StockNews.com Begins Coverage on IRIDEX (NASDAQ:IRIX)

StockNews.com assumed coverage on shares of IRIDEX (NASDAQ:IRIX) in a research report sent to investors on Friday morning. The firm issued a hold rating on the medical equipment provider’s stock.

IRIDEX Stock Down 3.0 %

Shares of NASDAQ IRIX opened at $2.87 on Friday. The stock has a market capitalization of $46.65 million, a price-to-earnings ratio of -4.86 and a beta of 0.82. The stock’s fifty day simple moving average is $2.80 and its 200 day simple moving average is $2.71. IRIDEX has a 52-week low of $1.31 and a 52-week high of $3.65.

IRIDEX (NASDAQ:IRIX) last issued its earnings results on Tuesday, March 26th. The medical equipment provider reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.13). IRIDEX had a negative return on equity of 75.18% and a negative net margin of 18.45%. The company had revenue of $12.46 million during the quarter, compared to analyst estimates of $14.90 million. As a group, analysts anticipate that IRIDEX will post -0.37 earnings per share for the current year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in IRIDEX stock. AMH Equity Ltd increased its holdings in shares of IRIDEX Co. (NASDAQ:IRIX) by 92.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 637,103 shares of the medical equipment provider’s stock after buying an additional 306,282 shares during the quarter. IRIDEX accounts for approximately 2.1% of AMH Equity Ltd’s holdings, making the stock its 13th biggest position. AMH Equity Ltd owned approximately 3.93% of IRIDEX worth $1,618,000 at the end of the most recent quarter. 20.10% of the stock is currently owned by institutional investors and hedge funds.

About IRIDEX

IRIDEX Corporation, an ophthalmic medical technology company, provides therapeutic based laser systems, delivery devices, and consumable instrumentation to treat sight-threatening eye diseases in ophthalmology. It offers laser consoles, such as Cyclo G6 laser system for use in the treatment of glaucoma; IQ 532 and IQ 577 laser systems, which are used for the treatment of retinal disorders; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser photocoagulation systems that are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.