPath Technologies Trading Up 7.3%

The firm has a market cap of $981.41 million, a P/E ratio of -31.26 and a beta of 1.32. 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 firm has a fifty day moving average of $14.34 and a 200-day moving average of $12.25.

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

Insider Buying and Selling at LightPath Technologies

In related news, Director Run Strategic Opportunit North sold 3,571,400 shares of LightPath Technologies stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $14.00, for a total value of $49,999,600.00. Following the sale, the director directly owned 2,934,828 shares in the company, valued at $41,087,592. This trade represents a 54.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 3,864,452 shares of company stock valued at $53,576,437. 24.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On LightPath Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. PVG Asset Management Corp bought a new position in LightPath Technologies in the 1st quarter worth approximately $108,000. Bank of America Corp DE boosted its position in LightPath Technologies by 118.2% during the 1st quarter. Bank of America Corp DE now owns 556,037 shares of the technology company’s stock worth $5,577,000 after acquiring an additional 301,225 shares during the period. Royal Bank of Canada boosted its position in LightPath Technologies by 707.2% during the 1st quarter. Royal Bank of Canada now owns 9,565 shares of the technology company’s stock worth $96,000 after acquiring an additional 8,380 shares during the period. Union Square Park Capital Management LLC bought a new position in shares of LightPath Technologies in the first quarter worth $502,000. Finally, Bradley Foster & Sargent Inc. CT acquired a new position in shares of LightPath Technologies during the first quarter valued at $535,000. 56.29% of the stock is currently owned by institutional investors and hedge funds.

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.