Pinnacle Associates Ltd. cut its holdings in nLight (NASDAQ:LASR - Free Report) by 2.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,686,432 shares of the company's stock after selling 42,892 shares during the period. Pinnacle Associates Ltd. owned approximately 3.41% of nLight worth $13,104,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in LASR. Charles Schwab Investment Management Inc. lifted its stake in nLight by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 388,684 shares of the company's stock worth $4,077,000 after purchasing an additional 2,900 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in shares of nLight in the fourth quarter valued at about $237,000. Raymond James Financial Inc. purchased a new position in shares of nLight in the fourth quarter valued at about $1,976,000. Swiss National Bank increased its position in shares of nLight by 1.9% in the fourth quarter. Swiss National Bank now owns 90,000 shares of the company's stock valued at $944,000 after acquiring an additional 1,700 shares during the period. Finally, Quantbot Technologies LP increased its position in shares of nLight by 17.6% in the fourth quarter. Quantbot Technologies LP now owns 11,864 shares of the company's stock valued at $124,000 after acquiring an additional 1,772 shares during the period. 83.88% of the stock is owned by institutional investors.
Insider Buying and Selling
In other news, CFO Joseph John Corso sold 10,062 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $17.62, for a total transaction of $177,292.44. Following the sale, the chief financial officer owned 166,362 shares in the company, valued at $2,931,298.44. This represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Scott H. Keeney sold 33,682 shares of the stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $19.53, for a total transaction of $657,809.46. Following the sale, the chief executive officer owned 1,206,540 shares in the company, valued at approximately $23,563,726.20. The trade was a 2.72% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 201,915 shares of company stock worth $3,445,301. Corporate insiders own 4.70% of the company's stock.
nLight Stock Down 0.6%
LASR traded down $0.12 during midday trading on Friday, reaching $19.39. The company's stock had a trading volume of 298,598 shares, compared to its average volume of 575,463. The firm has a market capitalization of $958.64 million, a price-to-earnings ratio of -17.16 and a beta of 2.33. The company has a current ratio of 5.81, a quick ratio of 4.63 and a debt-to-equity ratio of 0.09. nLight has a 1 year low of $6.20 and a 1 year high of $20.36. The stock's 50-day moving average is $17.76 and its 200-day moving average is $12.28.
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, topping analysts' consensus estimates of ($0.17) by $0.13. The business had revenue of $51.67 million for the quarter, compared to analysts' expectations of $47.77 million. nLight had a negative net margin of 26.80% and a negative return on equity of 22.23%. The business's revenue was up 16.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.17) earnings per share. As a group, research analysts expect that nLight will post -1.1 EPS for the current year.
Analyst Upgrades and Downgrades
LASR has been the topic of a number of analyst reports. Craig Hallum restated a "buy" rating and issued a $24.00 price objective (up previously from $14.00) on shares of nLight in a research report on Thursday, June 26th. Needham & Company LLC boosted their price objective on shares of nLight from $14.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $17.70.
View Our Latest Research Report on nLight
About nLight
(
Free Report)
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.
See Also
Before you consider nLight, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and nLight wasn't on the list.
While nLight currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
