Laser Photonics (NASDAQ:LASE) Shares Down 7% – Here’s Why

Shares of Laser Photonics Co. (NASDAQ:LASE) dropped 7% on Wednesday . The company traded as low as $5.48 and last traded at $5.61. Approximately 413,185 shares traded hands during trading, a decline of 75% from the average daily volume of 1,627,381 shares. The stock had previously closed at $6.03.

Laser Photonics Stock Performance

The company has a 50-day simple moving average of $7.61 and a 200-day simple moving average of $4.48. The stock has a market cap of $77.60 million, a P/E ratio of -12.75 and a beta of 3.81.

Laser Photonics (NASDAQ:LASE) last issued its quarterly earnings data on Wednesday, August 28th. The company reported ($0.20) EPS for the quarter. The business had revenue of $0.62 million for the quarter.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. XTX Topco Ltd acquired a new position in shares of Laser Photonics during the second quarter valued at $32,000. Geode Capital Management LLC lifted its position in Laser Photonics by 53.4% during the 3rd quarter. Geode Capital Management LLC now owns 60,656 shares of the company’s stock valued at $989,000 after purchasing an additional 21,106 shares during the period. Virtu Financial LLC bought a new position in shares of Laser Photonics in the 1st quarter valued at about $46,000. Jane Street Group LLC acquired a new stake in shares of Laser Photonics during the 3rd quarter worth approximately $577,000. Finally, Anson Funds Management LP bought a new stake in shares of Laser Photonics during the third quarter worth approximately $4,077,000. 1.90% of the stock is currently owned by institutional investors.

Laser Photonics Company Profile

Laser Photonics Corporation provides integrated laser blasting solutions for corrosion control, rust removal, de-coating, pre- and post-welding, laser cleaning, and surface conditioning in the Americas, Europe, Asia, the Middle East, and North Africa. It offers laser cleaning systems, such as CleanTech Titan FX for cleaning, rust removal, and surface conditioning; CleanTech Titan Express, a high-power fiber laser for cleaning and surface conditioning; CleanTech MegaCenter, an industrial-grade laser parts cleaning, rust removal, and surface conditioning system; CleanTech Handheld LPC-50-CTHD, an entry-level dual axis laser cleaning and surface treatment system; CleanTech Handheld LPC-100-CTHD, an air-cooled pulsed laser systems; CleanTech Handheld LPC-200-CTHD for cleaning rust, remove paints, and other coatings; CleanTech Handheld LPC-300-CTHD, a air-cooled laser system; CleanTech Handheld LPC-1000-CTHS, a single axis laser cleaning and surface treatment system; CleanTech Handheld LPC-1000-CTHD, a portable handheld roughing laser cleaner; CleanTech Handheld-1500-CTHS, an handheld laser cleaning, roughing, and surface preparation system; CleanTech Handheld-1500-CTHD, a dual axis fiber laser system; CleanTech Handheld LPC-2000-CTHD for cleaning rust and remove coatings; CleanTech LPC-3000-CTHD for cleaning and removing rust, corrosion, and other materials; CleanTech Laser Blaster Cabinet, a laser cleaning machine; CleanTech Robotic Cell Enclosure, an AI-capable laser cleaning system that eliminates the concerns over human hazard and eye safety; CleanTech EZ- Rider, a laser cleaning tool; and CleanTech Robot, an industrial robotic laser cleaning system.