LightPath Technologies (NASDAQ:LPTH) Trading Down 6.3% – Here’s What Happened

Shares of LightPath Technologies, Inc. (NASDAQ:LPTH) fell 6.3% during trading on Friday . The stock traded as low as $14.44 and last traded at $14.66. 428,221 shares were traded during mid-day trading, a decline of 86% from the average session volume of 3,142,437 shares. The stock had previously closed at $15.64.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on LPTH. Canaccord Genuity Group increased their target price on shares of LightPath Technologies from $15.50 to $16.50 and gave the company a “buy” rating in a report on Monday, May 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of LightPath Technologies in a report on Tuesday, April 21st. Finally, Wall Street Zen downgraded shares of LightPath Technologies from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $14.13.

LightPath Technologies Price Performance

The business’s fifty day moving average is $13.98 and its 200-day moving average is $11.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.86 and a quick ratio of 3.24. The firm has a market cap of $895.39 million, a PE ratio of -28.52 and a beta of 1.33.

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

Insider Transactions at LightPath Technologies

In related news, Director Run Strategic Opportunit North sold 3,571,400 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $14.00, for a total transaction of $49,999,600.00. Following the completion of the sale, the director owned 2,934,828 shares in the company, valued at approximately $41,087,592. This trade represents a 54.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold a total of 4,287,258 shares of company stock worth $58,744,883 in the last three months. Company insiders own 24.80% of the company’s stock.

Institutional Trading of LightPath Technologies

A number of large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC increased its holdings in LightPath Technologies by 6.0% during the first quarter. SG Americas Securities LLC now owns 57,684 shares of the technology company’s stock worth $579,000 after buying an additional 3,276 shares during the last quarter. Jefferies Financial Group Inc. increased its holdings in LightPath Technologies by 45.8% during the fourth quarter. Jefferies Financial Group Inc. now owns 16,623 shares of the technology company’s stock worth $180,000 after buying an additional 5,223 shares during the last quarter. Thompson Davis & CO. Inc. increased its holdings in LightPath Technologies by 11.8% during the fourth quarter. Thompson Davis & CO. Inc. now owns 63,600 shares of the technology company’s stock worth $687,000 after buying an additional 6,691 shares during the last quarter. OMERS ADMINISTRATION Corp increased its holdings in LightPath Technologies by 41.3% during the fourth quarter. OMERS ADMINISTRATION Corp now owns 28,400 shares of the technology company’s stock worth $307,000 after buying an additional 8,300 shares during the last quarter. Finally, Royal Bank of Canada boosted its position in LightPath Technologies by 707.2% during the first quarter. Royal Bank of Canada now owns 9,565 shares of the technology company’s stock worth $96,000 after purchasing an additional 8,380 shares during the period. 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.