nLIGHT (NASDAQ:LASR) Shares Gap Down on Insider Selling

Shares of nLIGHT, Inc. (NASDAQ:LASR) gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $14.68, but opened at $11.00. nLIGHT shares last traded at $12.06, with a volume of 216,006 shares changing hands.

Specifically, CEO Scott H. Keeney sold 15,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $13.73, for a total value of $205,950.00. Following the sale, the chief executive officer now owns 1,347,781 shares of the company’s stock, valued at $18,505,033.13. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Analysts Set New Price Targets

Several brokerages recently weighed in on LASR. Benchmark reissued a “speculative buy” rating and issued a $17.00 target price on shares of nLIGHT in a research note on Friday, August 2nd. Cantor Fitzgerald assumed coverage on shares of nLIGHT in a research note on Thursday, October 3rd. They set an “overweight” rating and a $15.50 price objective on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 target price on shares of nLIGHT in a research note on Monday, August 5th.

nLIGHT Price Performance

The stock has a market capitalization of $594.41 million, a PE ratio of -10.38 and a beta of 2.33. The company has a 50-day moving average of $11.26 and a two-hundred day moving average of $11.70.

Institutional Investors Weigh In On nLIGHT

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in nLIGHT by 0.5% during the first quarter. Vanguard Group Inc. now owns 5,065,737 shares of the company’s stock worth $65,855,000 after purchasing an additional 23,697 shares during the period. Royce & Associates LP raised its holdings in shares of nLIGHT by 9.1% in the 3rd quarter. Royce & Associates LP now owns 2,733,476 shares of the company’s stock worth $29,221,000 after purchasing an additional 227,580 shares during the period. Pinnacle Associates Ltd. increased its position in nLIGHT by 18.1% during the 2nd quarter. Pinnacle Associates Ltd. now owns 2,020,769 shares of the company’s stock worth $22,087,000 after purchasing an additional 309,634 shares in the last quarter. Clearbridge Investments LLC grew its stake in nLIGHT by 0.7% during the first quarter. Clearbridge Investments LLC now owns 1,656,803 shares of the company’s stock worth $21,538,000 after buying an additional 12,014 shares during the period. Finally, Divisar Capital Management LLC increased its holdings in nLIGHT by 9.4% in the 2nd quarter. Divisar Capital Management LLC now owns 1,545,935 shares of the company’s stock valued at $16,897,000 after purchasing an additional 133,023 shares in the last quarter. 83.88% of the stock is owned by institutional investors and hedge funds.

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.