nLight (NASDAQ:LASR) Stock Rating Raised to “Buy” at Northcoast Research

nLight (NASDAQ:LASR) was upgraded by stock analysts at Northcoast Research from a “neutral” rating to a “buy” rating in a research report issued on Wednesday, MarketBeat Ratings reports. The brokerage presently has a $75.00 price target on the stock. Northcoast Research’s target price indicates a potential upside of 88.06% from the company’s current price.

A number of other brokerages have also issued reports on LASR. Needham & Company LLC increased their target price on shares of nLight from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of nLight in a research note on Friday, July 17th. Wall Street Zen cut shares of nLight from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. Zacks Research lowered shares of nLight from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 4th. Finally, Craig Hallum boosted their target price on nLight from $80.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, nLight has an average rating of “Moderate Buy” and a consensus price target of $86.50.

nLight Price Performance

Shares of nLight stock opened at $39.88 on Wednesday. nLight has a 1-year low of $28.05 and a 1-year high of $86.95. The company has a market capitalization of $2.30 billion, a PE ratio of -159.52 and a beta of 2.37. The business has a 50-day moving average of $46.60 and a 200-day moving average of $60.93.

nLight (NASDAQ:LASR) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.01. The firm had revenue of $82.59 million during the quarter, compared to the consensus estimate of $78.58 million. nLight had a negative return on equity of 2.83% and a negative net margin of 4.02%.nLight’s revenue for the quarter was up 33.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.06 earnings per share. On average, equities analysts expect that nLight will post -0.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Joseph Corso sold 3,524 shares of the firm’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $41.49, for a total value of $146,210.76. Following the transaction, the chief financial officer directly owned 162,200 shares in the company, valued at approximately $6,729,678. This trade represents a 2.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Scott Keeney sold 100,000 shares of the company’s stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $41.01, for a total transaction of $4,101,000.00. Following the sale, the chief executive officer owned 1,960,034 shares of the company’s stock, valued at $80,380,994.34. This trade represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 616,697 shares of company stock valued at $26,999,794 in the last three months. Company insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On nLight

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd grew its holdings in shares of nLight by 7,871.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,116 shares of the company’s stock worth $42,000 after purchasing an additional 1,102 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new position in nLight in the first quarter worth $52,000. Ascentis Independent Advisors bought a new position in nLight in the first quarter worth $70,000. Allworth Financial LP acquired a new stake in nLight during the second quarter worth $81,000. Finally, EverSource Wealth Advisors LLC boosted its stake in nLight by 67.9% during the first quarter. EverSource Wealth Advisors LLC now owns 1,783 shares of the company’s stock worth $102,000 after buying an additional 721 shares in the last quarter. Institutional investors own 83.88% of the company’s stock.

About nLight

nLight, Inc is a photonics company that develops and manufactures semiconductor and fiber lasers, optical amplifiers, and related laser components and systems. Its products are designed for applications requiring high power, precision, reliability, and advanced beam control.

The company serves customers in industrial, microfabrication, aerospace and defense, and other specialized markets. Its technologies are used in areas such as materials processing, manufacturing, directed-energy systems, and other applications that rely on high-performance laser sources.

Founded in 2000 and headquartered in Vancouver, Washington, nLight operates internationally, with research, development, manufacturing, and sales activities serving customers across North America, Europe, and Asia.