IRIDEX (NASDAQ:IRIX) Shares Pass Below Two Hundred Day Moving Average – Time to Sell?

Shares of IRIDEX Corporation (NASDAQ:IRIX) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $1.19 and traded as low as $1.18. IRIDEX shares last traded at $1.19, with a volume of 22,719 shares traded.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered IRIDEX from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 16th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $3.00.

IRIDEX Stock Performance

The company has a market cap of $20.72 million, a price-to-earnings ratio of -6.26 and a beta of 0.64. The business’s 50 day moving average price is $1.08 and its 200-day moving average price is $1.19.

IRIDEX (NASDAQ:IRIX) last released its quarterly earnings data 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 net margin of 6.23% and a negative return on equity of 1,204.74%. The company had revenue of $11.80 million during the quarter, compared to the consensus estimate of $11.91 million.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IRIX. Renaissance Technologies LLC boosted its holdings in IRIDEX by 6.7% during the first 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 in the last quarter. Diversify Wealth Management LLC acquired a new position in shares of IRIDEX in the 1st quarter worth approximately $35,000. Perkins Capital Management Inc. raised its holdings in shares of IRIDEX by 33.9% in the 1st quarter. Perkins Capital Management Inc. now owns 55,300 shares of the medical equipment provider’s stock worth $56,000 after buying an additional 14,000 shares in the last quarter. Thompson Davis & CO. Inc. lifted its position in shares of IRIDEX by 66.5% during the 1st quarter. Thompson Davis & CO. Inc. now owns 47,444 shares of the medical equipment provider’s stock worth $48,000 after buying an additional 18,944 shares during the period. Finally, Jane Street Group LLC lifted its position in shares of IRIDEX by 93.9% during the 4th quarter. Jane Street Group LLC now owns 31,758 shares of the medical equipment provider’s stock worth $36,000 after buying an additional 15,377 shares during the period. Institutional investors own 20.10% of the company’s stock.

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.