nLIGHT Inc. Chief Executive Scott H. Keeney sold approximately $16.5 million in company shares on August 21 and 24 under a prearranged trading plan adopted in May, regulatory filings show.
The 363,500 common shares were disposed at prices ranging from $44.03 to $48.97 per share, according to the filing. The same day, Keeney exercised stock options to acquire an equivalent 363,500 shares at $1.45 each, totaling an acquisition cost of about $527,075. The options were fully vested by 2021 and 2022.
Following the transactions, Keeney retains direct ownership of 2,185,039 shares, including holdings in a family revocable trust. The company’s market capitalization stands at roughly $2.54 billion, with shares last trading at $43.30, down nearly 10% over the prior week but up 48.8% year-over-year.
nLIGHT reported second-quarter earnings per share of $0.15, exceeding Wall Street estimates of $0.14, on revenue of $82.59 million, above the projected $78.58 million. However, supply chain disruptions are expected to defer approximately $17 million in product revenue, weighing on third-quarter guidance.
Analysts at Needham reiterated a buy rating with a $90 price target, citing a 34% year-over-year increase in Q2 defense revenue, including a 41% rise in the aerospace and defense segment and a 72% surge in product revenues within that segment. Stifel maintained a buy rating with a $85 target, noting nLIGHT’s limited exposure to China, restricted to optical materials and non-specialized components.
