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

IRIDEX Corporation (NASDAQ:IRIX) shares crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.18 and traded as low as $1.09. IRIDEX shares last traded at $1.11, with a volume of 35,317 shares trading hands.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 2nd. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $3.00.

IRIDEX Price Performance

The company’s 50 day moving average price is $1.04 and its 200 day moving average price is $1.18. The firm has a market cap of $19.33 million, a PE ratio of -5.84 and a beta of 0.64.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IRIX. Citadel Advisors LLC boosted its stake 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 purchasing an additional 42,202 shares during the period. Susquehanna International Group LLP boosted its stake in shares of IRIDEX by 46.2% in the third 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. Apexium Financial LP boosted its stake in shares of IRIDEX by 53.0% in the third 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 period. Thompson Davis & CO. Inc. purchased a new position in shares of IRIDEX in the fourth quarter valued at approximately $32,000. Finally, Weber Capital Management LLC ADV purchased a new position in IRIDEX in the fourth quarter worth approximately $296,000. Hedge funds and other institutional investors own 20.10% of the company’s stock.

IRIDEX Company Profile

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.