LightPath Technologies (NASDAQ:LPTH) Stock Falls 8.5% – Here’s Why

LightPath Technologies, Inc. (NASDAQ:LPTH)’s stock price fell 8.5% during mid-day trading on Monday. The company traded as low as $8.85 and last traded at $8.89. 2,170,880 shares changed hands during trading, a decline of 30% from the average daily volume of 3,113,836 shares. The stock had previously closed at $9.72.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Canaccord Genuity Group decreased their price objective on shares of LightPath Technologies from $16.50 to $15.50 and set a “buy” rating on the stock in a report on Tuesday, September 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of LightPath Technologies in a report on Friday, July 17th. Piper Sandler assumed coverage on shares of LightPath Technologies in a research report on Wednesday, August 12th. They set an “overweight” rating and a $15.00 price target on the stock. Finally, Wall Street Zen downgraded shares of LightPath Technologies from a “hold” rating to a “sell” rating in a research note on Sunday, September 20th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $14.10.

LightPath Technologies Trading Down 9.9%

The business has a 50 day moving average of $11.14 and a 200-day moving average of $12.51. The stock has a market cap of $562.42 million, a PE ratio of -20.07 and a beta of 1.38.

Institutional Trading of LightPath Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in LPTH. TD Waterhouse Canada Inc. acquired a new stake in shares of LightPath Technologies in the second quarter worth $71,000. Royal Bank of Canada raised 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 valued at $96,000 after purchasing an additional 8,380 shares during the period. PVG Asset Management Corp purchased a new stake in shares of LightPath Technologies in the first quarter worth about $108,000. Granite Investment Partners LLC acquired a new stake in shares of LightPath Technologies in the first quarter valued at about $123,000. Finally, Union Square Park Capital Management LLC purchased a new stake in shares of LightPath Technologies during the 1st quarter valued at about $502,000. Institutional investors and hedge funds own 56.29% of the company’s stock.

LightPath Technologies Company Profile

LightPath Technologies, Inc is a photonics and optical technology company that designs, manufactures and supplies precision optical and infrared products. Its offerings include molded glass aspheric lenses, infrared optics, optical assemblies, coatings and custom-engineered components used in imaging, sensing and laser applications.

The company serves customers in markets including defense and aerospace, industrial technology, security, medical equipment and communications. Its products are incorporated into systems such as thermal imaging cameras, laser-based equipment and other optical instruments, and are sold to customers in the United States and international markets.

LightPath has expanded its capabilities through acquisitions and internal development, including the addition of infrared optics and imaging expertise.