IRIDEX (NASDAQ:IRIX) Shares Cross Below 200 Day Moving Average – Should You Sell?

IRIDEX Corporation (NASDAQ:IRIX)’s stock price passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $1.01 and traded as low as $0.6430. IRIDEX shares last traded at $0.6430, with a volume of 46,131 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded IRIDEX from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $3.00.

IRIDEX Trading Down 0.2%

The firm’s 50 day moving average price is $0.79 and its two-hundred day moving average price is $1.00. The company has a market capitalization of $11.14 million, a price-to-earnings ratio of -3.17 and a beta of 0.62.

IRIDEX (NASDAQ:IRIX) last posted its quarterly earnings results on Tuesday, August 18th. The medical equipment provider reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). The company had revenue of $12.57 million during the quarter, compared to analyst estimates of $13.59 million.

Institutional Investors Weigh In On IRIDEX

Several hedge funds have recently added to or reduced their stakes in IRIX. United Capital Financial Advisors LLC acquired a new position in shares of IRIDEX in the second quarter valued at $41,000. Weber Capital Management LLC ADV bought a new stake in shares of IRIDEX during the 2nd quarter worth about $206,616. Diversify Advisory Services LLC acquired a new position in IRIDEX in the 2nd quarter valued at about $30,000. Bank of New York Mellon Corp acquired a new position in IRIDEX in the 2nd quarter valued at 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 acquiring an additional 25,067 shares during the last quarter. Institutional investors and hedge funds own 20.10% of the company’s stock.

About IRIDEX

IRIDEX Corporation develops and markets ophthalmic laser systems and related delivery devices used by eye-care professionals. Its technologies are designed primarily to treat glaucoma and retinal diseases, including conditions that can lead to vision loss.

The company’s product portfolio includes laser systems, probes and treatment delivery devices that support procedures such as MicroPulse cyclophotocoagulation and retinal photocoagulation. Its Cyclo G6 platform is used in glaucoma treatments, while its retinal laser products are intended for procedures involving diseases of the retina.

Founded in 1989 and headquartered in Mountain View, California, IRIDEX serves ophthalmologists, hospitals, ambulatory surgery centers and other eye-care providers.