LightPath Technologies (NASDAQ:LPTH) Stock Falls 8.5% - Should You Sell?

Key Points

• LightPath Technologies shares fell 8.5% to $8.89 in midday trading, with volume below its average; the stock remains below its 50-day and 200-day moving averages.
• Analyst sentiment is mixed but leans positive: the stock has a “Moderate Buy” consensus rating and an average price target of $14.10, despite recent downgrades and sell ratings.
• Institutional ownership stands at 56.29%, with several hedge funds increasing or initiating positions. LightPath develops optical and infrared products serving defense, aerospace, industrial, medical and communications markets.

LightPath Technologies, Inc. (NASDAQ:LPTH - Get Free Report) shares were down 8.5% during mid-day trading on Monday. The company traded as low as $8.85 and last traded at $8.89. Approximately 2,170,880 shares were traded during mid-day trading, a decline of 30% from the average daily volume of 3,113,836 shares. The stock had previously closed at $9.72.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on LPTH shares. Canaccord Genuity Group lowered their price objective on shares of LightPath Technologies from $16.50 to $15.50 and set a "buy" rating on the stock in a research note on Tuesday, September 1st. Wall Street Zen lowered LightPath Technologies from a "hold" rating to a "sell" rating in a report on Sunday, September 20th. Piper Sandler assumed coverage on LightPath Technologies in a research report on Wednesday, August 12th. They set an "overweight" rating and a $15.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of LightPath Technologies in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $14.10.

LightPath Technologies Trading Down 7.8%

The stock has a fifty day moving average of $11.25 and a two-hundred day moving average of $12.55. The stock has a market capitalization of $627.56 million, a price-to-earnings ratio of -22.40 and a beta of 1.38.

Hedge Funds Weigh In On LightPath Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of LPTH. 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 valued at $5,577,000 after purchasing an additional 301,225 shares in the last quarter. Wasatch Advisors LP acquired a new position in LightPath Technologies during the second quarter worth $8,496,000. Bank of New York Mellon Corp acquired a new stake in LightPath Technologies in the second quarter valued at $2,352,000. Tidal Investments LLC grew its position in shares of LightPath Technologies by 10,315.1% in the 2nd quarter. Tidal Investments LLC now owns 1,952,629 shares of the technology company's stock valued at $31,925,000 after acquiring an additional 1,933,881 shares during the period. Finally, RFG Advisory LLC bought a new stake in shares of LightPath Technologies in the 2nd quarter valued at about $5,879,000. 56.29% of the stock is owned by institutional investors.

About LightPath Technologies

LightPath Technologies, Inc is a photonics and optical technology company that designs, manufactures and supplies precision optical and infrared products. Its offerings include molded glass aspheric lenses, infrared optics, optical assemblies, coatings and custom-engineered components used in imaging, sensing and laser applications.

The company serves customers in markets including defense and aerospace, industrial technology, security, medical equipment and communications. Its products are incorporated into systems such as thermal imaging cameras, laser-based equipment and other optical instruments, and are sold to customers in the United States and international markets.

LightPath has expanded its capabilities through acquisitions and internal development, including the addition of infrared optics and imaging expertise.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.