Pinnacle Associates Ltd. Sells 326,948 Shares of nLIGHT, Inc. (NASDAQ:LASR)

Pinnacle Associates Ltd. lessened its stake in nLIGHT, Inc. (NASDAQ:LASR) by 16.2% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,693,821 shares of the company’s stock after selling 326,948 shares during the quarter. Pinnacle Associates Ltd. owned approximately 3.52% of nLIGHT worth $18,107,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. BNP Paribas Financial Markets boosted its holdings in nLIGHT by 79.1% during the 1st quarter. BNP Paribas Financial Markets now owns 21,812 shares of the company’s stock worth $284,000 after acquiring an additional 9,635 shares during the last quarter. GSA Capital Partners LLP increased its stake in nLIGHT by 112.0% in the 1st quarter. GSA Capital Partners LLP now owns 65,952 shares of the company’s stock valued at $857,000 after buying an additional 34,844 shares during the last quarter. ProShare Advisors LLC lifted its position in shares of nLIGHT by 15.0% during the 1st quarter. ProShare Advisors LLC now owns 11,518 shares of the company’s stock worth $150,000 after buying an additional 1,503 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of nLIGHT by 9.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 13,913 shares of the company’s stock worth $181,000 after buying an additional 1,220 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of nLIGHT by 0.5% in the first quarter. Vanguard Group Inc. now owns 5,065,737 shares of the company’s stock valued at $65,855,000 after acquiring an additional 23,697 shares in the last quarter. Hedge funds and other institutional investors own 83.88% of the company’s stock.

nLIGHT Price Performance

Shares of LASR traded up $0.30 during trading hours on Wednesday, hitting $13.35. The company’s stock had a trading volume of 91,904 shares, compared to its average volume of 223,519. nLIGHT, Inc. has a 52-week low of $8.13 and a 52-week high of $15.00. The company has a market cap of $634.99 million, a price-to-earnings ratio of -12.79 and a beta of 2.35. The business has a 50 day simple moving average of $11.07 and a two-hundred day simple moving average of $11.61.

nLIGHT (NASDAQ:LASR) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.03. nLIGHT had a negative return on equity of 19.58% and a negative net margin of 25.62%. The firm had revenue of $50.51 million during the quarter, compared to analyst estimates of $49.23 million. During the same period last year, the company earned ($0.18) earnings per share. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. Research analysts predict that nLIGHT, Inc. will post -0.98 earnings per share for the current year.

Insider Buying and Selling

In other nLIGHT news, CFO Joseph John Corso sold 4,461 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $11.44, for a total value of $51,033.84. Following the completion of the transaction, the chief financial officer now owns 171,434 shares of the company’s stock, valued at $1,961,204.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other nLIGHT news, CEO Scott H. Keeney sold 15,000 shares of nLIGHT stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $11.20, for a total transaction of $168,000.00. Following the completion of the sale, the chief executive officer now owns 1,347,781 shares of the company’s stock, valued at $15,095,147.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Joseph John Corso sold 4,461 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $11.44, for a total value of $51,033.84. Following the completion of the transaction, the chief financial officer now owns 171,434 shares of the company’s stock, valued at $1,961,204.96. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,461 shares of company stock worth $385,684. Insiders own 6.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on LASR shares. Cantor Fitzgerald started coverage on nLIGHT in a research note on Thursday, October 3rd. They set an “overweight” rating and a $15.50 target price on the stock. Benchmark restated a “speculative buy” rating and set a $17.00 price target on shares of nLIGHT in a research note on Friday, August 2nd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $15.00 price objective on shares of nLIGHT in a research note on Monday, August 5th.

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.