IRIDEX (NASDAQ:IRIX) Stock Passes Below 200 Day Moving Average – Here’s Why

Shares of IRIDEX Corporation (NASDAQ:IRIX) passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $1.11 and traded as low as $1.10. IRIDEX shares last traded at $1.17, with a volume of 175,936 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of IRIDEX in a research report on Monday, December 15th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has a consensus rating of “Sell”.

IRIDEX Price Performance

The company has a market capitalization of $20.11 million, a P/E ratio of -3.90 and a beta of 0.65. The company’s 50-day moving average price is $1.01 and its two-hundred day moving average price is $1.11. The company has a debt-to-equity ratio of 62.29, a current ratio of 1.94 and a quick ratio of 1.35.

IRIDEX (NASDAQ:IRIX) last announced its earnings results on Wednesday, November 12th. The medical equipment provider reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.03). IRIDEX had a negative return on equity of 1,204.74% and a negative net margin of 10.04%.The company had revenue of $12.48 million for the quarter, compared to the consensus estimate of $13.10 million.

Insider Activity

In other news, Director William M. Moore bought 28,157 shares of the firm’s stock in a transaction dated Friday, November 14th. The shares were bought at an average price of $0.97 per share, with a total value of $27,312.29. Following the completion of the transaction, the director owned 228,831 shares of the company’s stock, valued at $221,966.07. This trade represents a 14.03% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 7.40% of the stock is currently owned by corporate insiders.

Institutional Trading of IRIDEX

Several hedge funds have recently added to or reduced their stakes in the company. Susquehanna International Group LLP boosted its stake in IRIDEX by 46.2% in the 3rd quarter. Susquehanna International Group LLP now owns 56,470 shares of the medical equipment provider’s stock valued at $65,000 after purchasing an additional 17,834 shares during the period. Thompson Davis & CO. Inc. acquired a new stake in shares of IRIDEX during the second quarter worth $50,000. Apexium Financial LP lifted its holdings in shares of IRIDEX by 53.0% during the third quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock worth $116,000 after buying an additional 34,834 shares in the last quarter. Finally, Citadel Advisors LLC boosted its position in shares of IRIDEX by 62.7% in the third quarter. Citadel Advisors LLC now owns 109,473 shares of the medical equipment provider’s stock valued at $126,000 after acquiring an additional 42,202 shares during the period. 20.10% of the stock is owned by institutional investors and hedge funds.

About IRIDEX

IRIDEX Corporation (NASDAQ: IRIX) is a medical technology company specializing in the development, manufacturing and commercialization of innovative ophthalmic laser and imaging systems. The company’s offerings focus on energy-based therapies designed to treat retinal vascular disorders, glaucoma and other ocular conditions. IRIDEX’s portfolio includes laser photocoagulation platforms, micro-pulse laser technology, and related consumable devices for use by ophthalmologists and retina specialists.

The company’s flagship products include the Cyclo G6 Glaucoma Laser System, which delivers precise, controlled micro-pulse laser therapy for patients with refractory glaucoma, and the IQ 532 Retina Laser System, designed to support minimally invasive laser treatments for diabetic retinopathy and age-related macular degeneration.