LightPath Technologies’ (LPTH) “Buy” Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of LightPath Technologies (NASDAQ:LPTH) in a report published on Monday,Benzinga reports. They currently have a $16.50 price target on the technology company’s stock.

A number of other analysts have also recently weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of LightPath Technologies in a research note on Friday, July 17th. Wall Street Zen lowered shares of LightPath Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, LightPath Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $14.12.

LightPath Technologies Price Performance

Shares of NASDAQ LPTH opened at $10.92 on Monday. The company has a current ratio of 3.86, a quick ratio of 3.24 and a debt-to-equity ratio of 0.01. LightPath Technologies has a twelve month low of $2.91 and a twelve month high of $18.94. The stock has a 50 day moving average of $14.10 and a two-hundred day moving average of $12.71. The stock has a market cap of $685.67 million, a P/E ratio of -21.84 and a beta of 1.34.

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

Insider Activity

In other news, Director Run Strategic Opportunit North sold 3,571,400 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $14.00, for a total value of $49,999,600.00. Following the transaction, the director owned 2,934,828 shares of the company’s stock, valued at approximately $41,087,592. The trade was a 54.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 3,864,452 shares of company stock valued at $53,576,437 over the last quarter. Insiders own 24.80% of the company’s stock.

Institutional Investors Weigh In On LightPath Technologies

Several hedge funds have recently modified their holdings of LPTH. Tudor Investment Corp ET AL purchased a new position in LightPath Technologies during the 3rd quarter worth $8,445,000. AIGH Capital Management LLC boosted its holdings in shares of LightPath Technologies by 14.5% in the fourth quarter. AIGH Capital Management LLC now owns 1,030,738 shares of the technology company’s stock valued at $11,132,000 after acquiring an additional 130,738 shares in the last quarter. Monashee Investment Management LLC purchased a new stake in shares of LightPath Technologies in the fourth quarter valued at about $1,080,000. Harbor Capital Advisors Inc. acquired a new position in shares of LightPath Technologies during the fourth quarter worth about $672,000. Finally, Larson Financial Group LLC increased its stake in shares of LightPath Technologies by 5,064.0% during the fourth quarter. Larson Financial Group LLC now owns 70,075 shares of the technology company’s stock worth $757,000 after acquiring an additional 68,718 shares during the period. 56.29% of the stock is owned by institutional investors and hedge funds.

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.