Piper Sandler Has Lowered Expectations for LightPath Technologies (NASDAQ:LPTH) Stock Price

Key Points

• Piper Sandler cut LightPath Technologies’ price target from $15 to $13 while maintaining an “overweight” rating, implying roughly 81% upside from the prior close.
• Analyst sentiment remains mixed: the stock has a consensus “Moderate Buy” rating and an average price target of $13.70, although Wall Street Zen and Weiss Ratings rate it a sell.
• LPTH shares rose 2.4% to $7.19, but remain below their 50-day and 200-day moving averages. Institutional investors own 56.29% of the company, with several major investors recently increasing or initiating positions.

LightPath Technologies (NASDAQ:LPTH - Get Free Report) had its price target cut by research analysts at Piper Sandler from $15.00 to $13.00 in a report issued on Friday, Benzinga reports. The firm currently has an "overweight" rating on the technology company's stock. Piper Sandler's target price points to a potential upside of 80.81% from the company's previous close.

Several other brokerages have also issued reports on LPTH. Wall Street Zen lowered LightPath Technologies from a "hold" rating to a "sell" rating in a report on Sunday, September 20th. Weiss Ratings restated a "sell (d-)" rating on shares of LightPath Technologies in a research note on Thursday, October 15th. Finally, Canaccord Genuity Group dropped their target price on LightPath Technologies from $16.50 to $15.50 and set a "buy" rating on the stock in a research report on Tuesday, September 1st. One equities research 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. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $13.70.

LightPath Technologies Stock Up 2.4%

Shares of NASDAQ:LPTH traded up $0.17 during trading on Friday, reaching $7.19. 985,568 shares of the company traded hands, compared to its average volume of 3,119,428. The firm has a fifty day simple moving average of $10.41 and a 200 day simple moving average of $12.38. LightPath Technologies has a 1-year low of $5.83 and a 1-year high of $18.94. The firm has a market cap of $503.59 million, a P/E ratio of -17.98 and a beta of 1.38.

Institutional Trading of LightPath Technologies

Large investors have recently added to or reduced their stakes in the business. Bank of America Corp DE increased its stake in shares of LightPath Technologies by 118.2% during the 1st quarter. Bank of America Corp DE now owns 556,037 shares of the technology company's stock worth $5,577,000 after purchasing an additional 301,225 shares during the last quarter. Wasatch Advisors LP bought a new position in shares of LightPath Technologies during the 2nd quarter valued at $8,496,000. Tidal Investments LLC lifted its stake in shares of LightPath Technologies by 10,315.1% in the 2nd quarter. Tidal Investments LLC now owns 1,952,629 shares of the technology company's stock valued at $31,925,000 after purchasing an additional 1,933,881 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of LightPath Technologies in the 2nd quarter valued at $2,352,000. Finally, RFG Advisory LLC bought a new stake in LightPath Technologies in the second quarter worth $5,879,000. 56.29% of the stock is owned by institutional investors.

About LightPath Technologies

LightPath Technologies, Inc is a photonics and optics manufacturer that develops, manufactures, and distributes precision optical components, assemblies, and imaging systems. The company's products are designed for applications that require the control, transmission, or detection of light across visible, near-infrared, and infrared wavelengths.

Its product portfolio includes precision-molded glass aspheric lenses, infrared optics, coated optical components, custom optical assemblies, and thermal imaging solutions.

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