STAAR Surgical Company (NASDAQ:STAA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.

According to Zacks, “Staar Surgical Company has evolved to become a developer, manufacturer and global distributor of products used by ophthalmologists and other eye care professionals to improve or correct vision in patients suffering from refractive conditions, cataracts and glaucoma. “

A number of other brokerages have also commented on STAA. Benchmark Co. reissued a “buy” rating and set a $12.00 price objective (up previously from $10.00) on shares of STAAR Surgical Company in a report on Friday, March 3rd. Canaccord Genuity reissued a “hold” rating and set a $9.00 price objective on shares of STAAR Surgical Company in a report on Friday, March 3rd. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. STAAR Surgical Company has a consensus rating of “Hold” and a consensus price target of $10.17.

Shares of STAAR Surgical Company (NASDAQ:STAA) traded down 1.98% during mid-day trading on Tuesday, hitting $9.90. The stock had a trading volume of 18,414 shares. The firm’s market cap is $405.23 million. STAAR Surgical Company has a one year low of $4.98 and a one year high of $11.50. The company has a 50-day moving average of $9.81 and a 200 day moving average of $10.08.

STAAR Surgical Company (NASDAQ:STAA) last issued its quarterly earnings data on Wednesday, May 3rd. The medical instruments supplier reported ($0.05) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.05). The business had revenue of $20.35 million for the quarter. STAAR Surgical Company had a negative return on equity of 7.99% and a negative net margin of 15.78%. During the same period in the prior year, the company posted ($0.20) EPS. On average, equities research analysts forecast that STAAR Surgical Company will post ($0.15) earnings per share for the current year.

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Several hedge funds and other institutional investors have recently modified their holdings of STAA. Palo Alto Investors LLC raised its position in shares of STAAR Surgical Company by 4.4% in the fourth quarter. Palo Alto Investors LLC now owns 3,386,245 shares of the medical instruments supplier’s stock worth $36,741,000 after buying an additional 141,635 shares in the last quarter. State Street Corp raised its position in shares of STAAR Surgical Company by 6.3% in the fourth quarter. State Street Corp now owns 626,735 shares of the medical instruments supplier’s stock worth $6,800,000 after buying an additional 37,175 shares in the last quarter. Cortina Asset Management LLC raised its position in shares of STAAR Surgical Company by 312.0% in the fourth quarter. Cortina Asset Management LLC now owns 521,009 shares of the medical instruments supplier’s stock worth $5,653,000 after buying an additional 394,550 shares in the last quarter. Baillie Gifford & Co. bought a new position in shares of STAAR Surgical Company during the fourth quarter worth approximately $5,311,000. Finally, Bank of New York Mellon Corp raised its position in shares of STAAR Surgical Company by 0.9% in the first quarter. Bank of New York Mellon Corp now owns 160,186 shares of the medical instruments supplier’s stock worth $1,569,000 after buying an additional 1,392 shares in the last quarter. 73.69% of the stock is currently owned by institutional investors and hedge funds.

About STAAR Surgical Company

STAAR Surgical Company designs, develops, manufactures and sells implantable lenses for the eye and delivery systems used to deliver the lenses into the eye. It operates in the ophthalmic surgical market segment. Its principal products are intraocular lenses used in cataract surgery and implantable collamer lenses used in refractive surgery.

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