Nlight (NASDAQ:LASR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday, Zacks.com reports.
According to Zacks, “nLIGHT Inc. provides high-power semiconductor and fiber laser. It sells its products primarily in industrial, microfabrication, aerospace and defense markets. nLIGHT Inc. is based in Vancouver, Washington. “
A number of other brokerages also recently weighed in on LASR. Needham & Company LLC reissued a “buy” rating and issued a $26.00 price target (down from $27.00) on shares of Nlight in a report on Thursday, May 9th. Craig Hallum assumed coverage on shares of Nlight in a report on Friday, February 8th. They issued a “hold” rating and a $20.00 price target for the company. Finally, Northcoast Research reissued a “hold” rating on shares of Nlight in a report on Tuesday, January 29th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $28.40.
Shares of Nlight stock opened at $23.37 on Tuesday. Nlight has a fifty-two week low of $16.25 and a fifty-two week high of $43.63. The firm has a market capitalization of $832.24 million and a price-to-earnings ratio of 73.03.
Nlight (NASDAQ:LASR) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.05. Nlight had a net margin of 5.13% and a return on equity of 4.77%. The firm had revenue of $41.86 million during the quarter, compared to the consensus estimate of $42.47 million. During the same period in the prior year, the firm earned $0.10 EPS. The business’s revenue was down 1.4% on a year-over-year basis. On average, equities research analysts predict that Nlight will post 0.14 earnings per share for the current year.
In related news, CFO Ran Bareket sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $20.53, for a total transaction of $102,650.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Scott H. Keeney sold 13,500 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $22.01, for a total transaction of $297,135.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 242,000 shares of company stock valued at $5,569,925.
A number of institutional investors and hedge funds have recently made changes to their positions in LASR. Bank of New York Mellon Corp lifted its stake in Nlight by 24.2% in the third quarter. Bank of New York Mellon Corp now owns 835,004 shares of the company’s stock valued at $18,545,000 after buying an additional 162,453 shares in the last quarter. BlackRock Inc. lifted its stake in Nlight by 1.7% in the third quarter. BlackRock Inc. now owns 402,434 shares of the company’s stock valued at $8,938,000 after buying an additional 6,896 shares in the last quarter. LPL Financial LLC bought a new position in Nlight in the third quarter valued at approximately $279,000. Neuberger Berman Group LLC lifted its stake in Nlight by 408.7% in the third quarter. Neuberger Berman Group LLC now owns 1,248,103 shares of the company’s stock valued at $27,720,000 after buying an additional 1,002,773 shares in the last quarter. Finally, Morgan Stanley lifted its stake in Nlight by 149.5% in the third quarter. Morgan Stanley now owns 111,875 shares of the company’s stock valued at $2,486,000 after buying an additional 67,034 shares in the last quarter. 80.97% of the stock is currently owned by hedge funds and other institutional investors.
nLIGHT, Inc designs, develops, and manufactures semiconductor and fiber lasers used in the industrial, microfabrication, and aerospace and defense markets. The company also produces optical fiber products. It markets and sells its products to original equipment manufacturer primarily through direct sales force in the United States, China, South Korea, Germany, and Finland, as well as through various independent sales representatives and distributors in Asia and Europe.
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