Zacks Investment Research Lowers STAAR Surgical Company (STAA) to Hold
STAAR Surgical Company (NASDAQ:STAA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
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. “
Other analysts have also issued reports about the stock. Canaccord Genuity raised shares of STAAR Surgical from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research note on Monday, September 25th. TheStreet raised shares of STAAR Surgical from a “d+” rating to a “c” rating in a research report on Tuesday, August 15th. BidaskClub raised shares of STAAR Surgical from a “strong sell” rating to a “sell” rating in a research report on Friday, August 11th. Finally, Benchmark Co. increased their price target on shares of STAAR Surgical from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Monday, August 14th. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. STAAR Surgical currently has an average rating of “Buy” and a consensus target price of $13.33.
Shares of STAAR Surgical (NASDAQ STAA) traded up 1.13% on Wednesday, reaching $13.45. 115,652 shares of the company were exchanged. STAAR Surgical has a 52 week low of $7.45 and a 52 week high of $13.95. The company’s market capitalization is $552.90 million. The company’s 50-day moving average is $12.11 and its 200-day moving average is $10.59.
STAAR Surgical (NASDAQ:STAA) last released its quarterly earnings data on Wednesday, August 2nd. The medical instruments supplier reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.04. STAAR Surgical had a negative net margin of 6.06% and a negative return on equity of 8.69%. The company had revenue of $21.90 million during the quarter, compared to analyst estimates of $22.15 million. During the same period in the prior year, the firm earned ($0.02) earnings per share. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. On average, equities analysts expect that STAAR Surgical will post ($0.11) EPS for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in STAA. Baillie Gifford & Co. lifted its position in shares of STAAR Surgical by 36.2% during the second quarter. Baillie Gifford & Co. now owns 666,612 shares of the medical instruments supplier’s stock valued at $7,199,000 after buying an additional 177,072 shares during the last quarter. Palo Alto Investors LLC lifted its position in shares of STAAR Surgical by 2.6% during the first quarter. Palo Alto Investors LLC now owns 3,473,170 shares of the medical instruments supplier’s stock valued at $34,037,000 after buying an additional 86,925 shares during the last quarter. Candriam Luxembourg S.C.A. lifted its position in shares of STAAR Surgical by 151.1% during the second quarter. Candriam Luxembourg S.C.A. now owns 113,000 shares of the medical instruments supplier’s stock valued at $1,220,000 after buying an additional 68,000 shares during the last quarter. State Street Corp lifted its position in shares of STAAR Surgical by 7.8% during the second quarter. State Street Corp now owns 684,125 shares of the medical instruments supplier’s stock valued at $7,390,000 after buying an additional 49,362 shares during the last quarter. Finally, Lincoln National Corp purchased a new stake in shares of STAAR Surgical during the second quarter valued at about $292,000. 76.54% of the stock is owned by institutional investors and hedge funds.
STAAR Surgical Company Profile
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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