nLIGHT (NASDAQ:LASR) Hits New 52-Week High - Here's Why

nLIGHT, Inc. (NASDAQ:LASR - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $18.87 and last traded at $18.75, with a volume of 163305 shares changing hands. The stock had previously closed at $18.04.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on LASR shares. Craig Hallum upgraded nLIGHT from a "hold" rating to a "buy" rating and set a $14.00 target price on the stock in a research note on Friday, May 9th. Needham & Company LLC boosted their price objective on shares of nLIGHT from $14.00 to $18.00 and gave the stock 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 has an average rating of "Buy" and an average target price of $15.70.

nLIGHT Stock Up 4.2%

The stock has a market capitalization of $929.26 million, a P/E ratio of -18.24 and a beta of 2.27. The stock has a 50 day simple moving average of $11.53 and a two-hundred day simple moving average of $10.57.

nLIGHT (NASDAQ:LASR - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.13. The company had revenue of $51.67 million during the quarter, compared to the consensus estimate of $47.77 million. nLIGHT had a negative return on equity of 19.53% and a negative net margin of 24.16%. The firm's revenue for the quarter was up 16.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.17) EPS. Sell-side analysts predict that nLIGHT, Inc. will post -1.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Scott H. Keeney sold 40,680 shares of the stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $16.07, for a total value of $653,727.60. Following the sale, the chief executive officer now owns 1,281,540 shares in the company, valued at approximately $20,594,347.80. This represents a 3.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders sold 116,853 shares of company stock worth $1,818,727. Company insiders own 4.70% of the company's stock.

Hedge Funds Weigh In On nLIGHT

Large investors have recently modified their holdings of the stock. Picton Mahoney Asset Management grew its stake in nLIGHT by 47.4% in the 4th quarter. Picton Mahoney Asset Management now owns 2,907 shares of the company's stock valued at $30,000 after buying an additional 935 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of nLIGHT by 6,563.0% during the first quarter. GAMMA Investing LLC now owns 4,864 shares of the company's stock worth $38,000 after acquiring an additional 4,791 shares during the period. Russell Investments Group Ltd. grew its position in shares of nLIGHT by 3,951.6% in the fourth quarter. Russell Investments Group Ltd. now owns 3,687 shares of the company's stock valued at $39,000 after purchasing an additional 3,596 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of nLIGHT during the fourth quarter worth approximately $102,000. Finally, State of Wyoming lifted its holdings in nLIGHT by 110.6% during the 1st quarter. State of Wyoming now owns 14,762 shares of the company's stock worth $115,000 after purchasing an additional 7,754 shares during the last quarter. 83.88% of the stock is owned by institutional investors.

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.

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