MYDA Advisors LLC reduced its stake in shares of nLight (NASDAQ:LASR – Free Report) by 42.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 239,042 shares of the company’s stock after selling 172,757 shares during the quarter. nLight comprises approximately 1.7% of MYDA Advisors LLC’s holdings, making the stock its 11th largest position. MYDA Advisors LLC owned about 0.47% of nLight worth $8,966,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in LASR. Osaic Holdings Inc. grew its holdings in nLight by 1,599.1% during the 2nd quarter. Osaic Holdings Inc. now owns 1,835 shares of the company’s stock valued at $36,000 after buying an additional 1,727 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in nLight by 155.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,062 shares of the company’s stock valued at $40,000 after buying an additional 647 shares in the last quarter. Financial Consulate Inc. purchased a new stake in nLight during the 4th quarter valued at approximately $41,000. Wexford Capital LP purchased a new stake in nLight during the 3rd quarter valued at approximately $41,000. Finally, SBI Securities Co. Ltd. grew its holdings in nLight by 22.3% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,225 shares of the company’s stock valued at $46,000 after buying an additional 223 shares in the last quarter. 83.88% of the stock is owned by hedge funds and other institutional investors.
nLight Price Performance
Shares of LASR opened at $69.66 on Monday. The company has a market cap of $3.93 billion, a PE ratio of -232.19 and a beta of 2.31. The business has a fifty day moving average of $70.93 and a 200 day moving average of $56.58. nLight has a 52-week low of $16.87 and a 52-week high of $86.95.
Insiders Place Their Bets
In other nLight news, CFO Joseph John Corso sold 3,817 shares of the stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $72.90, for a total value of $278,259.30. Following the sale, the chief financial officer owned 169,915 shares in the company, valued at $12,386,803.50. This trade represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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, CAO James Nias sold 940 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $77.99, for a total value of $73,310.60. Following the completion of the sale, the chief accounting officer owned 97,621 shares in the company, valued at approximately $7,613,461.79. The trade was a 0.95% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 391,038 shares of company stock worth $28,367,419 over the last quarter. Company insiders own 3.10% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on the stock. William Blair assumed coverage on shares of nLight in a report on Friday, March 27th. They set an “outperform” rating for the company. Needham & Company LLC increased their target price on nLight from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Wall Street Zen upgraded nLight from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Raymond James Financial reiterated a “strong-buy” rating and set a $100.00 target price on shares of nLight in a research report on Friday, May 8th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of nLight in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, nLight presently has an average rating of “Moderate Buy” and a consensus target price of $69.06.
Read Our Latest Stock Report on nLight
nLight 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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