Assenagon Asset Management S.A. Acquires 372,199 Shares of nLight $LASR

Key Points

• Assenagon Asset Management increased its nLight stake by 743% in the third quarter, acquiring 372,199 shares and bringing its total holdings to 422,295 shares, or 0.73% of the company. Institutional investors and hedge funds collectively own 83.88% of LASR.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $86.50, despite ratings ranging from Strong Buy to Sell.
• nLight reported quarterly revenue of $82.59 million, up 33.8% year over year, and earnings of $0.15 per share, exceeding estimates. However, insiders sold 616,697 shares worth nearly $27 million during the last quarter, while the stock opened at $33.67, well below its 52-week high of $86.95.

Assenagon Asset Management S.A. increased its holdings in shares of nLight (NASDAQ:LASR - Free Report) by 743.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 422,295 shares of the company's stock after purchasing an additional 372,199 shares during the period. Assenagon Asset Management S.A. owned 0.73% of nLight worth $16,446,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in LASR. State of Alaska Department of Revenue purchased a new stake in shares of nLight during the third quarter valued at approximately $107,000. Krilogy Financial LLC lifted its position in shares of nLight by 9.1% during the third quarter. Krilogy Financial LLC now owns 7,633 shares of the company's stock worth $292,000 after purchasing an additional 634 shares in the last quarter. Farther Finance Advisors LLC lifted its position in shares of nLight by 119.9% during the third quarter. Farther Finance Advisors LLC now owns 2,078 shares of the company's stock worth $81,000 after purchasing an additional 1,133 shares in the last quarter. Wealth Enhancement Trust Services Inc. boosted its stake in shares of nLight by 32,252.9% in the third quarter. Wealth Enhancement Trust Services Inc. now owns 5,500 shares of the company's stock valued at $214,000 after purchasing an additional 5,483 shares during the period. Finally, Moody National Bank Trust Division boosted its stake in shares of nLight by 9.8% in the third quarter. Moody National Bank Trust Division now owns 21,357 shares of the company's stock valued at $832,000 after purchasing an additional 1,900 shares during the period. 83.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on LASR. Craig Hallum raised their price objective on nLight from $80.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday, July 9th. Zacks Research downgraded shares of nLight from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Weiss Ratings reissued a "sell (d-)" rating on shares of nLight in a report on Thursday. UBS Group set a $90.00 price objective on nLight in a report on Friday, July 10th. Finally, Northcoast Research set a $75.00 target price on shares of nLight and gave the company a "buy" rating in a research note on Wednesday, October 7th. One 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 given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $86.50.

Insider Buying and Selling

In other news, CFO Joseph Corso sold 3,524 shares of the stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $41.49, for a total value of $146,210.76. Following the completion of the transaction, the chief financial officer directly owned 162,200 shares in the company, valued at $6,729,678. This trade represents a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible 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, CAO James Nias sold 1,025 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $40.69, for a total transaction of $41,707.25. Following the transaction, the chief accounting officer owned 96,596 shares in the company, valued at $3,930,491.24. This represents a 1.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 616,697 shares of company stock worth $26,999,794. Company insiders own 3.10% of the company's stock.

nLight Stock Performance

Shares of NASDAQ:LASR opened at $33.67 on Monday. The firm's 50 day moving average is $42.00 and its two-hundred day moving average is $59.51. The firm has a market capitalization of $1.94 billion, a P/E ratio of -134.68 and a beta of 2.37. nLight has a 52 week low of $28.05 and a 52 week high of $86.95.

nLight (NASDAQ:LASR - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.01. nLight had a negative net margin of 4.02% and a negative return on equity of 2.83%. The business had revenue of $82.59 million during the quarter, compared to the consensus estimate of $78.58 million. During the same quarter in the prior year, the company posted $0.06 earnings per share. The company's quarterly revenue was up 33.8% compared to the same quarter last year. Analysts predict that nLight will post -0.19 EPS for the current year.

nLight Company Profile

nLight, Inc is a photonics company that develops and manufactures semiconductor and fiber lasers, optical amplifiers, and related laser components and systems. Its products are designed for applications requiring high power, precision, reliability, and advanced beam control.

The company serves customers in industrial, microfabrication, aerospace and defense, and other specialized markets. Its technologies are used in areas such as materials processing, manufacturing, directed-energy systems, and other applications that rely on high-performance laser sources.

Founded in 2000 and headquartered in Vancouver, Washington, nLight operates internationally, with research, development, manufacturing, and sales activities serving customers across North America, Europe, and Asia.

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