Laser Photonics (NASDAQ:LASE) Trading Down 7% – Here’s What Happened

Laser Photonics Co. (NASDAQ:LASE) dropped 7% during mid-day trading on Wednesday . The company traded as low as $5.48 and last traded at $5.61. Approximately 413,185 shares traded hands during trading, a decline of 75% from the average daily volume of 1,627,381 shares. The stock had previously closed at $6.03.

Laser Photonics Stock Down 7.0 %

The stock’s fifty day moving average is $7.61 and its 200-day moving average is $4.48. The stock has a market cap of $77.60 million, a price-to-earnings ratio of -12.75 and a beta of 3.81.

Laser Photonics (NASDAQ:LASE) last announced its quarterly earnings results on Wednesday, August 28th. The company reported ($0.20) earnings per share (EPS) for the quarter. The firm had revenue of $0.62 million for the quarter.

Hedge Funds Weigh In On Laser Photonics

Several institutional investors have recently modified their holdings of LASE. Anson Funds Management LP bought a new stake in Laser Photonics in the 3rd quarter valued at $4,077,000. Geode Capital Management LLC raised its stake in shares of Laser Photonics by 53.4% in the 3rd quarter. Geode Capital Management LLC now owns 60,656 shares of the company’s stock valued at $989,000 after purchasing an additional 21,106 shares during the period. Jane Street Group LLC bought a new stake in shares of Laser Photonics in the third quarter valued at about $577,000. Virtu Financial LLC acquired a new position in shares of Laser Photonics during the first quarter worth about $46,000. Finally, XTX Topco Ltd bought a new position in shares of Laser Photonics during the second quarter worth about $32,000. Institutional investors own 1.90% of the company’s stock.

Laser Photonics Company Profile

Laser Photonics Corporation provides integrated laser blasting solutions for corrosion control, rust removal, de-coating, pre- and post-welding, laser cleaning, and surface conditioning in the Americas, Europe, Asia, the Middle East, and North Africa. It offers laser cleaning systems, such as CleanTech Titan FX for cleaning, rust removal, and surface conditioning; CleanTech Titan Express, a high-power fiber laser for cleaning and surface conditioning; CleanTech MegaCenter, an industrial-grade laser parts cleaning, rust removal, and surface conditioning system; CleanTech Handheld LPC-50-CTHD, an entry-level dual axis laser cleaning and surface treatment system; CleanTech Handheld LPC-100-CTHD, an air-cooled pulsed laser systems; CleanTech Handheld LPC-200-CTHD for cleaning rust, remove paints, and other coatings; CleanTech Handheld LPC-300-CTHD, a air-cooled laser system; CleanTech Handheld LPC-1000-CTHS, a single axis laser cleaning and surface treatment system; CleanTech Handheld LPC-1000-CTHD, a portable handheld roughing laser cleaner; CleanTech Handheld-1500-CTHS, an handheld laser cleaning, roughing, and surface preparation system; CleanTech Handheld-1500-CTHD, a dual axis fiber laser system; CleanTech Handheld LPC-2000-CTHD for cleaning rust and remove coatings; CleanTech LPC-3000-CTHD for cleaning and removing rust, corrosion, and other materials; CleanTech Laser Blaster Cabinet, a laser cleaning machine; CleanTech Robotic Cell Enclosure, an AI-capable laser cleaning system that eliminates the concerns over human hazard and eye safety; CleanTech EZ- Rider, a laser cleaning tool; and CleanTech Robot, an industrial robotic laser cleaning system.