IRIDEX Corporation (NASDAQ:IRIX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

According to Zacks, “IRIDEX Corporation is the leading worldwide provider of semiconductor-based laser systems used to treat eye diseases in ophthalmology and skin lesions in dermatology. The products are sold in the United States predominantly through a direct sales force and internationally through independent distributors. The company markets the products using three brand names: IRIS Medical to the ophthalmology market, IRIDERM to the dermatology market, and Light Solutions to the research market. “

A number of other equities analysts have also issued reports on the stock. ValuEngine upgraded shares of IRIDEX Corporation from a “strong sell” rating to a “sell” rating in a research report on Friday, June 2nd. TheStreet lowered shares of IRIDEX Corporation from a “c-” rating to a “d+” rating in a research report on Wednesday, April 12th.

IRIDEX Corporation (NASDAQ IRIX) traded up 0.24% during trading on Tuesday, hitting $8.21. 84,060 shares of the company were exchanged. The company’s market capitalization is $94.78 million. The company has a 50-day moving average of $9.36 and a 200-day moving average of $11.37. IRIDEX Corporation has a 12 month low of $7.58 and a 12 month high of $16.39.

IRIDEX Corporation (NASDAQ:IRIX) last announced its earnings results on Thursday, August 3rd. The medical equipment provider reported ($0.24) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.18) by $0.06. The company had revenue of $10 million during the quarter, compared to the consensus estimate of $10.48 million. IRIDEX Corporation had a negative net margin of 37.62% and a negative return on equity of 16.84%. Analysts forecast that IRIDEX Corporation will post ($0.51) EPS for the current year.

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A number of institutional investors have recently made changes to their positions in the stock. LMR Partners LLP bought a new position in shares of IRIDEX Corporation during the second quarter worth about $242,000. Lyon Street Capital LLC bought a new position in shares of IRIDEX Corporation during the first quarter worth about $4,242,000. Finally, Renaissance Technologies LLC raised its position in shares of IRIDEX Corporation by 2.2% in the first quarter. Renaissance Technologies LLC now owns 200,304 shares of the medical equipment provider’s stock worth $2,378,000 after buying an additional 4,404 shares in the last quarter. Hedge funds and other institutional investors own 50.79% of the company’s stock.

IRIDEX Corporation Company Profile

IRIDEX Corporation is a provider of therapeutic based laser consoles, delivery devices and consumable instrumentation used to treat sight-threatening eye diseases in ophthalmology. The Company operates through ophthalmology segment. Its ophthalmology products consist of laser consoles, delivery devices and consumable instrumentation, including laser probes, and are used in the treatment of serious eye diseases, including the over three causes of irreversible blindness, such as diabetic retinopathy, glaucoma and age-related macular degeneration (AMD).

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