LightPath Technologies (NASDAQ:LPTH) Trading 9.8% Higher - Time to Buy?

Key Points

• LightPath Technologies shares jumped 9.8% on Tuesday, trading as high as $11.43 on lighter-than-average volume. The stock was still below its recent 50-day average of $14.13.
• Analysts remain mixed on the stock: Canaccord Genuity raised its price target to $16.50 and kept a buy rating, while other firms issued sell ratings. Overall, MarketBeat data shows a Moderate Buy consensus with an average target price of $14.12.
• The company posted mixed quarterly results, with EPS matching expectations at -$0.02 but revenue coming in above estimates at $19.15 million. Insider selling was notable, including a large June sale by a director, while institutional ownership remains high at 56.29%.

Shares of LightPath Technologies, Inc. (NASDAQ:LPTH - Get Free Report) rose 9.8% during mid-day trading on Tuesday . The company traded as high as $11.43 and last traded at $11.38. Approximately 393,007 shares were traded during trading, a decline of 88% from the average daily volume of 3,150,250 shares. The stock had previously closed at $10.36.

Analysts Set New Price Targets

A number of brokerages have recently commented on LPTH. Canaccord Genuity Group raised their price target on LightPath Technologies from $15.50 to $16.50 and gave the company a "buy" rating in a report on Monday, May 11th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of LightPath Technologies in a report on Friday. Finally, Wall Street Zen lowered shares of LightPath Technologies from a "hold" rating to a "sell" rating in a research report on Saturday, June 6th. One investment 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 issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $14.12.

LightPath Technologies Price Performance

The business has a 50-day simple moving average of $14.13 and a two-hundred day simple moving average of $12.69. The company has a quick ratio of 3.24, a current ratio of 3.86 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $767.29 million, a price-to-earnings ratio of -24.44 and a beta of 1.34.

LightPath Technologies (NASDAQ:LPTH - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.02). The company had revenue of $19.15 million for the quarter, compared to analysts' expectations of $17.04 million. LightPath Technologies had a negative return on equity of 15.55% and a negative net margin of 37.38%. As a group, research analysts predict that LightPath Technologies, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Transactions at LightPath Technologies

In other LightPath Technologies news, Director Run Strategic Opportunit North sold 3,571,400 shares of the business's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $14.00, for a total value of $49,999,600.00. Following the sale, the director directly owned 2,934,828 shares in the company, valued at approximately $41,087,592. The trade was a 54.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 3,864,452 shares of company stock worth $53,576,437 over the last quarter. 24.80% of the stock is owned by insiders.

Hedge Funds Weigh In On LightPath Technologies

Large investors have recently made changes to their positions in the business. Tema ETFs LLC raised its holdings in shares of LightPath Technologies by 129,258.4% in the 2nd quarter. Tema ETFs LLC now owns 1,986,945 shares of the technology company's stock worth $32,487,000 after purchasing an additional 1,985,409 shares in the last quarter. Wasatch Advisors LP bought a new stake in LightPath Technologies during the second quarter worth approximately $8,496,000. PVG Asset Management Corp acquired a new position in LightPath Technologies in the first quarter worth approximately $108,000. Bank of America Corp DE grew its position in LightPath Technologies by 118.2% in the first quarter. Bank of America Corp DE now owns 556,037 shares of the technology company's stock worth $5,577,000 after buying an additional 301,225 shares during the last quarter. Finally, Royal Bank of Canada increased its holdings in shares of LightPath Technologies by 707.2% in the first quarter. Royal Bank of Canada now owns 9,565 shares of the technology company's stock valued at $96,000 after buying an additional 8,380 shares in the last quarter. Institutional investors own 56.29% of the company's stock.

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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