LightPath Technologies (LPTH) Downgraded by Zacks Investment Research

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Zacks Investment Research downgraded shares of LightPath Technologies (NASDAQ:LPTH) from a hold rating to a strong sell rating in a report released on Tuesday morning, Zacks.com reports.

According to Zacks, “LightPath Technologies, Inc. provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and gradient index GRADIUM lenses. LightPath also offers custom optical assemblies, including full engineering design support. “

Several other analysts have also commented on the stock. B. Riley reissued a buy rating on shares of LightPath Technologies in a research report on Tuesday, May 7th. ValuEngine downgraded shares of LightPath Technologies from a buy rating to a hold rating in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. LightPath Technologies currently has a consensus rating of Hold and an average target price of $3.00.

Shares of NASDAQ LPTH traded down $0.04 during mid-day trading on Tuesday, reaching $1.18. The company had a trading volume of 5,817 shares, compared to its average volume of 94,165. The company has a current ratio of 3.54, a quick ratio of 2.13 and a debt-to-equity ratio of 0.17. The stock has a market cap of $29.43 million, a PE ratio of 29.48 and a beta of -0.21. LightPath Technologies has a 52 week low of $0.95 and a 52 week high of $2.75.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Royce & Associates LP lifted its stake in LightPath Technologies by 12.5% during the first quarter. Royce & Associates LP now owns 1,133,546 shares of the technology company’s stock worth $1,700,000 after purchasing an additional 126,100 shares during the last quarter. Municipal Employees Retirement System of Michigan acquired a new position in shares of LightPath Technologies in the fourth quarter valued at approximately $301,000. First Interstate Bank increased its holdings in shares of LightPath Technologies by 54.2% in the fourth quarter. First Interstate Bank now owns 55,500 shares of the technology company’s stock valued at $83,000 after purchasing an additional 19,500 shares during the period. Finally, Coastal Investment Advisors Inc. acquired a new position in shares of LightPath Technologies in the first quarter valued at approximately $37,000. Institutional investors and hedge funds own 26.68% of the company’s stock.

LightPath Technologies Company Profile

LightPath Technologies, Inc designs, develops, manufactures, and distributes optical components and assemblies. The company offers precision molded glass aspheric optics, molded and diamond-turned infrared aspheric lenses, and other optical materials used to produce products that manipulate light. Its products are used in various industries, including defense products, medical devices, laser aided industrial tools, automotive safety applications, barcode scanners, optical data storage, hybrid fiber coax datacom, telecommunications, machine vision and sensors, and other industries.

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