Zacks Research Downgrades STAAR Surgical (NASDAQ:STAA) to Hold

STAAR Surgical (NASDAQ:STAA) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday, Zacks reports.

Several other research firms have also issued reports on STAA. Weiss Ratings raised STAAR Surgical from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, August 13th. Wells Fargo & Company lifted their price target on STAAR Surgical from $16.00 to $25.00 and gave the stock an “equal weight” rating in a report on Friday, May 15th. Piper Sandler reissued a “neutral” rating on shares of STAAR Surgical in a research report on Thursday, August 13th. Wedbush cut their price objective on STAAR Surgical from $40.00 to $37.00 and set an “outperform” rating on the stock in a research report on Thursday, August 13th. Finally, Canaccord Genuity Group upped their price objective on STAAR Surgical from $27.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Two equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, STAAR Surgical has an average rating of “Reduce” and an average target price of $28.40.

STAAR Surgical Stock Performance

STAAR Surgical stock opened at $23.58 on Wednesday. STAAR Surgical has a fifty-two week low of $15.59 and a fifty-two week high of $35.87. The stock has a market cap of $1.18 billion, a PE ratio of 336.91 and a beta of 1.21. The firm’s 50-day simple moving average is $25.17 and its 200 day simple moving average is $24.72.

STAAR Surgical (NASDAQ:STAA) last issued its quarterly earnings data on Wednesday, August 12th. The medical instruments supplier reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.17. 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 the consensus estimate of $90.60 million. During the same period in the prior year, the firm posted ($0.34) EPS. The firm’s quarterly revenue was up 111.1% compared to the same quarter last year. As a group, analysts predict that STAAR Surgical will post 0.39 EPS for the current fiscal year.

Institutional Investors Weigh In On STAAR Surgical

Several large investors have recently modified their holdings of STAA. Caitong International Asset Management Co. Ltd raised its stake in shares of STAAR Surgical by 2,605.1% in 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 buying an additional 1,016 shares during the period. Ascentis Independent Advisors purchased a new stake in STAAR Surgical in the 1st quarter worth approximately $77,000. Tower Research Capital LLC TRC raised its position in shares of STAAR Surgical by 375.0% in the second quarter. Tower Research Capital LLC TRC now owns 5,919 shares of the medical instruments supplier’s stock worth $99,000 after buying an additional 4,673 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of 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 in the last quarter. Finally, Fifth Third Bancorp lifted its position in STAAR Surgical by 2,867.1% during the first quarter. Fifth Third Bancorp now owns 11,008 shares of the medical instruments supplier’s stock valued at $206,000 after purchasing an additional 10,637 shares during the last quarter. Hedge funds and other institutional investors 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.