Needham & Company LLC Cuts nLIGHT (NASDAQ:LASR) Price Target to $15.00

nLIGHT (NASDAQ:LASR) had its price target lowered by Needham & Company LLC from $16.00 to $15.00 in a research note released on Friday, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

nLIGHT Stock Performance

LASR stock opened at $12.62 on Friday. The company’s 50 day moving average price is $12.23 and its 200 day moving average price is $12.33. The firm has a market capitalization of $600.21 million, a price-to-earnings ratio of -12.37 and a beta of 2.42. nLIGHT has a fifty-two week low of $8.13 and a fifty-two week high of $15.91.

nLIGHT (NASDAQ:LASR) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($0.26) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.02. The business had revenue of $51.89 million for the quarter, compared to analyst estimates of $48.08 million. nLIGHT had a negative net margin of 23.81% and a negative return on equity of 17.60%. Equities analysts forecast that nLIGHT will post -0.93 EPS for the current fiscal year.

Insider Activity

In related news, CFO Joseph John Corso sold 14,105 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $12.26, for a total transaction of $172,927.30. Following the completion of the sale, the chief financial officer now owns 146,601 shares in the company, valued at $1,797,328.26. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in nLIGHT by 91.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,732 shares of the company’s stock valued at $91,000 after acquiring an additional 4,174 shares in the last quarter. M&T Bank Corp acquired a new stake in shares of nLIGHT in the 3rd quarter valued at about $116,000. Cable Hill Partners LLC purchased a new position in nLIGHT during the 3rd quarter worth approximately $123,000. EP Wealth Advisors LLC purchased a new position in nLIGHT during the 3rd quarter worth approximately $131,000. Finally, Versor Investments LP acquired a new position in nLIGHT during the third quarter worth approximately $132,000. 83.88% of the stock is owned by hedge funds and other institutional investors.

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.