LightPath Technologies (NASDAQ:LPTH) Stock Price Down 6.2% on Insider Selling

Shares of LightPath Technologies, Inc. (NASDAQ:LPTH) were down 6.2% during mid-day trading on Friday following insider selling activity. The stock traded as low as $10.72 and last traded at $10.78. Approximately 233,056 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 2,832,293 shares. The stock had previously closed at $11.49.

Specifically, Director Run Strategic Opportunit North sold 16,000 shares of the business’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $12.00, for a total transaction of $192,000.00. Following the completion of the sale, the director directly owned 2,900,073 shares of the company’s stock, valued at $34,800,876. The trade was a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Run Strategic Opportunit North sold 104,454 shares of the company’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $12.01, for a total transaction of $1,254,492.54. Following the completion of the sale, the director owned 2,916,073 shares in the company, valued at $35,022,036.73. This represents a 3.46% decrease in their position. The disclosure for this sale is available in the SEC filing.

Analyst Ratings Changes

LPTH has been the subject of a number of analyst reports. LADENBURG THALM/SH SH upgraded LightPath Technologies to a “strong-buy” rating in a research note on Thursday, December 18th. Canaccord Genuity Group started coverage on LightPath Technologies in a research note on Thursday, January 29th. They issued a “buy” rating and a $15.00 price objective for the company. HC Wainwright raised their target price on LightPath Technologies from $10.00 to $15.00 and gave the company a “buy” rating in a report on Thursday, February 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of LightPath Technologies in a research report on Thursday, January 22nd. Finally, Lake Street Capital increased their price target on LightPath Technologies from $10.00 to $14.00 and gave the company a “buy” rating in a research report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $12.10.

LightPath Technologies Stock Down 8.4%

The business’s 50 day simple moving average is $11.54 and its 200 day simple moving average is $9.22. The company has a current ratio of 3.97, a quick ratio of 3.42 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $607.69 million, a PE ratio of -20.25 and a beta of 0.98.

Hedge Funds Weigh In On LightPath Technologies

Several large investors have recently modified their holdings of the stock. Marathon Capital Management purchased a new stake in shares of LightPath Technologies in the second quarter valued at $54,000. J.W. Cole Advisors Inc. purchased a new position in shares of LightPath Technologies during the 2nd quarter worth about $79,000. Occudo Quantitative Strategies LP purchased a new position in shares of LightPath Technologies during the 3rd quarter worth about $82,000. Hudson Bay Capital Management LP bought a new position in LightPath Technologies during the 3rd quarter valued at about $84,000. Finally, Wexford Capital LP bought a new position in LightPath Technologies during the 3rd quarter valued at about $88,000. Institutional investors own 56.29% of the company’s stock.

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.