Bank of New York Mellon Corp Sells 359,675 Shares of nLight (NASDAQ:LASR)

Bank of New York Mellon Corp reduced its position in nLight (NASDAQ:LASR - Free Report) by 25.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,065,631 shares of the company's stock after selling 359,675 shares during the period. Bank of New York Mellon Corp owned about 2.17% of nLight worth $8,280,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Senvest Management LLC increased its holdings in shares of nLight by 114.1% during the fourth quarter. Senvest Management LLC now owns 2,481,677 shares of the company's stock worth $26,033,000 after purchasing an additional 1,322,637 shares during the period. Segall Bryant & Hamill LLC acquired a new position in nLight in the fourth quarter valued at $5,270,000. Needham Investment Management LLC increased its position in shares of nLight by 13.4% during the fourth quarter. Needham Investment Management LLC now owns 2,652,115 shares of the company's stock worth $27,821,000 after acquiring an additional 314,375 shares in the last quarter. Polar Capital Holdings Plc bought a new stake in nLight in the 4th quarter worth about $2,259,000. Finally, Raymond James Financial Inc. bought a new stake in nLight in the 4th quarter worth about $1,976,000. 83.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently commented on LASR shares. Needham & Company LLC increased their price target on shares of nLight from $14.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Craig Hallum reiterated a "buy" rating and issued a $24.00 price target (up from $14.00) on shares of nLight in a research note on Thursday, June 26th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $17.70.

nLight Price Performance

Shares of NASDAQ LASR opened at $19.12 on Wednesday. The stock has a market capitalization of $945.29 million, a price-to-earnings ratio of -16.92 and a beta of 2.33. nLight has a 12 month low of $6.20 and a 12 month high of $20.36. The firm's 50 day simple moving average is $17.36 and its 200-day simple moving average is $12.12. The company has a debt-to-equity ratio of 0.09, a current ratio of 5.81 and a quick ratio of 4.63.

nLight (NASDAQ:LASR - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.04) earnings per share for the quarter, beating analysts' consensus estimates of ($0.17) by $0.13. The company had revenue of $51.67 million for the quarter, compared to analyst estimates of $47.77 million. nLight had a negative return on equity of 22.23% and a negative net margin of 26.80%. The firm's revenue for the quarter was up 16.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.17) EPS. Analysts expect that nLight will post -1.1 EPS for the current year.

Insider Transactions at nLight

In related news, CEO Scott H. Keeney sold 75,000 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $15.33, for a total value of $1,149,750.00. Following the completion of the transaction, the chief executive officer directly owned 1,342,927 shares of the company's stock, valued at $20,587,070.91. This represents a 5.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Joseph John Corso sold 10,062 shares of the company's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $17.62, for a total value of $177,292.44. Following the completion of the transaction, the chief financial officer directly owned 166,362 shares of the company's stock, valued at $2,931,298.44. This trade represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 201,915 shares of company stock valued at $3,445,301. Corporate insiders own 6.10% of the company's stock.

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.

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