IPG Photonics Co. (NASDAQ:IPGP) was the target of a large increase in short interest during the month of July. As of July 31st, there was short interest totalling 2,958,000 shares, an increase of 7.4% from the June 30th total of 2,754,700 shares. Based on an average daily trading volume, of 542,500 shares, the days-to-cover ratio is currently 5.5 days. Approximately 8.4% of the shares of the stock are short sold.
Several brokerages recently weighed in on IPGP. BidaskClub downgraded IPG Photonics from a “hold” rating to a “sell” rating in a research report on Tuesday, August 6th. Susquehanna Bancshares set a $127.00 target price on IPG Photonics and gave the company a “hold” rating in a research report on Wednesday, July 31st. Raymond James dropped their target price on IPG Photonics from $204.00 to $190.00 and set a “strong-buy” rating for the company in a research report on Wednesday, July 31st. Benchmark downgraded IPG Photonics from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. They noted that the move was a valuation call. Finally, DA Davidson dropped their target price on IPG Photonics to $175.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $171.67.
IPG Photonics stock traded up $2.80 during trading hours on Friday, hitting $119.42. The stock had a trading volume of 439,862 shares, compared to its average volume of 497,387. The company has a quick ratio of 6.47, a current ratio of 8.38 and a debt-to-equity ratio of 0.02. The stock has a market cap of $6.20 billion, a price-to-earnings ratio of 16.18, a P/E/G ratio of 3.51 and a beta of 2.13. IPG Photonics has a one year low of $104.64 and a one year high of $182.17. The business’s 50 day simple moving average is $135.10 and its 200-day simple moving average is $146.42.
In related news, CAO Thomas J. Burgomaster sold 621 shares of the company’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $145.75, for a total transaction of $90,510.75. Following the completion of the sale, the chief accounting officer now directly owns 7,577 shares in the company, valued at approximately $1,104,347.75. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Trevor Ness sold 166 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $165.00, for a total value of $27,390.00. Following the sale, the senior vice president now owns 20,753 shares of the company’s stock, valued at $3,424,245. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,049 shares of company stock valued at $1,957,905. 33.90% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of IPGP. TRUE Private Wealth Advisors bought a new position in shares of IPG Photonics during the second quarter worth about $38,000. Manchester Capital Management LLC bought a new position in shares of IPG Photonics during the first quarter worth about $59,000. Stephens Inc. AR raised its position in shares of IPG Photonics by 89.4% during the first quarter. Stephens Inc. AR now owns 498 shares of the semiconductor company’s stock worth $76,000 after acquiring an additional 235 shares during the last quarter. Signaturefd LLC raised its position in shares of IPG Photonics by 322.5% during the second quarter. Signaturefd LLC now owns 507 shares of the semiconductor company’s stock worth $78,000 after acquiring an additional 387 shares during the last quarter. Finally, CSat Investment Advisory L.P. raised its position in shares of IPG Photonics by 60.2% during the second quarter. CSat Investment Advisory L.P. now owns 596 shares of the semiconductor company’s stock worth $92,000 after acquiring an additional 224 shares during the last quarter. Institutional investors own 64.57% of the company’s stock.
About IPG Photonics
IPG Photonics Corporation develops and manufactures a range of high-performance fiber lasers, fiber amplifiers, and diode lasers used in various applications primarily in materials processing worldwide. The company's laser products include low, medium, and high power lasers; fiber pigtailed packaged diodes and fiber coupled direct diode laser systems; high-energy pulsed lasers, multi-wavelength and tunable lasers, and single-polarization and single-frequency lasers; laser diode chips and packaged laser diodes; and high power optical fiber delivery cables, fiber couplers, beam switches, chillers, scanners, and other accessories.
Further Reading: Hold Rating
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