Canaccord Genuity Group Cuts LightPath Technologies (NASDAQ:LPTH) Price Target to $15.50

LightPath Technologies (NASDAQ:LPTH) had its price objective trimmed by Canaccord Genuity Group from $16.50 to $15.50 in a research note released on Tuesday,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

Several other analysts have also recently commented on LPTH. Wall Street Zen cut shares of LightPath Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Weiss Ratings restated a “sell (d-)” rating on shares of LightPath Technologies in a research report on Friday, July 17th. Finally, Piper Sandler started coverage on LightPath Technologies in a report on Wednesday, August 12th. They set an “overweight” rating and a $15.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $14.10.

LightPath Technologies Stock Up 1.0%

Shares of NASDAQ:LPTH opened at $9.64 on Tuesday. The company has a quick ratio of 3.24, a current ratio of 3.86 and a debt-to-equity ratio of 0.01. The firm has a market cap of $605.29 million, a P/E ratio of -19.28 and a beta of 1.39. LightPath Technologies has a 12 month low of $5.17 and a 12 month high of $18.94. The company’s 50-day moving average price is $12.39 and its two-hundred day moving average price is $12.81.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Jane Street Group LLC boosted its stake in shares of LightPath Technologies by 92.1% in the 1st quarter. Jane Street Group LLC now owns 60,612 shares of the technology company’s stock valued at $122,000 after purchasing an additional 29,054 shares during the last quarter. Mink Brook Asset Management LLC acquired a new stake in LightPath Technologies during the 2nd quarter worth $246,000. JPMorgan Chase & Co. bought a new stake in shares of LightPath Technologies during the 3rd quarter valued at $183,000. Vanguard Group Inc. lifted its stake in shares of LightPath Technologies by 3.8% in the 3rd quarter. Vanguard Group Inc. now owns 1,967,566 shares of the technology company’s stock valued at $15,603,000 after purchasing 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 $90,000. 56.29% of the stock is currently 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.