LightPath Technologies (NASDAQ:LPTH) Stock Price Up 8.3% - Here's Why

Key Points

• LightPath Technologies shares jumped 8.3% to $14.17 in Wednesday trading, reaching an intraday high of $14.18, though volume was 63% below its average.
• Analyst sentiment remains generally positive: the stock has a consensus “Moderate Buy” rating and a $14.30 average price target, despite recent “sell” ratings from Wall Street Zen and Weiss Ratings.
• Institutional investors own 56.29% of the company, while insiders own 24.80%; however, a director recently sold 3.57 million shares for approximately $50 million, reducing the position by 54.89%.

LightPath Technologies, Inc. (NASDAQ:LPTH - Get Free Report) shares rose 8.3% on Wednesday . The stock traded as high as $14.18 and last traded at $14.17. Approximately 1,154,506 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 3,093,819 shares. The stock had previously closed at $13.09.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in 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 report on Friday, July 17th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $16.50 price objective on shares of LightPath Technologies in a research report on Monday, July 27th. Finally, Piper Sandler assumed coverage on shares of LightPath Technologies in a research report on Wednesday. They set an "overweight" rating and a $15.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $14.30.

LightPath Technologies Stock Up 6.2%

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 business's 50-day simple moving average is $13.09 and its 200-day simple moving average is $12.61. The company has a market capitalization of $872.78 million, a PE ratio of -27.80 and a beta of 1.39.

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 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 sale, the director directly owned 2,934,828 shares of the company's stock, valued at approximately $41,087,592. This trade represents a 54.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 24.80% of the company's stock.

Institutional Trading of LightPath Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC lifted its holdings in LightPath Technologies by 92.1% in the first quarter. Jane Street Group LLC now owns 60,612 shares of the technology company's stock valued at $122,000 after acquiring an additional 29,054 shares during the period. Mink Brook Asset Management LLC acquired a new position in shares of LightPath Technologies in the 2nd quarter valued at $246,000. JPMorgan Chase & Co. purchased a new stake in LightPath Technologies during the third quarter worth $183,000. Vanguard Group Inc. grew its position in LightPath Technologies by 3.8% during the third quarter. Vanguard Group Inc. now owns 1,967,566 shares of the technology company's stock valued at $15,603,000 after buying an additional 72,208 shares during the period. Finally, Jefferies Financial Group Inc. purchased a new position in LightPath Technologies in the third quarter valued at $90,000. 56.29% of the stock is owned by institutional investors and hedge funds.

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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