LightPath Technologies’ (LPTH) Buy Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reiterated their buy rating on shares of LightPath Technologies (NASDAQ:LPTH) in a research report report published on Monday,Benzinga reports. Canaccord Genuity Group currently has a $16.50 price target on the technology company’s stock.

Several other brokerages have also commented on LPTH. Wall Street Zen lowered shares of LightPath Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of LightPath Technologies in a research report on Friday, July 17th. 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 assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $14.12.

LightPath Technologies Stock Down 9.5%

LightPath Technologies stock opened at $9.39 on Monday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.24 and a current ratio of 3.86. LightPath Technologies has a one year low of $2.91 and a one year high of $18.94. The company has a 50-day simple moving average of $13.95 and a 200-day simple moving average of $12.67. The firm has a market capitalization of $589.60 million, a P/E ratio of -18.78 and a beta of 1.34.

LightPath Technologies (NASDAQ:LPTH) last issued its quarterly earnings data on Thursday, May 7th. The technology company reported ($0.02) earnings per share for the quarter, meeting the consensus estimate of ($0.02). The firm had revenue of $19.15 million for the quarter, compared to the consensus estimate of $17.04 million. LightPath Technologies had a negative net margin of 37.38% and a negative return on equity of 15.55%. As a group, equities analysts expect that LightPath Technologies will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Run Strategic Opportunit North sold 3,571,400 shares of the 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 completion of the transaction, the director owned 2,934,828 shares in the company, valued at $41,087,592. This represents a 54.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have sold a total of 3,864,452 shares of company stock valued at $53,576,437 over the last three months. Corporate insiders own 24.80% of the company’s stock.

Institutional Trading of LightPath Technologies

A number of institutional investors have recently made changes to their positions in LPTH. Tema ETFs LLC boosted its holdings in shares of LightPath Technologies by 129,258.4% in the second quarter. Tema ETFs LLC now owns 1,986,945 shares of the technology company’s stock valued at $32,487,000 after acquiring an additional 1,985,409 shares in the last quarter. Wasatch Advisors LP bought a new stake in LightPath Technologies during the second quarter worth approximately $8,496,000. PVG Asset Management Corp bought a new stake in LightPath Technologies during the first quarter worth approximately $108,000. Bank of America Corp DE lifted its position in LightPath Technologies by 118.2% in the first quarter. Bank of America Corp DE now owns 556,037 shares of the technology company’s stock worth $5,577,000 after purchasing an additional 301,225 shares during the period. Finally, Royal Bank of Canada lifted its position in 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 purchasing an additional 8,380 shares during the period. 56.29% of the stock is owned by institutional investors and hedge funds.

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.