LightPath Technologies (NASDAQ:LPTH) Price Target Raised to $16.50 at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group raised its price target on LightPath Technologies from $15.50 to $16.50 and kept a buy rating, implying about 29% upside from the prior close.
• LightPath shares were trading at $12.76 on Monday, near the top of their 52-week range of $2.21 to $16.53, with a market cap of about $736.4 million.
• The company recently reported quarterly EPS of -$0.02, matching estimates, while revenue of $19.15 million beat expectations. Analysts currently have a consensus rating of Moderate Buy with an average price target of $14.13.

LightPath Technologies (NASDAQ:LPTH - Get Free Report) had its price target increased by equities research analysts at Canaccord Genuity Group from $15.50 to $16.50 in a report issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the technology company's stock. Canaccord Genuity Group's price target suggests a potential upside of 29.31% from the company's previous close.

A number of other brokerages also recently issued reports on LPTH. Weiss Ratings reiterated a "sell (d-)" rating on shares of LightPath Technologies in a research report on Tuesday, April 21st. HC Wainwright increased their price objective on LightPath Technologies from $10.00 to $15.00 and gave the stock a "buy" rating in a research report on Thursday, February 12th. Finally, Wall Street Zen upgraded LightPath Technologies from a "sell" rating to a "hold" rating in a research report on Saturday. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $14.13.

LightPath Technologies Stock Performance

Shares of LightPath Technologies stock traded up $1.25 during trading hours on Monday, reaching $12.76. The company had a trading volume of 2,731,888 shares, compared to its average volume of 2,835,535. LightPath Technologies has a one year low of $2.21 and a one year high of $16.53. The business has a fifty day simple moving average of $12.07 and a 200 day simple moving average of $10.44. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.97 and a quick ratio of 3.42. The firm has a market cap of $736.37 million, a PE ratio of -25.52 and a beta of 1.26.

LightPath Technologies (NASDAQ:LPTH - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The technology company reported ($0.02) EPS for the quarter, hitting analysts' consensus estimates of ($0.02). LightPath Technologies had a negative return on equity of 20.69% and a negative net margin of 37.38%.The firm had revenue of $19.15 million during the quarter, compared to analyst estimates of $17.04 million. On average, analysts anticipate that LightPath Technologies will post -0.11 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Run Strategic Opportunit North sold 302,352 shares of the firm's stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of $12.31, for a total value of $3,721,953.12. Following the sale, the director directly owned 3,283,164 shares of the company's stock, valued at $40,415,748.84. This trade represents a 8.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 2,131,247 shares of company stock valued at $26,122,799 over the last quarter. 24.80% of the stock is owned by company insiders.

Institutional Trading of LightPath Technologies

Large investors have recently bought and sold shares of the company. Principal Financial Group Inc. purchased a new position in shares of LightPath Technologies during the third quarter valued at approximately $953,000. Portolan Capital Management LLC purchased a new stake in LightPath Technologies during the 3rd quarter valued at $12,939,000. HUB Investment Partners LLC raised its stake in shares of LightPath Technologies by 141.0% in the third quarter. HUB Investment Partners LLC now owns 200,000 shares of the technology company's stock worth $1,586,000 after purchasing an additional 117,000 shares during the last quarter. Tudor Investment Corp ET AL bought a new position in shares of LightPath Technologies during the third quarter valued at $8,445,000. Finally, AIGH Capital Management LLC lifted its holdings in shares of LightPath Technologies by 14.5% during the fourth quarter. AIGH Capital Management LLC now owns 1,030,738 shares of the technology company's stock valued at $11,132,000 after purchasing an additional 130,738 shares in the last quarter. 56.29% of the stock is owned by institutional investors.

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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