STAAR Surgical Company (NASDAQ:STAA) Receives Average Rating of “Reduce” from Brokerages

Shares of STAAR Surgical Company (NASDAQ:STAA) have been given an average recommendation of “Reduce” by the twelve analysts that are presently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $18.9375.

Several research analysts have commented on STAA shares. Jefferies Financial Group lowered their target price on STAAR Surgical from $28.00 to $21.50 and set a “buy” rating for the company in a research note on Wednesday, January 28th. Wells Fargo & Company decreased their price target on shares of STAAR Surgical from $30.75 to $16.00 and set an “equal weight” rating on the stock in a report on Thursday, March 5th. Wedbush assumed coverage on shares of STAAR Surgical in a research report on Tuesday, February 3rd. They set a “neutral” rating and a $26.00 price objective for the company. Stifel Nicolaus dropped their price objective on shares of STAAR Surgical from $19.00 to $18.00 and set a “hold” rating for the company in a research note on Wednesday, March 4th. Finally, BTIG Research restated a “neutral” rating on shares of STAAR Surgical in a research report on Tuesday, January 6th.

STAAR Surgical Stock Performance

Shares of STAA stock opened at $17.66 on Friday. STAAR Surgical has a fifty-two week low of $14.69 and a fifty-two week high of $30.81. The stock’s fifty day moving average price is $19.35 and its two-hundred day moving average price is $23.81. The company has a market cap of $874.40 million, a PE ratio of -10.83 and a beta of 1.05.

STAAR Surgical (NASDAQ:STAA) last posted its quarterly earnings results on Tuesday, March 3rd. The medical instruments supplier reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.51). The business had revenue of $57.80 million for the quarter, compared to analyst estimates of $75.54 million. STAAR Surgical had a negative return on equity of 10.03% and a negative net margin of 33.60%.STAAR Surgical’s quarterly revenue was up 18.0% on a year-over-year basis. On average, equities analysts predict that STAAR Surgical will post -1.14 EPS for the current fiscal year.

Insider Activity at STAAR Surgical

In other news, major shareholder Broadwood Partners, L.P. acquired 336,946 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The shares were bought at an average price of $21.62 per share, with a total value of $7,284,772.52. Following the acquisition, the insider directly owned 15,356,437 shares in the company, valued at $332,006,167.94. The trade was a 2.24% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. In the last three months, insiders acquired 434,138 shares of company stock valued at $9,424,176. 0.59% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On STAAR Surgical

A number of institutional investors and hedge funds have recently bought and sold shares of STAA. Caitong International Asset Management Co. Ltd boosted its stake in shares of STAAR Surgical by 2,605.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 1,055 shares of the medical instruments supplier’s stock valued at $28,000 after purchasing an additional 1,016 shares in the last quarter. CWM LLC boosted its position in STAAR Surgical by 74.1% during the 2nd quarter. CWM LLC now owns 1,563 shares of the medical instruments supplier’s stock worth $26,000 after buying an additional 665 shares during the period. GAMMA Investing LLC grew its holdings in STAAR Surgical by 61.4% during the 3rd quarter. GAMMA Investing LLC now owns 1,856 shares of the medical instruments supplier’s stock worth $50,000 after acquiring an additional 706 shares during the last quarter. PNC Financial Services Group Inc. increased its position in STAAR Surgical by 691.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,607 shares of the medical instruments supplier’s stock valued at $61,000 after acquiring an additional 3,151 shares during the period. Finally, Russell Investments Group Ltd. increased its position in STAAR Surgical by 9,928.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,513 shares of the medical instruments supplier’s stock valued at $121,000 after acquiring an additional 4,468 shares during the period. Institutional investors and hedge funds own 96.70% of the company’s stock.

About STAAR Surgical

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia. It markets its products to health care providers, including ophthalmic surgeons, vision and surgical centers, hospitals, government facilities, and distributors, as well as products are primarily used by ophthalmologists.