NEW YORK (TheStreet) --Shares of LightPath Technologies (LPTH) were gaining 32.8% to $1.78 on heavy trading Tuesday after the company announced its Infrared 40 degree Field of View modified optical lens assembly was selected for use in the manufacturing of firefighting thermal imaging cameras.
LightPath said an unnamed "leading supplier of integrated products and technologies for defense departments and federal, state and municipal government agencies worldwide" will use the technology in the thermal imaging cameras.
"This is a very large and vital market where increased levels of government spending are being allocated to ensure the safety of both the firefighters and the people they protect," President and CEO Jim Gaynor said in a statement.
About 5.7 million shares of LightPath Technologies were traded by 11:35 a.m. Tuesday, above the company's average trading volume of about 94,000 shares a day.
TheStreet Ratings team rates LIGHTPATH TECHNOLOGIES INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate LIGHTPATH TECHNOLOGIES INC (LPTH) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and generally disappointing historical performance in the stock itself."
Highlights from the analysis by TheStreet Ratings Team goes as follows: