143,881 Shares in LightPath Technologies, Inc. $LPTH Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 143,881 LightPath Technologies shares worth approximately $2.35 million, representing about 0.23% of the company. Institutional investors collectively own 56.29% of LPTH.
• LPTH shares opened at $9.67, well below the company’s 52-week high of $18.94. The stock has a market capitalization of approximately $607 million and trades at a negative price-to-earnings ratio.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and a $14.10 price target; recent targets include $15.00 from Piper Sandler and $15.50 from Canaccord Genuity.

Bank of New York Mellon Corp acquired a new position in LightPath Technologies, Inc. (NASDAQ:LPTH - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 143,881 shares of the technology company's stock, valued at approximately $2,352,000. Bank of New York Mellon Corp owned approximately 0.23% of LightPath Technologies at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in LPTH. Jane Street Group LLC increased its holdings in shares of LightPath Technologies by 92.1% during the 1st quarter. Jane Street Group LLC now owns 60,612 shares of the technology company's stock valued at $122,000 after purchasing an additional 29,054 shares in the last quarter. Mink Brook Asset Management LLC acquired a new position in shares of LightPath Technologies in the second quarter worth about $246,000. JPMorgan Chase & Co. acquired a new position in shares of LightPath Technologies in the third quarter worth about $183,000. Vanguard Group Inc. boosted its stake in shares of LightPath Technologies by 3.8% during the 3rd quarter. Vanguard Group Inc. now owns 1,967,566 shares of the technology company's stock worth $15,603,000 after acquiring an additional 72,208 shares in the last quarter. Finally, Jefferies Financial Group Inc. purchased a new stake in shares of LightPath Technologies during the 3rd quarter worth about $90,000. Institutional investors and hedge funds own 56.29% of the company's stock.

LightPath Technologies Stock Performance

Shares of LightPath Technologies stock opened at $9.67 on Tuesday. LightPath Technologies, Inc. has a one year low of $5.17 and a one year high of $18.94. The company has a market cap of $607.18 million, a price-to-earnings ratio of -19.34 and a beta of 1.39. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.24 and a current ratio of 3.86. The business's 50 day moving average price is $12.22 and its 200 day moving average price is $12.78.

Analysts Set New Price Targets

A number of analysts have recently commented on LPTH shares. Wall Street Zen cut LightPath Technologies from a "hold" rating to a "sell" rating in a research report on Saturday, June 6th. Weiss Ratings restated a "sell (d-)" rating on shares of LightPath Technologies in a research report on Friday, July 17th. Canaccord Genuity Group reduced their target price on LightPath Technologies from $16.50 to $15.50 and set a "buy" rating for the company in a report on Tuesday, September 1st. Finally, Piper Sandler began coverage on LightPath Technologies in a research report on Wednesday, August 12th. They issued an "overweight" rating and a $15.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $14.10.

About LightPath Technologies

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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