LightPath Technologies (NASDAQ:LPTH) Price Target Lowered to $15.50 at Canaccord Genuity Group

LightPath Technologies (NASDAQ:LPTH) had its target price cut by research analysts at Canaccord Genuity Group from $16.50 to $15.50 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 61.46% from the stock’s current price.

LPTH has been the topic of a number of other reports. Weiss Ratings restated a “sell (d-)” rating on shares of LightPath Technologies in a report on Friday, July 17th. Piper Sandler started coverage on shares of LightPath Technologies in a report on Wednesday, August 12th. They issued an “overweight” rating and a $15.00 price target for the company. Finally, Wall Street Zen cut LightPath Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, LightPath Technologies has an average rating of “Moderate Buy” and an average price target of $14.10.

LightPath Technologies Price Performance

LightPath Technologies stock traded down $0.46 during mid-day trading on Tuesday, reaching $9.60. 3,010,143 shares of the company’s stock traded hands, compared to its average volume of 3,134,548. LightPath Technologies has a 12-month low of $4.71 and a 12-month high of $18.94. The company has a quick ratio of 3.24, a current ratio of 3.86 and a debt-to-equity ratio of 0.01. The stock has a 50 day moving average of $12.62 and a two-hundred day moving average of $12.85. The company has a market cap of $602.77 million, a price-to-earnings ratio of -19.20 and a beta of 1.39.

Insider Buying and Selling

In other LightPath Technologies news, Director Run Strategic Opportunit North sold 3,571,400 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $14.00, for a total transaction of $49,999,600.00. Following the completion of the transaction, the director owned 2,934,828 shares of the company’s stock, valued at $41,087,592. This represents a 54.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 24.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in LPTH. California State Teachers Retirement System purchased a new position in shares of LightPath Technologies during the second quarter worth about $204,000. FirstWave Capital Management LLC purchased a new position in LightPath Technologies during the 2nd quarter worth approximately $1,700,000. TD Waterhouse Canada Inc. acquired a new position in LightPath Technologies during the second quarter worth approximately $71,000. Round Rock Advisors LLC lifted its stake in LightPath Technologies by 59.5% in the second quarter. Round Rock Advisors LLC now owns 30,691 shares of the technology company’s stock valued at $502,000 after buying an additional 11,452 shares during the last quarter. Finally, AWM Investment Company Inc. purchased a new position in shares of LightPath Technologies during the second quarter worth approximately $41,488,000. Hedge funds and other 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.