nLIGHT (NASDAQ:LASR) Stock Price Down 4.6% After Insider Selling

nLIGHT, Inc. (NASDAQ:LASR) fell 4.6% on Thursday after an insider sold shares in the company. The company traded as low as $10.69 and last traded at $10.71. 133,417 shares were traded during trading, a decline of 46% from the average session volume of 246,787 shares. The stock had previously closed at $11.23.

Specifically, CFO Joseph John Corso sold 2,500 shares of nLIGHT stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $10.92, for a total transaction of $27,300.00. Following the sale, the chief financial officer now directly owns 155,129 shares of the company’s stock, valued at $1,694,008.68. This trade represents a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Ratings Changes

LASR has been the subject of several recent research reports. Needham & Company LLC increased their price target on shares of nLIGHT from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. 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 target on the stock.

nLIGHT Price Performance

The company’s 50 day simple moving average is $11.29 and its 200 day simple moving average is $11.51. The stock has a market cap of $516.26 million, a P/E ratio of -10.35 and a beta of 2.20.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LASR. The Manufacturers Life Insurance Company lifted its holdings in shares of nLIGHT by 9.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,681 shares of the company’s stock valued at $204,000 after purchasing an additional 1,546 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of nLIGHT by 16.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,154 shares of the company’s stock worth $172,000 after acquiring an additional 1,886 shares in the last quarter. Quantbot Technologies LP boosted its stake in nLIGHT by 25.5% in the 3rd quarter. Quantbot Technologies LP now owns 10,092 shares of the company’s stock worth $108,000 after purchasing an additional 2,052 shares during the period. Squarepoint Ops LLC lifted its holdings in shares of nLIGHT by 6.7% in the second quarter. Squarepoint Ops LLC now owns 52,823 shares of the company’s stock valued at $577,000 after purchasing an additional 3,332 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in shares of nLIGHT by 3.3% during the second quarter. Sei Investments Co. now owns 108,376 shares of the company’s stock worth $1,185,000 after buying an additional 3,436 shares in the last quarter. 83.88% of the stock is currently owned by institutional investors.

nLIGHT Company Profile

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.