LightPath Technologies (NASDAQ:LPTH) Shares Down 11.1% – Here’s What Happened

Shares of LightPath Technologies, Inc. (NASDAQ:LPTH) traded down 11.1% during trading on Tuesday . The company traded as low as $12.39 and last traded at $12.54. Approximately 1,142,155 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 3,192,854 shares. The stock had previously closed at $14.10.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on LPTH shares. Wall Street Zen lowered LightPath Technologies from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Canaccord Genuity Group upped their target price on LightPath Technologies from $15.50 to $16.50 and gave the stock a “buy” rating in a report on Monday, May 11th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of LightPath Technologies in a research note on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $14.12.

LightPath Technologies Stock Performance

The business has a fifty day simple moving average of $14.32 and a two-hundred day simple moving average of $12.57. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.86 and a quick ratio of 3.24. The company has a market cap of $795.55 million, a PE ratio of -25.34 and a beta of 1.34.

LightPath Technologies (NASDAQ:LPTH) last announced its quarterly earnings results on Thursday, May 7th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02). LightPath Technologies had a negative return on equity of 15.55% and a negative net margin of 37.38%.The business had revenue of $19.15 million for the quarter, compared to the consensus estimate of $17.04 million. Research analysts anticipate that LightPath Technologies, Inc. will post -0.11 earnings per share for the current year.

Insider Activity at LightPath Technologies

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 sale, the director directly owned 2,934,828 shares in the company, valued at approximately $41,087,592. This trade represents a 54.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 3,864,452 shares of company stock worth $53,576,437 over the last ninety days. Corporate insiders own 24.80% of the company’s stock.

Institutional Investors Weigh In On LightPath Technologies

Several institutional investors have recently bought and sold shares of LPTH. SG Americas Securities LLC grew its holdings in LightPath Technologies by 6.0% in the first quarter. SG Americas Securities LLC now owns 57,684 shares of the technology company’s stock worth $579,000 after purchasing an additional 3,276 shares during the last quarter. Jefferies Financial Group Inc. lifted its holdings in shares of LightPath Technologies by 45.8% during the 4th quarter. Jefferies Financial Group Inc. now owns 16,623 shares of the technology company’s stock valued at $180,000 after purchasing an additional 5,223 shares during the last quarter. Thompson Davis & CO. Inc. boosted its position in shares of LightPath Technologies by 11.8% in the 4th quarter. Thompson Davis & CO. Inc. now owns 63,600 shares of the technology company’s stock worth $687,000 after purchasing an additional 6,691 shares in the last quarter. OMERS ADMINISTRATION Corp boosted its position in shares of LightPath Technologies by 41.3% in the 4th quarter. OMERS ADMINISTRATION Corp now owns 28,400 shares of the technology company’s stock worth $307,000 after purchasing an additional 8,300 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in LightPath Technologies by 707.2% during 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 last quarter. 56.29% of the stock is currently 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.