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

IRIDEX Corporation (NASDAQ:IRIX)’s stock price passed 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 changing hands.

Wall Street Analysts Forecast Growth

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

IRIDEX Stock Performance

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

IRIDEX (NASDAQ:IRIX) last announced its quarterly earnings data on Tuesday, May 19th. The medical equipment provider reported ($0.03) EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $11.91 million.

Institutional Trading of IRIDEX

Several institutional investors have recently modified their holdings of IRIX. Weber Capital Management LLC ADV purchased a new stake in shares of IRIDEX during the 4th quarter worth approximately $296,000. Citadel Advisors LLC lifted its position in shares of 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 buying an additional 42,202 shares during the last quarter. Apexium Financial LP lifted its position in shares of 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 during the last quarter. Diversify Wealth Management LLC purchased a new stake in shares of IRIDEX during the 1st quarter worth approximately $35,000. Finally, Thompson Davis & CO. Inc. purchased a new stake in shares of IRIDEX during the 4th quarter worth approximately $32,000. 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.