The Manufacturers Life Insurance Company purchased a new stake in shares of nLight (NASDAQ:LASR – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 28,433 shares of the company’s stock, valued at approximately $1,980,000.
A number of other large investors have also recently modified their holdings of LASR. Algert Global LLC grew its stake in nLight by 9.8% in the second quarter. Algert Global LLC now owns 353,201 shares of the company’s stock worth $24,590,000 after purchasing an additional 31,540 shares in the last quarter. Cibc World Market Inc. bought a new stake in nLight during the 2nd quarter valued at $218,000. Sanctuary Advisors LLC bought a new stake in nLight during the 2nd quarter valued at $217,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of nLight in the 2nd quarter worth $27,061,000. Finally, Elevation Point Wealth Partners LLC purchased a new stake in shares of nLight in the 2nd quarter worth $344,000. Hedge funds and other institutional investors own 83.88% of the company’s stock.
Analyst Upgrades and Downgrades
LASR has been the topic of a number of recent research reports. UBS Group set a $90.00 price target on nLight in a research report on Friday, July 10th. Zacks Research cut shares of nLight from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 4th. Craig Hallum raised their target price on shares of nLight from $80.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Needham & Company LLC boosted their price target on shares of nLight from $80.00 to $90.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Finally, Stifel Nicolaus upped their price target on shares of nLight from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $87.94.
Insider Transactions at nLight
In other nLight news, Director William Gossman sold 15,000 shares of the business’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $44.36, for a total value of $665,400.00. Following the completion of the transaction, the director directly owned 100,251 shares in the company, valued at approximately $4,447,134.36. The trade was a 13.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Scott H. Keeney sold 181,750 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $46.88, for a total transaction of $8,520,440.00. Following the sale, the chief executive officer directly owned 2,185,039 shares of the company’s stock, valued at approximately $102,434,628.32. The trade was a 7.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 378,500 shares of company stock valued at $17,210,102 over the last quarter. 3.10% of the stock is currently owned by corporate insiders.
nLight Trading Down 2.3%
Shares of NASDAQ:LASR opened at $39.39 on Thursday. nLight has a 12-month low of $27.22 and a 12-month high of $86.95. The business’s fifty day simple moving average is $60.13 and its 200-day simple moving average is $64.67. The company has a market capitalization of $2.27 billion, a PE ratio of -157.56 and a beta of 2.30.
nLight (NASDAQ:LASR – Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. nLight had a negative return on equity of 2.83% and a negative net margin of 4.02%.The firm had revenue of $82.59 million during the quarter, compared to analysts’ expectations of $78.58 million. During the same period in the prior year, the business posted $0.06 EPS. The firm’s quarterly revenue was up 33.8% on a year-over-year basis. Research analysts predict that nLight will post -0.19 EPS for the current year.
About nLight
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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