LightPath Technologies (NASDAQ:LPTH) Trading Down 10.4% – What’s Next?

LightPath Technologies, Inc. (NASDAQ:LPTH) shares were down 10.4% during mid-day trading on Friday . The company traded as low as $9.83 and last traded at $9.85. Approximately 968,727 shares changed hands during trading, a decline of 65% from the average daily volume of 2,786,011 shares. The stock had previously closed at $10.99.

Analyst Ratings Changes

Several analysts have commented on LPTH shares. Lake Street Capital lifted their price objective on shares of LightPath Technologies from $10.00 to $14.00 and gave the company a “buy” rating in a research note on Tuesday, January 6th. LADENBURG THALM/SH SH raised shares of LightPath Technologies to a “strong-buy” rating in a report on Thursday, December 18th. Weiss Ratings restated a “sell (d-)” rating on shares of LightPath Technologies in a research report on Thursday, January 22nd. Wall Street Zen raised 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 set a “buy” rating and a $15.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.10.

LightPath Technologies Trading Down 12.3%

The firm has a market cap of $556.32 million, a PE ratio of -18.54 and a beta of 0.98. The company has a 50-day simple moving average of $11.46 and a 200 day simple moving average of $9.39. The company has a current ratio of 3.97, a quick ratio of 3.42 and a debt-to-equity ratio of 0.01.

Insider Transactions at LightPath Technologies

In related news, Director Run Strategic Opportunit North sold 16,000 shares of the firm’s stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $12.00, for a total transaction of $192,000.00. Following the sale, the director owned 2,900,073 shares in the company, valued at approximately $34,800,876. This trade represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 2,599,216 shares of company stock worth $31,429,008 over the last quarter. Corporate insiders own 24.80% of the company’s stock.

Institutional Investors Weigh In On LightPath Technologies

Several hedge funds have recently modified their holdings of LPTH. Millennium Management LLC grew its position in shares of LightPath Technologies by 915.6% during the 4th quarter. Millennium Management LLC now owns 312,267 shares of the technology company’s stock valued at $3,372,000 after acquiring an additional 281,519 shares during the period. Balyasny Asset Management L.P. acquired a new position in LightPath Technologies in the 4th quarter worth about $337,000. Boothbay Fund Management LLC purchased a new position in LightPath Technologies during the fourth quarter worth approximately $352,000. Apis Capital Advisors LLC boosted its position in LightPath Technologies by 430.0% during the fourth quarter. Apis Capital Advisors LLC now owns 424,000 shares of the technology company’s stock worth $4,579,000 after purchasing an additional 344,000 shares in the last quarter. Finally, 683 Capital Management LLC acquired a new stake in LightPath Technologies in the fourth quarter valued at approximately $1,443,000. 56.29% of the stock is owned by hedge funds and other institutional investors.

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.