LightPath Technologies (NASDAQ:LPTH) Stock Price Down 5.4% – Here’s What Happened

LightPath Technologies, Inc. (NASDAQ:LPTH)’s share price was down 5.4% during mid-day trading on Monday . The company traded as low as $10.62 and last traded at $10.62. 560,427 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 3,105,912 shares. The stock had previously closed at $11.23.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on LPTH shares. Canaccord Genuity Group lowered their price objective on shares of LightPath Technologies from $16.50 to $15.50 and set a “buy” rating for the company in a research report on Tuesday. Piper Sandler began coverage on shares of LightPath Technologies in a report on Wednesday, August 12th. They issued an “overweight” rating and a $15.00 target price on the stock. Wall Street Zen downgraded LightPath Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of LightPath Technologies in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, LightPath Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $14.10.

LightPath Technologies Trading Down 5.9%

The company has a market cap of $594.62 million, a price-to-earnings ratio of -18.94 and a beta of 1.39. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.86 and a quick ratio of 3.24. The firm’s fifty day moving average price is $12.54 and its 200-day moving average price is $12.84.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. TD Waterhouse Canada Inc. acquired a new stake in shares of LightPath Technologies in the second quarter valued at approximately $71,000. Occudo Quantitative Strategies LP bought a new stake in shares of LightPath Technologies during the third quarter valued at approximately $82,000. Wexford Capital LP acquired a new position in shares of LightPath Technologies during the third quarter worth approximately $88,000. Jefferies Financial Group Inc. acquired a new position in shares of LightPath Technologies during the third quarter worth approximately $90,000. Finally, Royal Bank of Canada grew its holdings 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 buying an additional 8,380 shares in the last quarter. 56.29% of the stock is 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.