STAAR Surgical (NASDAQ:STAA) Trading Down 6.6% Following Analyst Downgrade

STAAR Surgical Company (NASDAQ:STAA)’s stock price was down 6.6% during mid-day trading on Monday after Stifel Nicolaus lowered their price target on the stock from $31.00 to $28.00. Stifel Nicolaus currently has a hold rating on the stock. STAAR Surgical traded as low as $24.16 and last traded at $24.4490. 72,900 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 1,184,441 shares. The stock had previously closed at $26.18.

Other equities research analysts also recently issued reports about the company. Wells Fargo & Company lifted their price objective on STAAR Surgical from $16.00 to $25.00 and gave the company an “equal weight” rating in a report on Friday, May 15th. Zacks Research raised STAAR Surgical from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 4th. Weiss Ratings upgraded STAAR Surgical from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Thursday. Wedbush decreased their price target on STAAR Surgical from $40.00 to $37.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, Wall Street Zen cut STAAR Surgical from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $28.40.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of STAA. American Capital Management Inc. bought a new position in shares of STAAR Surgical in the second quarter valued at approximately $24,291,000. Bank of New York Mellon Corp acquired a new stake in STAAR Surgical during the 2nd quarter valued at $6,578,000. Amundi acquired a new stake in STAAR Surgical during the 1st quarter valued at $305,000. Quantinno Capital Management LP bought a new position in STAAR Surgical in the 1st quarter valued at $1,109,000. Finally, Renaissance Technologies LLC raised its position in STAAR Surgical by 257.7% in the 1st quarter. Renaissance Technologies LLC now owns 135,200 shares of the medical instruments supplier’s stock valued at $2,528,000 after purchasing an additional 97,400 shares during the last quarter. Institutional investors own 96.70% of the company’s stock.

STAAR Surgical Price Performance

The company has a market cap of $1.22 billion, a price-to-earnings ratio of 350.48 and a beta of 1.26. The business has a 50 day simple moving average of $26.81 and a 200 day simple moving average of $24.18.

STAAR Surgical (NASDAQ:STAA) last announced its earnings results on Wednesday, August 12th. The medical instruments supplier reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.06). STAAR Surgical had a net margin of 1.13% and a return on equity of 9.05%. The business had revenue of $93.53 million during the quarter, compared to analyst estimates of $90.60 million. During the same quarter last year, the business posted ($0.34) earnings per share. The business’s quarterly revenue was up 111.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that STAAR Surgical Company will post 0.13 earnings per share for the current fiscal year.

STAAR Surgical Company Profile

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.