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

IRIDEX Corporation (NASDAQ:IRIX) passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.21 and traded as low as $1.10. IRIDEX shares last traded at $1.10, with a volume of 75,644 shares changing hands.

Analyst Ratings Changes

Separately, Weiss Ratings raised IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 1st. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, IRIDEX has an average rating of “Hold” and an average target price of $3.00.

IRIDEX Stock Down 1.8%

The firm has a market capitalization of $19.15 million, a PE ratio of -5.79 and a beta of 0.63. The business has a 50-day moving average price of $1.10 and a 200-day moving average price of $1.21.

IRIDEX (NASDAQ:IRIX) last released its quarterly earnings data on Tuesday, May 19th. The medical equipment provider reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. The company had revenue of $11.80 million for the quarter, compared to analyst estimates of $11.91 million.

Hedge Funds Weigh In On IRIDEX

Several institutional investors and hedge funds have recently bought and sold shares of IRIX. Weber Capital Management LLC ADV purchased a new stake in shares of IRIDEX during the 4th quarter valued at approximately $296,000. Citadel Advisors LLC grew its position in IRIDEX by 62.7% in the third quarter. Citadel Advisors LLC now owns 109,473 shares of the medical equipment provider’s stock worth $126,000 after acquiring an additional 42,202 shares during the period. Apexium Financial LP increased its stake in IRIDEX by 53.0% during the third quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock worth $116,000 after acquiring an additional 34,834 shares during the last quarter. Diversify Wealth Management LLC purchased a new stake in IRIDEX in the first quarter valued at $35,000. Finally, Thompson Davis & CO. Inc. acquired a new position in shares of IRIDEX in the 4th quarter valued at $32,000. 20.10% of the stock is currently owned by institutional investors and hedge funds.

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.