36,543 nLight $LASR Shares Bought by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lifted its holdings in shares of nLight (NASDAQ:LASR) by 5.1% during the 3rd quarter, Holdings Channel reports. The firm owned 749,079 shares of the company’s stock after purchasing an additional 36,543 shares during the quarter. Pinnacle Associates Ltd.’s holdings in nLight were worth $29,173,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in LASR. BlackRock Inc. bought a new stake in nLight in the second quarter worth approximately $339,687,000. AWM Investment Company Inc. acquired a new position in nLight in the second quarter valued at approximately $65,374,000. Tidal Investments LLC lifted its stake in nLight by 2,995.5% in the second quarter. Tidal Investments LLC now owns 406,624 shares of the company’s stock valued at $28,309,000 after buying an additional 393,488 shares during the period. Tema ETFs LLC lifted its stake in nLight by 84,128.8% in the second quarter. Tema ETFs LLC now owns 394,191 shares of the company’s stock valued at $27,444,000 after buying an additional 393,723 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of nLight during the 2nd quarter worth approximately $27,061,000. Institutional investors and hedge funds own 83.88% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on LASR. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of nLight in a research report on Thursday, October 15th. UBS Group set a $90.00 price objective on shares of nLight in a research note on Friday, July 10th. Zacks Research downgraded shares of nLight from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 4th. Wall Street Zen lowered shares of nLight from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Finally, Craig Hallum increased their target price on shares of nLight from $80.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $86.50.

Insider Buying and Selling

In related news, CFO Joseph Corso sold 4,191 shares of nLight stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $40.69, for a total transaction of $170,531.79. Following the sale, the chief financial officer directly owned 165,724 shares in the company, valued at approximately $6,743,309.56. This trade represents a 2.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director William Gossman sold 15,000 shares of the business’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $44.36, for a total transaction of $665,400.00. Following the completion of the transaction, the director owned 100,251 shares in the company, valued at approximately $4,447,134.36. The trade was a 13.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 621,149 shares of company stock valued at $27,153,700 in the last 90 days. Insiders own 3.10% of the company’s stock.

nLight Price Performance

Shares of nLight stock opened at $36.22 on Wednesday. nLight has a one year low of $28.05 and a one year high of $86.95. The firm has a market capitalization of $2.09 billion, a price-to-earnings ratio of -144.88 and a beta of 2.37. The business has a 50-day simple moving average of $41.42 and a 200 day simple moving average of $59.19.

nLight (NASDAQ:LASR) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. The business had revenue of $82.59 million for the quarter, compared to the consensus estimate of $78.58 million. nLight had a negative return on equity of 2.83% and a negative net margin of 4.02%. The firm’s revenue for the quarter was up 33.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.06 EPS. On average, sell-side analysts expect that nLight will post -0.19 EPS for the current year.

nLight Profile

nLight, Inc (NASDAQ: LASR) develops and manufactures semiconductor and fiber lasers for industrial, microfabrication, aerospace and defense, and other specialized applications. Its products are designed to deliver high optical power, precision and reliability for uses such as materials processing, metal cutting and welding, additive manufacturing, and directed-energy systems.

The company offers a range of laser components and systems, including high-power diode lasers, fiber lasers, and related optical and beam-delivery technologies.