LightPath Technologies (NASDAQ:LPTH) Shares Gap Down – What’s Next?

LightPath Technologies, Inc. (NASDAQ:LPTH)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $13.79, but opened at $12.65. LightPath Technologies shares last traded at $11.56, with a volume of 1,958,677 shares trading hands.

Wall Street Analyst Weigh In

LPTH has been the topic of a number of recent analyst reports. Piper Sandler assumed coverage on shares of LightPath Technologies in a report on Wednesday, August 12th. They set an “overweight” rating and a $15.00 price target on the stock. Canaccord Genuity Group restated a “buy” rating and set a $16.50 price target on shares of LightPath Technologies in a research report on Monday, July 27th. Wall Street Zen cut shares of LightPath Technologies from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Finally, 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, four have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $14.30.

LightPath Technologies Trading Down 18.5%

The company has a quick ratio of 3.24, a current ratio of 3.86 and a debt-to-equity ratio of 0.01. The firm has a market cap of $705.76 million, a price-to-earnings ratio of -22.48 and a beta of 1.39. The company’s 50-day moving average price is $12.79 and its 200-day moving average price is $12.85.

Insider Activity at LightPath Technologies

In related news, Director Run Strategic Opportunit North sold 3,571,400 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $14.00, for a total transaction of $49,999,600.00. Following the completion of the sale, the director directly owned 2,934,828 shares in the company, valued at approximately $41,087,592. The trade was a 54.89% decrease in their ownership of the stock. The sale 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 Trading of LightPath Technologies

A number of hedge funds have recently bought and sold shares of the business. AWM Investment Company Inc. purchased a new stake in shares of LightPath Technologies in the second quarter valued at approximately $41,488,000. Tema ETFs LLC lifted its stake in shares of LightPath Technologies by 129,258.4% in the 2nd quarter. Tema ETFs LLC now owns 1,986,945 shares of the technology company’s stock valued at $32,487,000 after purchasing an additional 1,985,409 shares during the last quarter. Granahan Investment Management LLC acquired a new position in LightPath Technologies in the fourth quarter valued at about $7,085,000. Wasatch Advisors LP acquired a new position in shares of LightPath Technologies in the 2nd quarter worth approximately $8,496,000. Finally, Russell Investments Group Ltd. purchased a new position in shares of LightPath Technologies during the third quarter worth $3,669,000. Institutional investors and hedge funds 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.