Nlight (NASDAQ:LASR) Price Target Lowered to $18.00 at Canaccord Genuity

Nlight (NASDAQ:LASR) had its price target lowered by Canaccord Genuity from $28.00 to $18.00 in a research note issued to investors on Tuesday, The Fly reports. The brokerage currently has an in-line rating on the stock.

A number of other research analysts also recently weighed in on LASR. Zacks Investment Research raised Nlight from a sell rating to a hold rating in a report on Saturday, August 3rd. Needham & Company LLC lowered their target price on Nlight to $21.00 and set a buy rating on the stock in a report on Wednesday, July 17th. Finally, ValuEngine raised Nlight from a hold rating to a buy rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $22.56.

LASR stock traded down $0.06 during trading on Tuesday, reaching $14.70. The stock had a trading volume of 47,664 shares, compared to its average volume of 565,463. Nlight has a 52 week low of $13.56 and a 52 week high of $35.73. The firm’s 50 day moving average is $17.07. The company has a market capitalization of $515.48 million, a price-to-earnings ratio of 45.94, a PEG ratio of 5.31 and a beta of 2.00.

Nlight (NASDAQ:LASR) last posted its earnings results on Monday, August 5th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). Nlight had a net margin of 2.66% and a return on equity of 2.30%. The firm had revenue of $48.05 million during the quarter, compared to the consensus estimate of $47.79 million. During the same period in the prior year, the company posted $0.14 EPS. The firm’s revenue was down 7.1% compared to the same quarter last year. Equities research analysts forecast that Nlight will post 0.09 EPS for the current fiscal year.

In other news, CFO Ran Bareket sold 5,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $20.00, for a total value of $100,000.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Scott H. Keeney sold 4,935 shares of the firm’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $23.11, for a total value of $114,047.85. The disclosure for this sale can be found here. Insiders sold 12,370 shares of company stock worth $262,937 in the last ninety days. Corporate insiders own 5.80% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of LASR. Citigroup Inc. raised its stake in shares of Nlight by 34.0% in the fourth quarter. Citigroup Inc. now owns 2,563 shares of the company’s stock worth $46,000 after buying an additional 650 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Nlight by 112.3% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,295 shares of the company’s stock worth $51,000 after buying an additional 1,214 shares during the period. Meridian Wealth Management LLC bought a new position in shares of Nlight in the first quarter worth about $52,000. Optimum Investment Advisors bought a new position in shares of Nlight in the first quarter worth about $58,000. Finally, Legal & General Group Plc raised its stake in shares of Nlight by 302.6% in the fourth quarter. Legal & General Group Plc now owns 4,119 shares of the company’s stock worth $73,000 after buying an additional 3,096 shares during the period. 77.58% of the stock is currently owned by hedge funds and other institutional investors.

Nlight Company Profile

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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