LightPath Technologies (NASDAQ:LPTH) Stock Price Down 4.6% - Here's Why

Key Points

• LightPath Technologies shares fell 4.6% to $9.73 in midday trading, with volume down 79% versus the average session.
• Analyst sentiment remains mixed but leans positive: the stock has an overall “Moderate Buy” rating and a $14.10 average price target, despite recent downgrades and target reductions.
• Institutional ownership stands at 56.29%, with Tidal Investments increasing its position by more than 10,000% during the second quarter and several funds initiating new stakes.

LightPath Technologies, Inc. (NASDAQ:LPTH - Get Free Report)'s stock price dropped 4.6% during mid-day trading on Tuesday . The stock traded as low as $9.70 and last traded at $9.73. 665,936 shares were traded during mid-day trading, a decline of 79% from the average session volume of 3,166,593 shares. The stock had previously closed at $10.20.

Analyst Ratings Changes

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

LightPath Technologies Trading Down 3.8%

The company has a market cap of $687.05 million, a P/E ratio of -24.52 and a beta of 1.39. The company has a 50-day simple moving average of $11.46 and a 200 day simple moving average of $12.64.

Hedge Funds Weigh In On LightPath Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. Tidal Investments LLC grew its holdings in shares of LightPath Technologies by 10,315.1% in the second quarter. Tidal Investments LLC now owns 1,952,629 shares of the technology company's stock valued at $31,925,000 after purchasing an additional 1,933,881 shares during the period. WINTON GROUP Ltd purchased a new stake in shares of LightPath Technologies in the second quarter valued at about $835,000. RFG Advisory LLC purchased a new position in LightPath Technologies during the 2nd quarter worth $5,879,000. FirstWave Capital Management LLC acquired a new position in LightPath Technologies during the second quarter worth $1,700,000. Finally, TD Waterhouse Canada Inc. purchased a new position in LightPath Technologies in the second quarter valued at about $71,000. 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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