IRIDEX (NASDAQ:IRIX) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Shares of IRIDEX Corporation (NASDAQ:IRIX) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $1.19 and traded as high as $1.1925. IRIDEX shares last traded at $1.19, with a volume of 60,976 shares changing hands.

Analysts Set New Price Targets

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

IRIDEX Stock Up 0.8%

The company has a market capitalization of $20.72 million, a PE ratio of -6.26 and a beta of 0.64. The firm has a 50-day moving average of $1.06 and a two-hundred day moving average of $1.19.

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

Institutional Trading of IRIDEX

Several hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC raised its stake in shares of IRIDEX by 6.7% in the first quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock valued at $401,000 after acquiring an additional 25,067 shares in the last quarter. Weber Capital Management LLC ADV acquired a new stake in shares of IRIDEX in the fourth quarter valued at $296,000. Citadel Advisors LLC raised 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 acquiring an additional 42,202 shares in the last quarter. Apexium Financial LP raised 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 acquiring an additional 34,834 shares in the last quarter. Finally, Susquehanna International Group LLP raised 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 acquiring an additional 17,834 shares in 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.