NLIGHT Inc (NASDAQ:LASR) shares are getting hit in after-hours trading on Tuesday after the company announced a proposed public offering.
- nLight stock is feeling bearish pressure. Why are LASR shares down?
nLIGHT Proposes Public Offering Of Common Stock
nLIGHT has commenced a proposed underwritten public offering of its common stock pursuant to its existing shelf registration statement. The company plans to grant the underwriters a 30-day window to purchase up to an additional 15% of the shares in the offering. Pricing or terms of the offering were not disclosed.
nLIGHT, which is a provider of high-power lasers for mission-critical directed energy, optical sensing and advanced manufacturing applications, had approximately $81.11 million of total cash and cash equivalents as of the end of the third quarter.
The offering comes after nLight shares hit a 52-week high on Tuesday after Roth Capital maintained a Buy rating on the stock and lifted its price target from $44 to $55.
LASR Remains In Long-Term Bullish Trend
LASR stock is now trading 9.3% below its 20-day simple moving average (SMA), but 30.6% above its 100-day SMA, indicating some short-term weakness while the longer-term trend remains intact. Shares have gained more than 355% over the past 12 months.
The RSI currently sits at 67.50, which is considered neutral territory, suggesting that the stock is neither overbought nor oversold. Meanwhile, the MACD is above its signal line, indicating bullish momentum, which contrasts with the recent price decline.
The combination of a neutral RSI and bullish MACD suggests mixed momentum, indicating that while the stock has shown strength in the longer term, it is currently facing some selling pressure.
- Key Resistance: $48.50
- Key Support: $42.50
LASR Stock Slides After Hours
LASR Price Action: nLIGHT shares were down 8.96% in after-hours Tuesday, trading at $45.50 at the time of publication, according to Benzinga Pro.
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