New York, Feb 10, 2026, 14:07 (EST) — Regular session
- Coherent shares slid in afternoon trade after a Bain Capital affiliate filed to sell more stock.
- The proposed sale covers about 9.4 million shares, on top of two big disposals late last year.
- Traders are watching for deal terms and whether sponsor selling keeps weighing on the stock.
Coherent Corp shares (COHR.N) were down 4.4% at $231.70 in afternoon trade on Tuesday, after a large shareholder signaled plans to sell a fresh block of stock. The photonics maker’s shares had traded between $225.38 and $240.50 so far, with about 5.1 million shares changing hands.
The filing matters now because it adds potential supply to a stock that has been moving fast. Big secondary sales — large blocks placed by banks, often at a discount — can pressure the share price even when the company story has not changed.
A Bain Capital affiliate, BCPE Watson (DE) BML, LP, filed a Form 144 notice to sell 9,437,238 shares, with an aggregate market value shown at about $2.22 billion, the document showed. The notice said Goldman Sachs & Co. LLC would handle the sales and listed prior disposals of 5 million shares in December and 7.5 million shares in November. 1
Form 144 is a required notice tied to Rule 144, a U.S. SEC rule that allows resales of restricted stock if holders meet certain conditions. It does not mean the shares have already been sold, but it can put a headline “overhang” on the stock.
Coherent makes engineered materials, optoelectronic components and lasers, selling into industrial, communications and electronics markets, among others. Reuters company data lists its segments as Networking, Materials and Lasers. 2
Investors have also been leaning on management’s recent messaging around demand. In its latest quarterly update last week, Chief Executive Jim Anderson said, “We delivered strong year-over-year revenue growth, while our non-GAAP earnings per share nearly doubled” — non-GAAP being the company’s adjusted profit measure. 3
On the earnings call, Anderson also said “the visibility of the business is the best it’s ever been,” a line that has been circulating with traders in recent sessions. 4
But the tape can turn quickly. If the block needs a wider-than-expected discount to clear, or if more sponsor stock comes to market, the sell-down could keep a lid on any rebound.
For the rest of Tuesday, traders will be watching for signs that the proposed sale is being placed smoothly and for any follow-on filings that update ownership once transactions settle.
Coherent is also scheduled to appear at SEMICON Korea from Feb. 11-13 in Seoul, one of several near-term industry events where investors will listen for fresh demand color. 5
