LightPath Technologies (NASDAQ:LPTH) Shares Down 4.6% – Should You Sell?

LightPath Technologies, Inc. (NASDAQ:LPTH)’s stock price was down 4.6% on Tuesday . The company traded as low as $9.70 and last traded at $9.73. Approximately 665,936 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 3,166,593 shares. The stock had previously closed at $10.20.

Analyst Ratings Changes

A number of research firms have recently commented on LPTH. Piper Sandler began coverage on LightPath Technologies in a report on Wednesday, August 12th. They issued an “overweight” rating and a $15.00 price objective 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 lowered their target price on LightPath Technologies from $16.50 to $15.50 and set a “buy” rating for the company in a report on Tuesday, September 1st. Finally, Wall Street Zen downgraded shares of LightPath Technologies from a “hold” rating to a “sell” rating in a report on Sunday. One research 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 company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.10.

LightPath Technologies Trading Down 3.8%

The stock has a market cap of $687.05 million, a P/E ratio of -24.52 and a beta of 1.39. The stock’s 50-day moving average is $11.46 and its 200-day moving average is $12.64.

Hedge Funds Weigh In On LightPath Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of LPTH. AWM Investment Company Inc. purchased a new stake in shares of LightPath Technologies in the 2nd quarter valued at approximately $41,488,000. Tema ETFs LLC grew its position in LightPath Technologies by 129,258.4% during the 2nd quarter. Tema ETFs LLC now owns 1,986,945 shares of the technology company’s stock worth $32,487,000 after purchasing an additional 1,985,409 shares in the last quarter. Tidal Investments LLC raised its stake in LightPath Technologies by 10,315.1% during the 2nd 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. Granahan Investment Management LLC purchased a new stake in shares of LightPath Technologies in the fourth quarter valued at $7,085,000. Finally, Wasatch Advisors LP purchased a new stake in shares of LightPath Technologies in the second quarter valued at $8,496,000. Institutional investors and hedge funds own 56.29% of the company’s stock.

About LightPath Technologies

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.