IRIDEX (NASDAQ:IRIX) Stock Crosses Below 200-Day Moving Average – What’s Next?

IRIDEX Corporation (NASDAQ:IRIX)’s share price passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $1.20 and traded as low as $0.9152. IRIDEX shares last traded at $0.9256, with a volume of 57,581 shares.

Analysts Set New Price Targets

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

IRIDEX Trading Down 0.9%

The company has a 50 day moving average price of $1.09 and a 200-day moving average price of $1.20. The company has a market cap of $16.11 million, a P/E ratio of -4.87 and a beta of 0.63.

IRIDEX (NASDAQ:IRIX) last posted 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. The business had revenue of $11.80 million for the quarter, compared to analyst estimates of $11.91 million.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in IRIX. Renaissance Technologies LLC boosted its stake in shares of 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 in the last quarter. Weber Capital Management LLC ADV acquired a new position in IRIDEX during the 4th quarter worth approximately $296,000. Citadel Advisors LLC increased its position in IRIDEX by 62.7% during the 3rd quarter. Citadel Advisors LLC now owns 109,473 shares of the medical equipment provider’s stock worth $126,000 after purchasing an additional 42,202 shares in the last quarter. Apexium Financial LP lifted its stake 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. Finally, Susquehanna International Group LLP boosted its position in 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 buying an additional 17,834 shares in the last quarter. 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.