Short Interest in nLight (NASDAQ:LASR) Increases By 16.2%
by Amy Steele · The Cerbat GemnLight (NASDAQ:LASR – Get Free Report) saw a significant increase in short interest in the month of April. As of April 15th, there was short interest totaling 3,360,047 shares, an increase of 16.2% from the March 31st total of 2,891,460 shares. Based on an average daily volume of 1,311,343 shares, the short-interest ratio is presently 2.6 days. Currently, 6.3% of the shares of the company are sold short.
nLight Stock Up 1.6%
NASDAQ:LASR traded up $1.13 during mid-day trading on Friday, hitting $70.98. 721,167 shares of the stock traded hands, compared to its average volume of 1,053,917. The business’s 50-day moving average price is $64.86 and its 200 day moving average price is $47.72. The company has a market cap of $4.00 billion, a PE ratio of -151.02 and a beta of 2.34. nLight has a 12-month low of $7.88 and a 12-month high of $80.27.
nLight (NASDAQ:LASR – Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.03. nLight had a negative net margin of 8.98% and a negative return on equity of 9.28%. The business had revenue of $81.19 million during the quarter, compared to analysts’ expectations of $76.71 million. During the same quarter in the previous year, the company earned ($0.30) EPS. The business’s quarterly revenue was up 71.3% compared to the same quarter last year. Analysts anticipate that nLight will post -0.43 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Several research firms have recently issued reports on LASR. Stifel Nicolaus reissued a “buy” rating and issued a $75.00 price target (up from $68.00) on shares of nLight in a research report on Friday, April 17th. Robert W. Baird began coverage on shares of nLight in a research note on Wednesday, March 4th. They set an “outperform” rating and a $95.00 price objective for the company. Wall Street Zen cut shares of nLight from a “buy” rating to a “hold” rating in a research note on Tuesday, March 31st. Needham & Company LLC boosted their price objective on shares of nLight from $48.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and set a $75.00 price objective on shares of nLight in a research note on Friday, February 27th. 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 company’s stock. According to data from MarketBeat, nLight has an average rating of “Moderate Buy” and an average price target of $63.44.
Check Out Our Latest Stock Analysis on nLight
Insider Buying and Selling at nLight
In other news, Director Raymond A. Link sold 6,644 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $63.28, for a total value of $420,432.32. Following the sale, the director owned 77,172 shares of the company’s stock, valued at $4,883,444.16. The trade was a 7.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Scott H. Keeney sold 19,096 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $58.80, for a total transaction of $1,122,844.80. Following the completion of the sale, the chief executive officer directly owned 2,210,029 shares in the company, valued at approximately $129,949,705.20. This trade represents a 0.86% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 130,780 shares of company stock worth $8,032,729. 4.70% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On nLight
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Federated Hermes Inc. grew its stake in nLight by 161,736.7% in the 3rd quarter. Federated Hermes Inc. now owns 79,300 shares of the company’s stock worth $2,350,000 after buying an additional 79,251 shares in the last quarter. Emerald Mutual Fund Advisers Trust purchased a new position in nLight in the 3rd quarter worth approximately $8,626,000. FNY Investment Advisers LLC grew its stake in nLight by 6,151.0% in the 3rd quarter. FNY Investment Advisers LLC now owns 41,819 shares of the company’s stock worth $1,239,000 after buying an additional 41,150 shares in the last quarter. Vanguard Group Inc. grew its stake in nLight by 18.2% in the 3rd quarter. Vanguard Group Inc. now owns 4,864,312 shares of the company’s stock worth $144,130,000 after buying an additional 747,958 shares in the last quarter. Finally, Portolan Capital Management LLC purchased a new position in nLight in the 3rd quarter worth approximately $22,809,000. Hedge funds and other institutional investors own 83.88% of the company’s stock.
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. 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.