Canaccord Genuity Group Reiterates "Buy" Rating for LightPath Technologies (NASDAQ:LPTH)

Key Points

• Canaccord Genuity Group reiterated a “Buy” rating on LightPath Technologies and maintained a $16.50 price target, implying 46.8% potential upside from the prior close.
• Analyst sentiment is mixed but leans positive: MarketBeat reports an overall “Moderate Buy” rating and an average target price of $14.12, despite recent “Sell” ratings from Weiss Ratings and Wall Street Zen.
• LightPath shares rose 3.8% to $11.24, while the company reported quarterly revenue of $19.15 million and an adjusted loss of $0.02 per share, matching consensus estimates; insiders have sold more than 3.86 million shares over the past quarter.

LightPath Technologies (NASDAQ:LPTH - Get Free Report)'s stock had its "buy" rating restated by stock analysts at Canaccord Genuity Group in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $16.50 price target on the technology company's stock. Canaccord Genuity Group's target price points to a potential upside of 46.80% from the stock's previous close.

Several other brokerages have also commented on LPTH. Weiss Ratings restated a "sell (d-)" rating on shares of LightPath Technologies in a report on Friday, July 17th. Wall Street Zen downgraded shares of LightPath Technologies from a "hold" rating to a "sell" rating in a report on Saturday, June 6th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, LightPath Technologies currently has an average rating of "Moderate Buy" and an average target price of $14.12.

LightPath Technologies Trading Up 3.8%

Shares of LightPath Technologies stock traded up $0.41 during trading hours on Monday, hitting $11.24. The company's stock had a trading volume of 235,854 shares, compared to its average volume of 3,156,374. LightPath Technologies has a twelve month low of $2.91 and a twelve month high of $18.94. The firm has a fifty day moving average of $14.13 and a 200-day moving average of $12.71. The stock has a market cap of $705.76 million, a price-to-earnings ratio of -22.48 and a beta of 1.34. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.24 and a current ratio of 3.86.

LightPath Technologies (NASDAQ:LPTH - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.02). LightPath Technologies had a negative return on equity of 15.55% and a negative net margin of 37.38%.The firm had revenue of $19.15 million during the quarter, compared to the consensus estimate of $17.04 million. Research analysts forecast that LightPath Technologies will post -0.11 EPS for the current year.

Insiders Place Their Bets

In other LightPath Technologies news, Director Run Strategic Opportunit North sold 3,571,400 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $14.00, for a total transaction of $49,999,600.00. Following the sale, the director directly owned 2,934,828 shares in the company, valued at $41,087,592. This represents a 54.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have sold 3,864,452 shares of company stock worth $53,576,437. 24.80% of the stock is owned by corporate insiders.

Institutional Trading of LightPath Technologies

Hedge funds have recently modified their holdings of the stock. Royal Bank of Canada increased its holdings in LightPath Technologies by 707.2% during the 1st quarter. Royal Bank of Canada now owns 9,565 shares of the technology company's stock worth $96,000 after purchasing an additional 8,380 shares during the period. Occudo Quantitative Strategies LP purchased a new position in shares of LightPath Technologies in the 3rd quarter valued at about $82,000. PVG Asset Management Corp acquired a new position in shares of LightPath Technologies during the first quarter worth about $108,000. Wexford Capital LP acquired a new position in shares of LightPath Technologies during the third quarter worth about $88,000. Finally, Jefferies Financial Group Inc. purchased a new stake in shares of LightPath Technologies during the third quarter worth approximately $90,000. 56.29% of the stock is currently owned by institutional investors and hedge funds.

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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