LightPath Technologies (NASDAQ:LPTH) Stock Price Down 7.6% – Should You Sell?

LightPath Technologies, Inc. (NASDAQ:LPTH)’s share price dropped 7.6% on Wednesday . The company traded as low as $13.14 and last traded at $13.14. 453,514 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 3,105,451 shares. The stock had previously closed at $14.22.

Wall Street Analyst Weigh In

LPTH has been the topic of several research analyst reports. Canaccord Genuity Group restated a “buy” rating and set a $16.50 target price on shares of LightPath Technologies in a research note on Monday, July 27th. Piper Sandler assumed coverage on LightPath Technologies in a research note on Wednesday, August 12th. They issued an “overweight” rating and a $15.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of LightPath Technologies in a report on Friday, July 17th. Finally, Wall Street Zen lowered LightPath Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $14.30.

LightPath Technologies Trading Down 1.7%

The stock’s fifty day simple moving average is $12.89 and its 200-day simple moving average is $12.73. The firm has a market cap of $817.53 million, a PE ratio of -26.04 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.

Insider Transactions at LightPath Technologies

In related news, Director Run Strategic Opportunit North sold 3,571,400 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was 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 trade represents a 54.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 24.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Occudo Quantitative Strategies LP acquired a new stake in shares of LightPath Technologies during the third quarter worth about $82,000. Wexford Capital LP purchased a new stake in LightPath Technologies in the third quarter valued at approximately $88,000. Jefferies Financial Group Inc. acquired a new position in LightPath Technologies in the 3rd quarter worth approximately $90,000. Royal Bank of Canada increased 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 during the period. Finally, PVG Asset Management Corp purchased a new position in LightPath Technologies during the 1st quarter worth approximately $108,000. 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.