LightPath Technologies (NASDAQ:LPTH) Trading Down 6.5% – Here’s What Happened

LightPath Technologies, Inc. (NASDAQ:LPTH)’s share price fell 6.5% during trading on Friday . The stock traded as low as $11.56 and last traded at $11.56. 268,762 shares changed hands during trading, a decline of 91% from the average session volume of 3,158,052 shares. The stock had previously closed at $12.37.

Wall Street Analysts Forecast Growth

LPTH has been the topic of a number of research reports. Canaccord Genuity Group raised their price objective on LightPath Technologies from $15.50 to $16.50 and gave the company a “buy” rating in a report on Monday, May 11th. Wall Street Zen lowered LightPath Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Finally, Weiss Ratings reiterated 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, three have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, LightPath Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $14.12.

LightPath Technologies Price Performance

The firm has a fifty day moving average of $14.13 and a two-hundred day moving average of $12.70. The company has a current ratio of 3.86, a quick ratio of 3.24 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $680.02 million, a PE ratio of -21.66 and a beta of 1.34.

LightPath Technologies (NASDAQ:LPTH) last announced its quarterly earnings results on Thursday, May 7th. The technology company reported ($0.02) EPS for the quarter, hitting analysts’ consensus estimates of ($0.02). LightPath Technologies had a negative return on equity of 15.55% and a negative net margin of 37.38%.The business had revenue of $19.15 million for the quarter, compared to analysts’ expectations of $17.04 million. Research analysts anticipate that LightPath Technologies, Inc. will post -0.11 EPS for the current fiscal year.

Insider Transactions at LightPath Technologies

In other LightPath Technologies news, Director Run Strategic Opportunit North sold 3,571,400 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $14.00, for a total value of $49,999,600.00. Following the sale, the director owned 2,934,828 shares of the company’s stock, valued at $41,087,592. This trade represents a 54.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders have sold 3,864,452 shares of company stock valued at $53,576,437. 24.80% of the stock is owned by company insiders.

Institutional Trading of LightPath Technologies

A number of institutional investors have recently modified their holdings of LPTH. Occudo Quantitative Strategies LP purchased a new stake in LightPath Technologies in the 3rd quarter worth approximately $82,000. Wexford Capital LP bought a new stake in shares of LightPath Technologies in the 3rd quarter worth approximately $88,000. Jefferies Financial Group Inc. purchased a new position in shares of LightPath Technologies during the third quarter valued at approximately $90,000. Royal Bank of Canada increased its stake in shares of LightPath Technologies by 707.2% during the first quarter. Royal Bank of Canada now owns 9,565 shares of the technology company’s stock valued at $96,000 after buying an additional 8,380 shares during the period. Finally, PVG Asset Management Corp bought a new position in shares of LightPath Technologies during the first quarter valued at approximately $108,000. 56.29% of the stock is currently owned by hedge funds and other institutional investors.

About LightPath Technologies

LightPath Technologies, Inc designs, manufactures and distributes precision optical components and assemblies for a variety of commercial, industrial, defense and scientific applications. The company’s portfolio includes molded glass aspheric lenses, precision glass optics, infrared lenses and assemblies, diamond-turned optics and molded polymer optics. These components are engineered to support imaging, illumination, laser delivery, detection and sensing systems across visible, ultraviolet and infrared wavelengths.

Among its core offerings, LightPath develops infrared optical solutions using materials such as germanium, zinc selenide and chalcogenide glasses for thermal imaging, night-vision devices and spectroscopy.