Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Purchases $18,800.00 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin acquired 20,000 shares of the firm’s stock in a transaction on Tuesday, December 9th. The stock was purchased at an average cost of $0.94 per share, for a total transaction of $18,800.00. Following the completion of the acquisition, the insider owned 866,756 shares in the company, valued at approximately $814,750.64. This represents a 2.36% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

IRIDEX Stock Performance

IRIX opened at $0.89 on Friday. IRIDEX Corporation has a fifty-two week low of $0.61 and a fifty-two week high of $1.65. The company has a market capitalization of $15.64 million, a P/E ratio of -4.45 and a beta of 0.67. The stock has a fifty day moving average of $0.73 and a 200-day moving average of $0.95.

IRIDEX (NASDAQ:IRIX) last announced its earnings results on Tuesday, August 18th. The medical equipment provider reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). The firm had revenue of $12.57 million for the quarter, compared to the consensus estimate of $13.59 million. On average, equities research analysts predict that IRIDEX Corporation will post -0.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded shares of IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $3.00.

Institutional Trading of IRIDEX

A number of institutional investors have recently modified their holdings of IRIX. United Capital Financial Advisors LLC acquired a new stake in shares of IRIDEX during the 2nd quarter worth $41,000. Weber Capital Management LLC ADV acquired a new position in IRIDEX in the second quarter valued at about $206,616. Diversify Advisory Services LLC acquired a new position in IRIDEX in the second quarter valued at about $30,000. Bank of New York Mellon Corp bought a new stake in IRIDEX during the second quarter worth about $29,000. Finally, Renaissance Technologies LLC lifted its position in IRIDEX by 6.7% during the first quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock worth $401,000 after purchasing an additional 25,067 shares during the period. 20.10% of the stock is currently owned by institutional investors.

IRIDEX Company Profile

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.