LightPath Technologies, Inc. (NASDAQ:LPTH – Get Free Report)’s share price fell 5.4% on Monday . The stock traded as low as $10.62 and last traded at $10.62. Approximately 560,427 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 3,105,912 shares. The stock had previously closed at $11.23.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on LPTH. Wall Street Zen downgraded LightPath Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Piper Sandler started coverage on shares of LightPath Technologies in a research note on Wednesday, August 12th. They issued an “overweight” rating and a $15.00 price objective on the stock. Canaccord Genuity Group restated a “buy” rating and set a $16.50 target price on shares of LightPath Technologies in a report on Monday, July 27th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of LightPath Technologies in a research report on Friday, July 17th. 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 MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $14.30.
Check Out Our Latest Stock Analysis on LightPath Technologies
LightPath Technologies Stock Down 8.3%
Insider Buying and Selling
In related news, Director Run Strategic Opportunit North sold 3,571,400 shares of LightPath Technologies stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $14.00, for a total transaction of $49,999,600.00. Following the completion of the sale, the director 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 document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 24.80% of the company’s stock.
Institutional Investors Weigh In On LightPath Technologies
A number of hedge funds and other institutional investors have recently modified their holdings of LPTH. TD Waterhouse Canada Inc. acquired a new position in shares of LightPath Technologies in the second quarter valued at approximately $71,000. Royal Bank of Canada boosted its position in LightPath Technologies by 707.2% during the first quarter. Royal Bank of Canada now owns 9,565 shares of the technology company’s stock worth $96,000 after acquiring an additional 8,380 shares during the last quarter. Occudo Quantitative Strategies LP purchased a new stake in LightPath Technologies in the 3rd quarter worth approximately $82,000. PVG Asset Management Corp purchased a new stake in LightPath Technologies in the 1st quarter worth approximately $108,000. Finally, Wexford Capital LP acquired a new position in LightPath Technologies in the 3rd quarter valued at $88,000. 56.29% of the stock is currently owned by hedge funds and other institutional investors.
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.
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