LightPath Technologies (NASDAQ:LPTH) Shares Gap Up - What's Next?

Key Points

• LightPath Technologies shares rose 7.1%, opening at $9.94 after closing at $9.39 and later trading near $10.12 on volume of about 565,762 shares.
• Analyst sentiment is mixed but leans positive: the stock has a consensus “Moderate Buy” rating and an average price target of $14.10, despite Canaccord lowering its target to $15.50 and one analyst maintaining a sell rating.
• Institutional investors own approximately 56.29% of the company, while several hedge funds recently initiated or expanded positions in LightPath, a photonics supplier serving defense, aerospace, industrial, medical, and telecommunications markets.

LightPath Technologies, Inc. (NASDAQ:LPTH - Get Free Report)'s stock price gapped up prior to trading on Thursday . The stock had previously closed at $9.39, but opened at $9.94. LightPath Technologies shares last traded at $10.12, with a volume of 565,762 shares trading hands.

Analysts Set New Price Targets

LPTH has been the topic of several analyst reports. Canaccord Genuity Group reduced their price target on LightPath Technologies from $16.50 to $15.50 and set a "buy" rating on the stock in a report on Tuesday, September 1st. Weiss Ratings restated a "sell (d-)" rating on shares of LightPath Technologies in a research report on Friday, July 17th. Wall Street Zen raised shares of LightPath Technologies from a "sell" rating to a "hold" rating in a research note on Saturday, September 12th. Finally, Piper Sandler began coverage on shares of LightPath Technologies in a report on Wednesday, August 12th. They issued 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 issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $14.10.

LightPath Technologies Stock Up 7.1%

The stock's 50-day simple moving average is $11.56 and its 200 day simple moving average is $12.67. The company has a market cap of $704.60 million, a price-to-earnings ratio of -25.15 and a beta of 1.39.

Hedge Funds Weigh In On LightPath Technologies

A number of hedge funds have recently made changes to their positions in LPTH. TD Waterhouse Canada Inc. acquired a new stake in LightPath Technologies in the 2nd quarter valued at approximately $71,000. Royal Bank of Canada lifted its stake in LightPath Technologies by 707.2% during the first quarter. Royal Bank of Canada now owns 9,565 shares of the technology company's stock worth $96,000 after purchasing an additional 8,380 shares in the last quarter. PVG Asset Management Corp purchased a new position in shares of LightPath Technologies during the first quarter worth $108,000. Granite Investment Partners LLC acquired a new stake in shares of LightPath Technologies in the first quarter valued at $123,000. Finally, T3 Companies LLC purchased a new stake in shares of LightPath Technologies in the 4th quarter valued at $176,000. Hedge funds and other institutional investors own 56.29% of the company's stock.

LightPath Technologies Company Profile

LightPath Technologies, Inc is a photonics company that designs, manufactures, and supplies optical components and systems for use in defense, aerospace, industrial, telecommunications, medical, and other technology applications. The company focuses on infrared and visible-spectrum optical solutions, serving customers that require precision imaging, sensing, and laser-related technologies.

Its products and services include precision-molded glass aspheric lenses, infrared optics, optical assemblies, imaging systems, and custom-engineered photonics solutions.

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