LightPath Technologies (NASDAQ:LPTH) Shares Gap Up – Still a Buy?

LightPath Technologies, Inc. (NASDAQ:LPTH)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $13.23, but opened at $13.77. LightPath Technologies shares last traded at $13.88, with a volume of 411,610 shares traded.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Wall Street Zen downgraded shares of LightPath Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Piper Sandler assumed coverage on LightPath Technologies in a research note on Wednesday, August 12th. They issued an “overweight” rating and a $15.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of LightPath Technologies in a report on Friday, July 17th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $16.50 price target on shares of LightPath Technologies in a research report on Monday, July 27th. One 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 stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $14.30.

LightPath Technologies Price Performance

The company has a market cap of $897.90 million, a PE ratio of -28.60 and a beta of 1.39. The business has a 50 day moving average of $12.86 and a 200 day moving average of $12.77. 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 Buying and Selling

In other news, Director Run Strategic Opportunit North sold 3,571,400 shares of the firm’s 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 sale, the director directly owned 2,934,828 shares of the company’s stock, valued at approximately $41,087,592. This trade represents a 54.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 24.80% of the company’s stock.

Hedge Funds Weigh In On LightPath Technologies

Several hedge funds and other institutional investors have recently modified their holdings of LPTH. Jane Street Group LLC raised its stake in LightPath Technologies by 92.1% in the first quarter. Jane Street Group LLC now owns 60,612 shares of the technology company’s stock worth $122,000 after buying an additional 29,054 shares in the last quarter. Mink Brook Asset Management LLC bought a new stake in LightPath Technologies during the 2nd quarter valued at approximately $246,000. JPMorgan Chase & Co. purchased a new position in shares of LightPath Technologies during the 3rd quarter worth approximately $183,000. Vanguard Group Inc. grew its holdings in shares of LightPath Technologies by 3.8% during the 3rd quarter. Vanguard Group Inc. now owns 1,967,566 shares of the technology company’s stock worth $15,603,000 after acquiring an additional 72,208 shares during the period. Finally, Jefferies Financial Group Inc. bought a new position in shares of LightPath Technologies in the 3rd quarter worth approximately $90,000. Hedge funds and other institutional investors own 56.29% of the company’s stock.

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.