LightPath Technologies (NASDAQ:LPTH) Shares Gap Up - Here's Why

Key Points

• LightPath Technologies shares opened higher, rising from a prior close of $7.43 to $7.95 before last trading at $7.90 on volume of 423,408 shares.
• Analyst sentiment remains mixed but leans positive: the stock has a consensus “Moderate Buy” rating and an average price target of $13.70, despite recent target reductions from Canaccord Genuity and Piper Sandler and sell ratings from Weiss Ratings and Wall Street Zen.
• Institutional investors and hedge funds own 56.29% of the company, while LightPath’s business focuses on precision optical components, infrared optics, imaging systems, and other photonics products.

LightPath Technologies, Inc. (NASDAQ:LPTH - Get Free Report)'s stock price gapped up prior to trading on Tuesday. The stock had previously closed at $7.43, but opened at $7.95. LightPath Technologies shares last traded at $7.90, with a volume of 423,408 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of LightPath Technologies in a report on Thursday, October 15th. Canaccord Genuity Group dropped their price objective on LightPath Technologies from $16.50 to $15.50 and set a "buy" rating on the stock in a report on Tuesday, September 1st. Piper Sandler cut their target price on LightPath Technologies from $15.00 to $13.00 and set an "overweight" rating on the stock in a research report on Friday. Finally, Wall Street Zen lowered LightPath Technologies from a "hold" rating to a "sell" rating in a research report on Sunday, September 20th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $13.70.

LightPath Technologies Stock Performance

The stock's 50-day moving average is $10.21 and its 200 day moving average is $12.01. The stock has a market capitalization of $561.72 million, a PE ratio of -20.05 and a beta of 1.38.

Hedge Funds Weigh In On LightPath Technologies

Several large investors have recently bought and sold shares of the stock. TD Waterhouse Canada Inc. purchased a new position in shares of LightPath Technologies during the second quarter worth about $71,000. Royal Bank of Canada lifted its holdings in shares of LightPath Technologies by 707.2% in the 1st quarter. Royal Bank of Canada now owns 9,565 shares of the technology company's stock valued at $96,000 after purchasing an additional 8,380 shares during the last quarter. PVG Asset Management Corp acquired a new stake in shares of LightPath Technologies in the 1st quarter valued at about $108,000. Granite Investment Partners LLC acquired a new stake in shares of LightPath Technologies in the 1st quarter valued at about $123,000. Finally, Lake Street Private Wealth LLC boosted its position in shares of LightPath Technologies by 35.6% in the 3rd quarter. Lake Street Private Wealth LLC now owns 36,200 shares of the technology company's stock valued at $373,000 after purchasing an additional 9,500 shares during the period. Institutional investors and hedge funds own 56.29% of the company's stock.

LightPath Technologies Company Profile

LightPath Technologies, Inc is a photonics and optics manufacturer that develops, manufactures, and distributes precision optical components, assemblies, and imaging systems. The company's products are designed for applications that require the control, transmission, or detection of light across visible, near-infrared, and infrared wavelengths.

Its product portfolio includes precision-molded glass aspheric lenses, infrared optics, coated optical components, custom optical assemblies, and thermal imaging solutions.

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