Short Interest in IRIDEX Corporation (NASDAQ:IRIX) Rises By 291.8%

IRIDEX Corporation (NASDAQ:IRIX) saw a significant growth in short interest during the month of August. As of August 31st, there was short interest totaling 148,311 shares, a growth of 291.8% from the August 15th total of 37,854 shares. Approximately 0.9% of the company’s stock are sold short. Based on an average daily volume of 150,642 shares, the short-interest ratio is currently 1.0 days.

IRIDEX Stock Performance

Shares of IRIX stock opened at $0.66 on Friday. The firm has a market cap of $11.60 million, a price-to-earnings ratio of -3.30 and a beta of 0.62. IRIDEX has a 1 year low of $0.65 and a 1 year high of $1.65. The stock’s 50-day moving average is $0.85 and its two-hundred day moving average is $1.04.

IRIDEX (NASDAQ:IRIX) last announced its quarterly earnings data on Tuesday, August 18th. The medical equipment provider reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.06). The business had revenue of $12.57 million during the quarter, compared to analysts’ expectations of $13.59 million.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, September 4th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $3.00.

Hedge Funds Weigh In On IRIDEX

Several large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new position in IRIDEX in the second quarter worth $29,000. Jane Street Group LLC lifted its position in shares of IRIDEX by 93.9% in 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 last quarter. Diversify Advisory Services LLC bought a new position in shares of IRIDEX in the 2nd quarter worth about $30,000. Diversify Wealth Management LLC acquired a new position in shares of IRIDEX in the 1st quarter valued at about $35,000. Finally, United Capital Financial Advisors LLC acquired a new position in shares of IRIDEX in the 2nd quarter valued at about $41,000. 20.10% of the stock is currently 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.