IRIDEX (NASDAQ:IRIX) Share Price Passes Below 200-Day Moving Average – Time to Sell?

Shares of IRIDEX Corporation (NASDAQ:IRIX) crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.17 and traded as low as $0.98. IRIDEX shares last traded at $1.04, with a volume of 102,432 shares traded.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on IRIX. iA Financial set a $3.00 target price on shares of IRIDEX in a research note on Thursday, February 5th. Alliance Global Partners began coverage on shares of IRIDEX in a research note on Thursday, February 5th. They set a “buy” rating for the company. Finally, Weiss Ratings cut shares of IRIDEX from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, May 19th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, IRIDEX presently has an average rating of “Hold” and a consensus target price of $3.00.

IRIDEX Stock Performance

The company has a market cap of $18.11 million, a PE ratio of -5.47 and a beta of 0.64. The firm’s 50 day moving average is $1.08 and its 200-day moving average is $1.17.

IRIDEX (NASDAQ:IRIX) last announced its quarterly earnings data on Tuesday, May 19th. The medical equipment provider reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.04. The company had revenue of $11.80 million during the quarter, compared to analysts’ expectations of $11.91 million. IRIDEX had a negative net margin of 6.23% and a negative return on equity of 1,204.74%.

Hedge Funds Weigh In On IRIDEX

Institutional investors and hedge funds have recently bought and sold shares of the company. Susquehanna International Group LLP boosted its holdings 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 last quarter. Citadel Advisors LLC boosted its holdings in IRIDEX by 62.7% in the 3rd quarter. Citadel Advisors LLC now owns 109,473 shares of the medical equipment provider’s stock valued at $126,000 after purchasing an additional 42,202 shares during the last quarter. Apexium Financial LP boosted its holdings in IRIDEX by 53.0% in the 3rd quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock valued at $116,000 after purchasing an additional 34,834 shares during the last quarter. Jane Street Group LLC boosted its holdings in IRIDEX by 93.9% in the 4th quarter. Jane Street Group LLC now owns 31,758 shares of the medical equipment provider’s stock valued at $36,000 after purchasing an additional 15,377 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in IRIDEX by 6.7% in the 1st quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock valued at $401,000 after purchasing an additional 25,067 shares during the last quarter. 20.10% of the stock is currently 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.