LightPath Technologies (NASDAQ:LPTH) Price Target Cut to $15.50 by Analysts at Canaccord Genuity Group

Key Points

• Canaccord Genuity lowered LightPath Technologies’ price target to $15.50 from $16.50 but maintained a “buy” rating, implying approximately 61.5% upside from the stock’s $9.60 price.
• Analyst sentiment remains mixed: the stock has a “Moderate Buy” consensus rating and a $14.10 average target, alongside recent sell ratings from Weiss Ratings and Wall Street Zen.
• LightPath shares fell 4.6% to $9.60, while a company director recently sold 3.57 million shares for about $50 million, reducing their ownership by 54.9%.

LightPath Technologies (NASDAQ:LPTH - Get Free Report) had its price objective cut by investment analysts at Canaccord Genuity Group from $16.50 to $15.50 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a "buy" rating on the technology company's stock. Canaccord Genuity Group's target price would suggest a potential upside of 61.46% from the company's current price.

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

LightPath Technologies Trading Down 4.6%

Shares of NASDAQ:LPTH traded down $0.46 during trading on Tuesday, reaching $9.60. 3,010,143 shares of the company traded hands, compared to its average volume of 3,134,548. The company has a current ratio of 3.86, a quick ratio of 3.24 and a debt-to-equity ratio of 0.01. LightPath Technologies has a 52-week low of $4.71 and a 52-week high of $18.94. The firm has a market capitalization of $602.77 million, a price-to-earnings ratio of -19.20 and a beta of 1.39. The business's fifty day moving average is $12.62 and its 200-day moving average is $12.85.

Insider Activity at LightPath Technologies

In related news, Director Run Strategic Opportunit North sold 3,571,400 shares of the company's stock in a transaction on 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 represents a 54.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 24.80% of the stock is owned by insiders.

Hedge Funds Weigh In On LightPath Technologies

Several institutional investors have recently made changes to their positions in the business. TD Waterhouse Canada Inc. bought a new stake in LightPath Technologies during the 2nd quarter worth approximately $71,000. Occudo Quantitative Strategies LP purchased a new position in shares of LightPath Technologies in the third quarter worth $82,000. Wexford Capital LP bought a new position in shares of LightPath Technologies during the third quarter worth $88,000. Jefferies Financial Group Inc. purchased a new position in LightPath Technologies during the third quarter valued at $90,000. Finally, Royal Bank of Canada increased its holdings in LightPath Technologies by 707.2% in the 1st quarter. Royal Bank of Canada now owns 9,565 shares of the technology company's stock valued at $96,000 after acquiring an additional 8,380 shares during the last quarter. Institutional investors own 56.29% of the company's stock.

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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