LightPath Technologies (NASDAQ:LPTH) Shares Up 8.6% – Here’s What Happened

LightPath Technologies, Inc. (NASDAQ:LPTH)’s share price was up 8.6% on Tuesday . The stock traded as high as $12.06 and last traded at $11.95. Approximately 1,832,658 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 2,923,037 shares. The stock had previously closed at $11.00.

Analysts Set New Price Targets

Several analysts recently weighed in on LPTH shares. LADENBURG THALM/SH SH upgraded shares of LightPath Technologies to a “strong-buy” rating in a research report on Thursday, December 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of LightPath Technologies in a research note on Thursday, January 22nd. HC Wainwright boosted their target price on LightPath Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Thursday, February 12th. Wall Street Zen upgraded shares of LightPath Technologies from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Finally, Canaccord Genuity Group began coverage on LightPath Technologies in a research note on Thursday, January 29th. They issued a “buy” rating and a $15.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $12.10.

LightPath Technologies Stock Performance

The company has a fifty day moving average of $11.60 and a two-hundred day moving average of $9.10. The firm has a market capitalization of $689.62 million, a price-to-earnings ratio of -22.98 and a beta of 0.98. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.42 and a current ratio of 3.97.

Insider Transactions at LightPath Technologies

In other LightPath Technologies news, Director Run Strategic Opportunit North sold 55,000 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $12.09, for a total transaction of $664,950.00. Following the transaction, the director owned 3,020,527 shares in the company, valued at $36,518,171.43. This represents a 1.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders have sold 2,478,762 shares of company stock valued at $29,982,515. 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 added to or reduced their stakes in the stock. Lake Street Private Wealth LLC acquired a new stake in shares of LightPath Technologies during the 4th quarter worth $108,000. Occudo Quantitative Strategies LP bought a new position in shares of LightPath Technologies in the third quarter worth $82,000. Hudson Bay Capital Management LP acquired a new position in LightPath Technologies in the third quarter valued at about $84,000. Wexford Capital LP acquired a new position in LightPath Technologies in the third quarter valued at about $88,000. Finally, Jefferies Financial Group Inc. bought a new stake in LightPath Technologies during the third quarter worth about $90,000. 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.