Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Purchases $10,800.00 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin bought 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 21st. The stock was acquired at an average price of $1.08 per share, for a total transaction of $10,800.00. Following the completion of the acquisition, the insider directly owned 745,983 shares in the company, valued at approximately $805,661.64. This represents a 1.36% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

IRIDEX Stock Performance

Shares of NASDAQ:IRIX opened at $0.89 on Friday. The stock has a market capitalization of $15.64 million, a price-to-earnings ratio of -4.45 and a beta of 0.67. IRIDEX Corporation has a 1-year low of $0.61 and a 1-year high of $1.65. The company has a 50 day moving average price of $0.73 and a 200 day moving average price of $0.95.

IRIDEX (NASDAQ:IRIX) last posted its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $13.59 million. On average, sell-side analysts expect that IRIDEX Corporation will post -0.12 EPS for the current fiscal year.

Institutional Trading of IRIDEX

Hedge funds have recently made changes to their positions in the stock. Perkins Capital Management Inc. boosted its holdings in shares of IRIDEX by 33.9% during the first quarter. Perkins Capital Management Inc. now owns 55,300 shares of the medical equipment provider’s stock worth $56,000 after purchasing an additional 14,000 shares during the period. Thompson Davis & CO. Inc. increased its stake in IRIDEX by 66.5% in the 1st quarter. Thompson Davis & CO. Inc. now owns 47,444 shares of the medical equipment provider’s stock valued at $48,000 after buying an additional 18,944 shares during the period. Renaissance Technologies LLC lifted its position in IRIDEX by 6.7% in the 1st quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock worth $401,000 after buying an additional 25,067 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of IRIDEX during the 2nd quarter valued at $29,000. Finally, Diversify Wealth Management LLC acquired a new stake in shares of IRIDEX during the 1st quarter valued at $35,000. 20.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $3.00.

About IRIDEX

IRIDEX Corporation (NASDAQ: IRIX) develops and sells ophthalmic laser systems and related delivery devices used in the treatment of eye diseases. Its products are designed primarily for ophthalmologists treating glaucoma and retinal disorders, including diabetic retinopathy and other conditions affecting the retina.

The company’s portfolio includes laser systems such as the Cyclo G6 glaucoma laser platform and the IQ series of retinal photocoagulation lasers. IRIDEX also offers specialized probes and other delivery devices, including MicroPulse and transscleral cyclophotocoagulation technologies, which are intended to provide targeted treatment while limiting exposure to surrounding tissue.

Founded in 1989 and headquartered in Mountain View, California, IRIDEX serves eye-care professionals through a combination of direct sales and distributor relationships in the United States and international markets.