nLight (NASDAQ:LASR – Get Free Report)’s share price dropped 6.4% during mid-day trading on Tuesday . The company traded as low as $65.11 and last traded at $65.1460. Approximately 159,821 shares changed hands during trading, a decline of 89% from the average daily volume of 1,471,467 shares. The stock had previously closed at $69.63.
Wall Street Analysts Forecast Growth
LASR has been the topic of a number of recent analyst reports. Raymond James Financial restated a “strong-buy” rating and set a $100.00 price target on shares of nLight in a research note on Friday, May 8th. Cantor Fitzgerald upped their price target on shares of nLight from $40.00 to $62.50 and gave the company an “overweight” rating in a research note on Friday, February 27th. Stifel Nicolaus upped their price target on shares of nLight from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Needham & Company LLC upped their price target on shares of nLight from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Finally, William Blair started coverage on shares of nLight in a research note on Friday, March 27th. They set an “outperform” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.06.
Check Out Our Latest Research Report on nLight
nLight Stock Performance
nLight (NASDAQ:LASR – Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.12. nLight had a negative net margin of 5.08% and a negative return on equity of 4.18%. The company had revenue of $80.18 million for the quarter, compared to the consensus estimate of $72.14 million. During the same quarter in the prior year, the company earned ($0.04) EPS. nLight’s quarterly revenue was up 55.2% on a year-over-year basis. On average, sell-side analysts anticipate that nLight will post -0.17 EPS for the current fiscal year.
Insider Activity at nLight
In related news, CEO Scott H. Keeney sold 46,735 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $68.48, for a total value of $3,200,412.80. Following the transaction, the chief executive officer owned 2,375,519 shares in the company, valued at approximately $162,675,541.12. This represents a 1.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Joseph John Corso sold 35,476 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $70.40, for a total transaction of $2,497,510.40. Following the completion of the transaction, the chief financial officer owned 177,572 shares in the company, valued at approximately $12,501,068.80. This trade represents a 16.65% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 391,038 shares of company stock worth $28,367,419. 3.10% of the stock is owned by corporate insiders.
Institutional Trading of nLight
Hedge funds have recently added to or reduced their stakes in the company. Osaic Holdings Inc. boosted its holdings in nLight by 1,599.1% during the second quarter. Osaic Holdings Inc. now owns 1,835 shares of the company’s stock worth $36,000 after buying an additional 1,727 shares in the last quarter. Sunbelt Securities Inc. boosted its holdings in nLight by 7,142.9% during the fourth quarter. Sunbelt Securities Inc. now owns 1,014 shares of the company’s stock worth $38,000 after buying an additional 1,000 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in nLight by 155.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,062 shares of the company’s stock worth $40,000 after buying an additional 647 shares in the last quarter. Financial Consulate Inc. purchased a new stake in nLight during the fourth quarter worth $41,000. Finally, Wexford Capital LP purchased a new stake in nLight during the third quarter worth $41,000. 83.88% of the stock is owned by hedge funds and other institutional investors.
nLight Company Profile
nLIGHT, Inc designs, develops, manufactures, and sells semiconductor and fiber lasers for industrial, microfabrication, and aerospace and defense applications. The company operates in two segments, Laser Products and Advanced Development. It offers semiconductor lasers with various ranges of power levels, wavelengths, and output fiber sizes; and programmable and serviceable fiber lasers for use in industrial and aerospace and defense applications. The company also provides laser sensors, including light detection and ranging technologies for intelligence, surveillance, and reconnaissance applications; and fiber amplifiers, beam combination, and control systems for use in high-energy laser systems in directed energy applications.
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