LSI Industries (NASDAQ:LYTS) Shares Gap Down - What's Next?

Key Points

• LSI Industries shares fell 8.9%, opening at $22.74 versus the prior close of $24.06 and later trading near $22.05.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $28.75; Oppenheimer initiated coverage with an “Outperform” rating and a $30 target.
• Insiders sold 256,173 shares worth approximately $6.2 million over the past three months, while institutional investors own 73.91% of the company.

LSI Industries Inc. (NASDAQ:LYTS - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $24.06, but opened at $22.74. LSI Industries shares last traded at $22.0450, with a volume of 54,991 shares trading hands.

Analyst Upgrades and Downgrades

LYTS has been the topic of several recent research reports. Wall Street Zen downgraded shares of LSI Industries from a "buy" rating to a "hold" rating in a research report on Saturday, May 16th. Weiss Ratings lowered shares of LSI Industries from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday. Finally, Oppenheimer initiated coverage on LSI Industries in a report on Tuesday, June 9th. They set an "outperform" rating and a $30.00 price target on the stock. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $28.75.

LSI Industries Trading Down 8.9%

The company has a debt-to-equity ratio of 0.58, a current ratio of 1.48 and a quick ratio of 0.86. The business has a fifty day moving average of $24.80 and a 200-day moving average of $22.72. The stock has a market capitalization of $804.68 million, a price-to-earnings ratio of 29.23 and a beta of 0.56.

Insiders Place Their Bets

In other LSI Industries news, CFO James E. Galeese sold 136,578 shares of the business's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $24.29, for a total transaction of $3,317,479.62. Following the sale, the chief financial officer directly owned 173,288 shares of the company's stock, valued at $4,209,165.52. The trade was a 44.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thomas A. Caneris sold 109,226 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $24.29, for a total value of $2,653,099.54. Following the completion of the sale, the executive vice president directly owned 64,790 shares of the company's stock, valued at approximately $1,573,749.10. This represents a 62.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 256,173 shares of company stock worth $6,220,368. Corporate insiders own 7.30% of the company's stock.

Hedge Funds Weigh In On LSI Industries

Several institutional investors have recently bought and sold shares of the stock. North Star Investment Management Corp. raised its holdings in LSI Industries by 40.7% in the 1st quarter. North Star Investment Management Corp. now owns 276,463 shares of the construction company's stock worth $5,142,000 after acquiring an additional 80,000 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in LSI Industries during the first quarter valued at about $2,107,000. AltraVue Capital LLC grew its position in shares of LSI Industries by 8.0% in the fourth quarter. AltraVue Capital LLC now owns 1,445,833 shares of the construction company's stock valued at $26,488,000 after purchasing an additional 106,693 shares during the last quarter. Juniper Investment Company LLC increased its stake in shares of LSI Industries by 211.0% in the fourth quarter. Juniper Investment Company LLC now owns 341,504 shares of the construction company's stock worth $6,256,000 after purchasing an additional 231,693 shares during the period. Finally, Polar Asset Management Partners Inc. bought a new position in shares of LSI Industries in the first quarter worth about $1,404,000. 73.91% of the stock is currently owned by institutional investors.

LSI Industries Company Profile

LSI Industries, Inc NASDAQ: LYTS is a diversified manufacturer and distributor of lighting, graphics and building technology products. Headquartered in Cincinnati, Ohio, the company develops energy-efficient LED lighting systems, branded and digital graphic displays, and integrated building technology solutions. Serving customers in the retail, quick-service and convenience store, industrial, hospitality and transportation markets, LSI combines design, engineering and manufacturing capabilities to address both aesthetic and functional needs.

In its lighting segment, LSI offers interior and exterior LED fixtures, canopy lights, high-bay and low-bay systems, and specialized horticultural grow lights.

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