LightPath Technologies (NASDAQ:LPTH) Trading 8% Higher – Here’s Why

LightPath Technologies, Inc. (NASDAQ:LPTH) shares shot up 8% during mid-day trading on Tuesday . The stock traded as high as $10.44 and last traded at $10.44. Approximately 907,243 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 3,142,735 shares. The stock had previously closed at $9.67.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. 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 note on Tuesday, September 1st. Piper Sandler initiated coverage on shares of LightPath Technologies in a report on Wednesday, August 12th. They set an “overweight” rating and a $15.00 price objective on the stock. Wall Street Zen cut shares of LightPath Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of LightPath Technologies in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $14.10.

LightPath Technologies Price Performance

The stock has a market capitalization of $636.68 million, a P/E ratio of -20.28 and a beta of 1.39. The business has a fifty day simple moving average of $12.00 and a 200 day simple moving average of $12.75. The company has a current ratio of 3.86, a quick ratio of 3.24 and a debt-to-equity ratio of 0.01.

Institutional Trading of LightPath Technologies

Institutional investors and hedge funds have recently made changes to their positions in the company. AWM Investment Company Inc. purchased a new position in shares of LightPath Technologies in the 2nd quarter worth approximately $41,488,000. Tema ETFs LLC raised its stake in 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 acquiring an additional 1,985,409 shares during the period. Vanguard Group Inc. boosted its position in LightPath Technologies by 3.8% during the third quarter. Vanguard Group Inc. now owns 1,967,566 shares of the technology company’s stock worth $15,603,000 after purchasing an additional 72,208 shares during the period. Tidal Investments LLC increased its stake in shares of LightPath Technologies by 10,315.1% in the second quarter. Tidal Investments LLC now owns 1,952,629 shares of the technology company’s stock worth $31,925,000 after purchasing an additional 1,933,881 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of LightPath Technologies by 14.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,449,642 shares of the technology company’s stock valued at $15,656,000 after purchasing an additional 181,538 shares during the period. 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.