STAAR Surgical Company (NASDAQ:STAA) Given Average Rating of “Reduce” by Brokerages

Shares of STAAR Surgical Company (NASDAQ:STAA) have been given a consensus rating of “Reduce” by the twelve brokerages that are currently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $18.9375.

A number of research firms recently issued reports on STAA. Canaccord Genuity Group dropped their target price on shares of STAAR Surgical from $30.75 to $22.00 and set a “hold” rating for the company in a research report on Thursday, January 15th. Jefferies Financial Group decreased their price objective on shares of STAAR Surgical from $28.00 to $21.50 and set a “buy” rating for the company in a research note on Wednesday, January 28th. Stifel Nicolaus dropped their price objective on shares of STAAR Surgical from $19.00 to $18.00 and set a “hold” rating for the company in a research report on Wednesday. Wells Fargo & Company reduced their target price on shares of STAAR Surgical from $30.75 to $16.00 and set an “equal weight” rating on the stock in a report on Thursday. Finally, Wedbush initiated coverage on shares of STAAR Surgical in a research report on Tuesday, February 3rd. They set a “neutral” rating and a $26.00 price target for the company.

STAAR Surgical Stock Down 0.6%

STAA stock opened at $18.46 on Friday. STAAR Surgical has a 52 week low of $14.69 and a 52 week high of $30.81. The company has a market cap of $913.95 million, a price-to-earnings ratio of -11.33 and a beta of 1.05. The business has a fifty day simple moving average of $19.68 and a 200-day simple moving average of $24.05.

STAAR Surgical (NASDAQ:STAA) last posted its quarterly earnings results on Tuesday, March 3rd. The medical instruments supplier reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.51). The firm had revenue of $57.80 million for the quarter, compared to analysts’ expectations of $75.54 million. STAAR Surgical had a negative net margin of 33.60% and a negative return on equity of 10.03%. STAAR Surgical’s revenue was up 18.0% compared to the same quarter last year. As a group, analysts expect that STAAR Surgical will post -1.14 earnings per share for the current fiscal year.

Insider Activity at STAAR Surgical

In related news, major shareholder Broadwood Partners, L.P. bought 336,946 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The stock was bought at an average price of $21.62 per share, with a total value of $7,284,772.52. Following the completion of the transaction, the insider directly owned 15,356,437 shares of the company’s stock, valued at approximately $332,006,167.94. This represents a 2.24% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders bought a total of 434,138 shares of company stock worth $9,424,176 in the last 90 days. Insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On STAAR Surgical

Institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC grew its position in STAAR Surgical by 74.1% in the second quarter. CWM LLC now owns 1,563 shares of the medical instruments supplier’s stock valued at $26,000 after acquiring an additional 665 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in shares of STAAR Surgical by 2,605.1% in the third quarter. Caitong International Asset Management Co. Ltd now owns 1,055 shares of the medical instruments supplier’s stock valued at $28,000 after purchasing an additional 1,016 shares during the period. GAMMA Investing LLC grew its holdings in STAAR Surgical by 61.4% during the 3rd quarter. GAMMA Investing LLC now owns 1,856 shares of the medical instruments supplier’s stock valued at $50,000 after purchasing an additional 706 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in STAAR Surgical by 691.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,607 shares of the medical instruments supplier’s stock worth $61,000 after buying an additional 3,151 shares during the period. Finally, Tower Research Capital LLC TRC lifted its holdings in STAAR Surgical by 375.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,919 shares of the medical instruments supplier’s stock worth $99,000 after buying an additional 4,673 shares in the last quarter. Hedge funds and other institutional investors own 96.70% of the company’s stock.

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.