Wedbush Begins Coverage on STAAR Surgical (NASDAQ:STAA)

Wedbush initiated coverage on shares of STAAR Surgical (NASDAQ:STAA) in a research report issued on Tuesday, MarketBeat.com reports. The firm set a “neutral” rating and a $26.00 price target on the medical instruments supplier’s stock. Wedbush’s price objective suggests a potential upside of 48.23% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Piper Sandler reissued a “neutral” rating on shares of STAAR Surgical in a research report on Monday, October 27th. BTIG Research reiterated a “neutral” rating on shares of STAAR Surgical in a report on Tuesday, January 6th. Weiss Ratings reissued a “sell (d)” rating on shares of STAAR Surgical in a research report on Thursday, January 22nd. Wells Fargo & Company upped their target price on STAAR Surgical from $28.00 to $30.75 and gave the stock an “equal weight” rating in a research report on Wednesday, December 10th. Finally, Canaccord Genuity Group lowered their target price on STAAR Surgical from $30.75 to $22.00 and set a “hold” rating for the company in a research note on Thursday, January 15th. One equities research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, STAAR Surgical presently has a consensus rating of “Reduce” and an average price target of $21.36.

STAAR Surgical Price Performance

NASDAQ STAA opened at $17.54 on Tuesday. STAAR Surgical has a 1-year low of $13.50 and a 1-year high of $30.81. The firm has a market capitalization of $872.44 million, a P/E ratio of -8.99 and a beta of 1.06. The business’s 50-day simple moving average is $22.67 and its 200-day simple moving average is $24.79.

Insider Buying and Selling at STAAR Surgical

In other STAAR Surgical news, major shareholder Broadwood Partners, L.P. bought 27,485 shares of the company’s stock in a transaction dated Friday, January 9th. The shares were acquired at an average cost of $22.05 per share, with a total value of $606,044.25. Following the completion of the transaction, the insider owned 15,453,629 shares in the company, valued at $340,752,519.45. The trade was a 0.18% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders bought 1,934,138 shares of company stock worth $50,485,791 in the last three months. 0.59% of the stock is owned by company insiders.

Institutional Investors Weigh In On STAAR Surgical

Several hedge funds and other institutional investors have recently bought and sold shares of STAA. Balyasny Asset Management L.P. purchased a new position in shares of STAAR Surgical during the 3rd quarter valued at approximately $48,729,000. Magnetar Financial LLC acquired a new stake in STAAR Surgical in the third quarter valued at $32,361,000. Broadwood Capital Inc. raised its holdings in STAAR Surgical by 8.5% in the second quarter. Broadwood Capital Inc. now owns 13,519,491 shares of the medical instruments supplier’s stock valued at $226,857,000 after acquiring an additional 1,064,227 shares in the last quarter. Alpine Associates Management Inc. bought a new position in STAAR Surgical during the 3rd quarter valued at $24,535,000. Finally, Defender Capital LLC. acquired a new position in STAAR Surgical during the 4th quarter worth $15,429,000. 96.70% of the stock is currently owned by hedge funds and other institutional investors.

STAAR Surgical Company Profile

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia. It markets its products to health care providers, including ophthalmic surgeons, vision and surgical centers, hospitals, government facilities, and distributors, as well as products are primarily used by ophthalmologists.