Laser Photonics (NASDAQ:LASE) Shares Down 7% - Here's Why

Shares of Laser Photonics Co. (NASDAQ:LASE - Get Free Report) dropped 7% during mid-day trading on Wednesday . The stock traded as low as $5.48 and last traded at $5.61. Approximately 413,185 shares changed 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 business's fifty day moving average is $7.55 and its 200 day moving average is $4.48. The firm has a market capitalization of $77.60 million, a price-to-earnings ratio of -12.75 and a beta of 3.81.

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

Hedge Funds Weigh In On Laser Photonics

Several hedge funds have recently made changes to their positions in the business. Anson Funds Management LP bought a new stake in shares of Laser Photonics in the third quarter worth $4,077,000. Geode Capital Management LLC lifted its position in Laser Photonics by 53.4% during the 3rd quarter. Geode Capital Management LLC now owns 60,656 shares of the company's stock worth $989,000 after buying an additional 21,106 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of Laser Photonics during the 3rd quarter worth about $577,000. Virtu Financial LLC bought a new position in shares of Laser Photonics in the 1st quarter valued at about $46,000. Finally, XTX Topco Ltd acquired a new stake in shares of Laser Photonics in the second quarter valued at about $32,000. 1.90% of the stock is owned by institutional investors.

About Laser Photonics

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.