IPG Photonics (NASDAQ:IPGP) Shares Gap Up - Here's What Happened

IPG Photonics Co. (NASDAQ:IPGP - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $79.27, but opened at $81.65. IPG Photonics shares last traded at $85.83, with a volume of 75,028 shares traded.

Analysts Set New Price Targets

A number of brokerages recently weighed in on IPGP. Stifel Nicolaus dropped their target price on shares of IPG Photonics from $115.00 to $100.00 and set a "buy" rating for the company in a research report on Wednesday, July 31st. Raymond James lowered their target price on shares of IPG Photonics from $127.00 to $100.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, July 31st. Finally, Benchmark cut shares of IPG Photonics from a "buy" rating to a "hold" rating in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $93.50.

IPG Photonics Stock Performance

The business's fifty day moving average price is $71.13 and its 200-day moving average price is $79.23. The stock has a market cap of $3.88 billion, a PE ratio of 21.92 and a beta of 1.00.

IPG Photonics (NASDAQ:IPGP - Get Free Report) last announced its earnings results on Tuesday, July 30th. The semiconductor company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.03). IPG Photonics had a net margin of 12.67% and a return on equity of 5.99%. The company had revenue of $257.60 million for the quarter, compared to analysts' expectations of $259.31 million. During the same quarter in the previous year, the business posted $1.31 earnings per share. The business's quarterly revenue was down 24.2% compared to the same quarter last year. Analysts forecast that IPG Photonics Co. will post 1.38 earnings per share for the current fiscal year.

Institutional Trading of IPG Photonics

Hedge funds have recently added to or reduced their stakes in the business. Crewe Advisors LLC acquired a new stake in IPG Photonics during the first quarter worth approximately $52,000. Innealta Capital LLC purchased a new position in shares of IPG Photonics in the second quarter worth about $85,000. Covestor Ltd lifted its position in IPG Photonics by 94.2% during the first quarter. Covestor Ltd now owns 1,728 shares of the semiconductor company's stock valued at $157,000 after buying an additional 838 shares during the period. EntryPoint Capital LLC boosted its stake in IPG Photonics by 97.6% during the first quarter. EntryPoint Capital LLC now owns 1,964 shares of the semiconductor company's stock valued at $178,000 after buying an additional 970 shares during the last quarter. Finally, CWM LLC grew its holdings in shares of IPG Photonics by 226.4% during the third quarter. CWM LLC now owns 2,435 shares of the semiconductor company's stock valued at $181,000 after buying an additional 1,689 shares during the last quarter. 93.79% of the stock is owned by institutional investors.

About IPG Photonics

IPG Photonics Corporation develops, manufactures, and sells various high-performance fiber lasers, fiber amplifiers, and diode lasers used in various applications primarily in materials processing worldwide. Its laser products include hybrid fiber-solid state lasers with green and ultraviolet wavelengths; 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; and high-power optical fiber delivery cables, fiber couplers, beam switches, chillers, scanners, and other accessories.