Arrowstreet Capital Limited Partnership Trims Stock Holdings in nLight $LASR

Arrowstreet Capital Limited Partnership lowered its stake in shares of nLight (NASDAQ:LASR - Free Report) by 32.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 585,387 shares of the company's stock after selling 276,452 shares during the period. Arrowstreet Capital Limited Partnership owned 1.04% of nLight worth $33,379,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LASR. SBI Securities Co. Ltd. boosted its position in nLight by 22.3% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,225 shares of the company's stock worth $46,000 after acquiring an additional 223 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of nLight by 2.7% during the 4th quarter. ProShare Advisors LLC now owns 13,745 shares of the company's stock worth $516,000 after purchasing an additional 358 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of nLight by 1.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,574 shares of the company's stock worth $997,000 after purchasing an additional 422 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of nLight by 8.0% during the fourth quarter. NewEdge Advisors LLC now owns 6,003 shares of the company's stock worth $225,000 after purchasing an additional 443 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of 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 purchasing an additional 647 shares during the last quarter. Hedge funds and other institutional investors own 83.88% of the company's stock.

nLight Stock Performance

Shares of NASDAQ:LASR opened at $63.30 on Wednesday. The stock has a 50-day simple moving average of $69.17 and a 200-day simple moving average of $63.35. The stock has a market capitalization of $3.57 billion, a P/E ratio of -210.99 and a beta of 2.30. nLight has a 1 year low of $19.33 and a 1 year high of $86.95.

nLight (NASDAQ:LASR - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.08 by $0.12. The firm had revenue of $80.18 million for the quarter, compared to analyst estimates of $72.14 million. nLight had a negative net margin of 5.08% and a negative return on equity of 4.18%. nLight's revenue for the quarter was up 55.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.04) earnings per share. Analysts predict that nLight will post -0.17 earnings per share for the current year.

Insider Transactions at nLight

In related news, CAO James Nias sold 940 shares of the company's stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $77.99, for a total transaction of $73,310.60. Following the completion of the sale, the chief accounting officer directly owned 97,621 shares of the company's stock, valued at approximately $7,613,461.79. This represents a 0.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Scott H. Keeney sold 16,089 shares of the stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $74.60, for a total value of $1,200,239.40. Following the completion of the sale, the chief executive officer owned 2,185,039 shares of the company's stock, valued at approximately $163,003,909.40. This represents a 0.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders sold 391,038 shares of company stock valued at $28,367,419 over the last 90 days. Corporate insiders own 3.10% of the company's stock.

Wall Street Analysts Forecast Growth

LASR has been the subject of several analyst reports. Stifel Nicolaus upped their target price on nLight from $75.00 to $85.00 and gave the company a "buy" rating in a research note on Thursday, May 21st. Wall Street Zen lowered nLight from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. Weiss Ratings restated a "sell (d-)" rating on shares of nLight in a report on Friday, July 17th. Craig Hallum upped their price objective on shares of nLight from $80.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday, July 9th. Finally, Zacks Research raised shares of nLight from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 6th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $80.94.

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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