LightPath Technologies, Inc. $LPTH Stock Holdings Lifted by Bank of America Corp DE

Key Points

• Bank of America increased its LightPath Technologies stake by 118.2% in the first quarter, acquiring 301,225 additional shares and bringing its ownership to 556,037 shares, or 0.89% of the company.
• Several institutional investors also expanded their positions, and hedge funds and other institutions collectively own 56.29% of LPTH.
• Analyst views are mixed but lean positive: LightPath has a consensus “Moderate Buy” rating with an average price target of $14.30, while targets from Piper Sandler and Canaccord Genuity are $15.00 and $16.50, respectively.

Bank of America Corp DE increased its position in shares of LightPath Technologies, Inc. (NASDAQ:LPTH - Free Report) by 118.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 556,037 shares of the technology company's stock after acquiring an additional 301,225 shares during the quarter. Bank of America Corp DE owned 0.89% of LightPath Technologies worth $5,577,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. AIGH Capital Management LLC grew its position in LightPath Technologies by 14.5% during the 4th quarter. AIGH Capital Management LLC now owns 1,030,738 shares of the technology company's stock worth $11,132,000 after purchasing an additional 130,738 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of LightPath Technologies by 55.6% in the first quarter. Renaissance Technologies LLC now owns 395,922 shares of the technology company's stock valued at $3,971,000 after purchasing an additional 141,473 shares in the last quarter. Monashee Investment Management LLC purchased a new stake in shares of LightPath Technologies in the fourth quarter valued at $1,080,000. Sei Investments Co. boosted its position in shares of LightPath Technologies by 74.2% in the first quarter. Sei Investments Co. now owns 538,788 shares of the technology company's stock worth $5,404,000 after buying an additional 229,515 shares during the period. Finally, Telemark Asset Management LLC acquired a new stake in shares of LightPath Technologies in the fourth quarter worth $4,158,000. Hedge funds and other institutional investors own 56.29% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of LightPath Technologies in a research report on Friday, July 17th. Piper Sandler initiated coverage on LightPath Technologies in a research report on Wednesday, August 12th. They set an "overweight" rating and a $15.00 price objective for the company. Wall Street Zen cut LightPath Technologies from a "hold" rating to a "sell" rating in a research note on Saturday, June 6th. Finally, Canaccord Genuity Group reiterated a "buy" rating and issued a $16.50 target price on shares of LightPath Technologies in a report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, LightPath Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $14.30.

LightPath Technologies Price Performance

LPTH opened at $13.79 on Friday. The stock has a market cap of $865.87 million, a price-to-earnings ratio of -27.58 and a beta of 1.39. LightPath Technologies, Inc. has a 1 year low of $4.71 and a 1 year high of $18.94. The company has a current ratio of 3.86, a quick ratio of 3.24 and a debt-to-equity ratio of 0.01. The stock has a fifty day moving average price of $12.79 and a 200 day moving average price of $12.85.

Insider Activity

In other 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 directly owned 2,934,828 shares in the company, valued at $41,087,592. The trade was a 54.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 24.80% of the stock is currently owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.