Bank of New York Mellon Corp Cuts Stake in nLIGHT, Inc. (NASDAQ:LASR)

Bank of New York Mellon Corp cut its stake in nLIGHT, Inc. (NASDAQ:LASR) by 30.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,724,496 shares of the company’s stock after selling 738,038 shares during the quarter. Bank of New York Mellon Corp’s holdings in nLIGHT were worth $18,849,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. State Board of Administration of Florida Retirement System raised its holdings in shares of nLIGHT by 9.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 13,913 shares of the company’s stock valued at $181,000 after acquiring an additional 1,220 shares during the last quarter. ProShare Advisors LLC raised its stake in nLIGHT by 15.0% in the 1st quarter. ProShare Advisors LLC now owns 11,518 shares of the company’s stock valued at $150,000 after purchasing an additional 1,503 shares during the last quarter. Rice Hall James & Associates LLC lifted its holdings in nLIGHT by 0.7% in the 1st quarter. Rice Hall James & Associates LLC now owns 231,391 shares of the company’s stock valued at $3,008,000 after purchasing an additional 1,528 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in nLIGHT by 16.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,154 shares of the company’s stock worth $172,000 after purchasing an additional 1,886 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in nLIGHT by 8.0% during the 4th quarter. Victory Capital Management Inc. now owns 60,500 shares of the company’s stock worth $817,000 after purchasing an additional 4,500 shares during the last quarter. 83.88% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at nLIGHT

In other news, CFO Joseph John Corso sold 4,461 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $11.44, for a total transaction of $51,033.84. Following the transaction, the chief financial officer now directly owns 171,434 shares in the company, valued at approximately $1,961,204.96. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 6.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on LASR. Needham & Company LLC reissued a “buy” rating and issued a $15.00 price target on shares of nLIGHT in a research note on Monday, August 5th. Benchmark reiterated a “speculative buy” rating and issued a $17.00 price objective on shares of nLIGHT in a report on Friday, August 2nd.

nLIGHT Price Performance

Shares of nLIGHT stock opened at $10.50 on Friday. The stock has a market cap of $499.43 million, a P/E ratio of -10.29 and a beta of 2.36. The stock’s 50 day simple moving average is $11.53 and its 200-day simple moving average is $12.09. nLIGHT, Inc. has a 1-year low of $8.13 and a 1-year high of $15.00.

nLIGHT (NASDAQ:LASR) last issued its earnings results on Thursday, August 1st. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.03. The business had revenue of $50.51 million for the quarter, compared to analysts’ expectations of $49.23 million. nLIGHT had a negative return on equity of 19.58% and a negative net margin of 25.62%. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.18) EPS. As a group, research analysts expect that nLIGHT, Inc. will post -0.96 EPS for the current fiscal year.

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.