nLight (NASDAQ:LASR) Stock Price Down 5.4% – Here’s What Happened
by Mitch Edgeman · The Markets DailynLight (NASDAQ:LASR – Get Free Report)’s share price traded down 5.4% on Friday . The company traded as low as $46.12 and last traded at $45.39. 180,339 shares were traded during trading, a decline of 77% from the average session volume of 788,609 shares. The stock had previously closed at $48.00.
Analyst Upgrades and Downgrades
A number of research analysts have commented on the company. Canaccord Genuity Group upgraded nLight to a “buy” rating in a research note on Wednesday, December 17th. Zacks Research lowered nLight from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of nLight in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of nLight from a “hold” rating to a “buy” rating in a research note on Sunday, January 11th. Finally, Roth Mkm started coverage on shares of nLight in a report on Wednesday, December 17th. They issued a “buy” rating and a $44.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $38.43.
Read Our Latest Stock Analysis on nLight
nLight Stock Performance
The company’s 50-day moving average is $37.34 and its two-hundred day moving average is $30.81. The company has a current ratio of 5.63, a quick ratio of 4.36 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $2.27 billion, a P/E ratio of -50.76 and a beta of 2.33.
Insider Buying and Selling
In other news, Director Raymond A. Link sold 12,560 shares of the business’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $35.33, for a total value of $443,744.80. Following the completion of the sale, the director directly owned 102,576 shares in the company, valued at approximately $3,624,010.08. The trade was a 10.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Scott H. Keeney sold 31,748 shares of the firm’s stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $37.51, for a total transaction of $1,190,867.48. Following the completion of the transaction, the chief executive officer owned 2,285,020 shares in the company, valued at $85,711,100.20. The trade was a 1.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 141,262 shares of company stock worth $5,101,910. Insiders own 4.70% of the company’s stock.
Institutional Trading of nLight
Several hedge funds have recently added to or reduced their stakes in the business. AIGH Capital Management LLC acquired a new stake in nLight during the 2nd quarter worth approximately $11,810,000. Coldstream Capital Management Inc. boosted its position in nLight by 48,328.6% during the second quarter. Coldstream Capital Management Inc. now owns 13,560 shares of the company’s stock worth $267,000 after purchasing an additional 13,532 shares during the period. Emerald Mutual Fund Advisers Trust acquired a new position in shares of nLight in the third quarter valued at $8,626,000. Harvey Partners LLC boosted its stake in nLight by 1.7% in the 2nd quarter. Harvey Partners LLC now owns 2,107,348 shares of the company’s stock valued at $41,473,000 after purchasing an additional 34,348 shares during the period. Finally, Bosun Asset Management LLC acquired a new position in nLight in the 2nd quarter valued at $599,000. 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.