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

Shares of LightPath Technologies, Inc. (NASDAQ:LPTH) gapped down prior to trading on Wednesday. The stock had previously closed at $7.99, but opened at $7.57. LightPath Technologies shares last traded at $7.64, with a volume of 542,854 shares trading hands.

Analyst Ratings Changes

LPTH has been the topic of a number of research reports. Wall Street Zen lowered shares of LightPath Technologies from a “hold” rating to a “sell” rating in a research report on Sunday, September 20th. Canaccord Genuity Group reduced their price target on shares of LightPath Technologies from $16.50 to $15.50 and set a “buy” rating for the company in a research report on Tuesday, September 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of LightPath Technologies in a research note on Thursday, October 15th. Finally, Piper Sandler lowered their price objective on shares of LightPath Technologies from $15.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, October 23rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, LightPath Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $13.70.

LightPath Technologies Stock Performance

The business has a 50-day simple moving average of $9.01 and a two-hundred day simple moving average of $11.73. The company has a market capitalization of $529.18 million, a price-to-earnings ratio of -18.88 and a beta of 1.53.

LightPath Technologies (NASDAQ:LPTH) last announced its earnings results on Tuesday, November 10th. The technology company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.01. The company had revenue of $20.76 million for the quarter, compared to the consensus estimate of $21.93 million. LightPath Technologies had a negative return on equity of 7.02% and a negative net margin of 28.65%. Research analysts predict that LightPath Technologies, Inc. will post 0.09 EPS for the current fiscal year.

Hedge Funds Weigh In On LightPath Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. one8zero8 LLC purchased a new position in LightPath Technologies in the 3rd quarter valued at $136,000. Voya Investment Management LLC increased its stake in LightPath Technologies by 6,644.7% in the 3rd quarter. Voya Investment Management LLC now owns 735,445 shares of the technology company’s stock valued at $7,582,000 after buying an additional 724,541 shares during the period. Ironwood Investment Counsel LLC raised its position in LightPath Technologies by 15.8% during the 3rd quarter. Ironwood Investment Counsel LLC now owns 29,250 shares of the technology company’s stock worth $302,000 after buying an additional 4,000 shares during the last quarter. Royce & Associates LP raised its position in LightPath Technologies by 2.1% during the 3rd quarter. Royce & Associates LP now owns 989,621 shares of the technology company’s stock worth $10,203,000 after buying an additional 20,000 shares during the last quarter. Finally, Allworth Financial LP raised its position in LightPath Technologies by 297.3% during the 3rd quarter. Allworth Financial LP now owns 4,009 shares of the technology company’s stock worth $41,000 after buying an additional 3,000 shares during the last quarter. 56.29% of the stock is currently owned by hedge funds and other institutional investors.

LightPath Technologies Company Profile

LightPath Technologies, Inc. designs and manufactures optical components and assemblies for commercial and government customers. Its products include precision-molded glass aspheric lenses, infrared optics, and custom optical systems used in applications such as thermal imaging and sensing. The company serves markets including aerospace and defense, industrial, medical, and telecommunications. Its capabilities span optical design, materials development, manufacturing, and assembly, supporting customers from component selection through integrated optical solutions.