nLIGHT, Inc. (NASDAQ:LASR) CFO Joseph John Corso has recently sold a significant amount of the company's stock, according to the latest SEC filings. On June 3rd and 4th, Corso disposed of a total of 10,013 shares at prices ranging from $12.09 to $13.29 per share, resulting in a total sale value of approximately $124,057.
The transactions were carried out under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks at a specific time. The sales were executed at a weighted average price of $12.09, with individual sales prices varying between $11.99 and $12.44 per share.
In addition to the sales, the SEC filing also noted that 3,643 shares were withheld by Corso to cover tax liabilities associated with the vesting of restricted stock units. These shares, valued at $12.65 each, were not sold in the market and thus did not contribute to the trading volume. This transaction amounted to a total value of $46,083.
Following these transactions, Corso's remaining holdings in nLIGHT include both common stock and unvested restricted stock units, totaling 184,065 shares. The executive's moves come as part of standard financial planning and portfolio management for individuals in such high-ranking positions within publicly traded companies.
Investors often keep a close watch on insider transactions as they may provide insights into the executive's view of the company's current valuation and future prospects. However, these transactions are quite routine and can be influenced by a variety of factors unrelated to the company's performance.
nLIGHT, Inc., headquartered in Camas, Washington, specializes in the manufacturing of semiconductors and related devices. The company's financial activities, including those of its executives, are closely monitored by investors seeking to understand the internal confidence level among nLIGHT's leadership.
In other recent news, nLIGHT, the high-performance laser solutions provider, announced its Q1 revenue at $44.5 million, indicating diverse results across its business sectors. Despite some challenges in commercial markets, nLIGHT anticipates growth in the second quarter and a stronger performance in the latter half of 2024, mainly driven by its defense business. The company concluded the quarter with a robust balance sheet, featuring $121.3 million in cash and investments, and no debt.
nLIGHT's aerospace and defense revenue saw a 3% year-over-year increase to $21.7 million, while industrial and microfabrication revenues experienced declines. The company forecasts Q2 revenue to be between $47 million and $51 million with improved gross margins. nLIGHT's defense business, with a funded backlog and contract value exceeding $300 million, is expected to propel growth.
In terms of recent developments, nLIGHT is transitioning manufacturing from China to the US and investing in new product development. The company has also acquired Nutronics to enhance its directed energy capabilities. Despite a net loss on a GAAP basis and a decrease in adjusted EBITDA in Q1, the company remains optimistic about long-term growth, particularly in the aerospace and defense sectors.
InvestingPro Insights
nLIGHT, Inc. (NASDAQ:LASR) CFO Joseph John Corso's recent stock sale comes amid a backdrop of financial data that may interest investors analyzing the company's current market position. According to InvestingPro data, nLIGHT has a market capitalization of $590.28 million and is currently operating with negative profitability metrics, as reflected by a Price-to-Earnings (P/E) ratio of -11.99. This negative P/E ratio aligns with the company's last twelve months as of Q1 2024, where the adjusted P/E ratio is reported at -12.01, indicating that the company has not generated net earnings during this period.
The company's revenue for the last twelve months as of Q1 2024 stands at $200.36 million, which shows a decline of 13.52% compared to the previous year. This contraction in revenue is further highlighted by a quarterly revenue growth of -17.68% for Q1 2024. Despite these challenges, nLIGHT holds more cash than debt on its balance sheet, which is a positive sign of liquidity and financial health. This is complemented by the fact that the company's liquid assets exceed its short-term obligations, providing some degree of financial flexibility.
InvestingPro Tips for nLIGHT suggest that while five analysts have revised their earnings upwards for the upcoming period, the company suffers from weak gross profit margins of 19.63%. Moreover, the stock price movements are quite volatile, which could be a factor for investors to consider, especially in the context of insider sales. It's also noteworthy that the company is not expected to be profitable this year, and it has not been profitable over the last twelve months.
For investors seeking more in-depth analysis and additional InvestingPro Tips on nLIGHT, Inc., there are more tips available at https://www.investing.com/pro/LASR. To gain access to these valuable insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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