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

IRIDEX Corporation (NASDAQ:IRIX) shares passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.20 and traded as low as $1.12. IRIDEX shares last traded at $1.13, with a volume of 27,467 shares traded.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $3.00.

IRIDEX Stock Performance

The company’s 50-day moving average is $1.09 and its 200-day moving average is $1.20. The firm has a market cap of $19.67 million, a price-to-earnings ratio of -5.95 and a beta of 0.63.

IRIDEX (NASDAQ:IRIX) last posted its quarterly earnings data on Tuesday, May 19th. The medical equipment provider reported ($0.03) earnings per share 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 analyst estimates of $11.91 million.

Institutional Trading of IRIDEX

Several hedge funds have recently modified their holdings of IRIX. Citadel Advisors LLC increased its holdings 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 in the last quarter. Susquehanna International Group LLP lifted its holdings in IRIDEX by 46.2% during the 3rd quarter. Susquehanna International Group LLP now owns 56,470 shares of the medical equipment provider’s stock worth $65,000 after buying an additional 17,834 shares in the last quarter. Apexium Financial LP lifted its holdings in IRIDEX by 53.0% during the 3rd quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock worth $116,000 after buying an additional 34,834 shares in the last quarter. Thompson Davis & CO. Inc. bought a new position in IRIDEX in the 4th quarter valued at $32,000. Finally, Weber Capital Management LLC ADV bought a new position in IRIDEX in the 4th quarter valued at $296,000. 20.10% of the stock is owned by institutional investors.

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.