Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Purchases $25,600.00 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin bought 20,000 shares of the company’s stock in a transaction that occurred on Friday, July 18th. The shares were bought at an average price of $1.28 per share, for a total transaction of $25,600.00. Following the completion of the acquisition, the insider owned 705,461 shares in the company, valued at approximately $902,990.08. This trade represents a 2.92% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

IRIDEX Stock Performance

IRIDEX stock opened at $0.89 on Friday. The firm has a market capitalization of $15.64 million, a PE ratio of -4.45 and a beta of 0.67. IRIDEX Corporation has a one year low of $0.61 and a one year high of $1.65. The stock’s 50 day moving average price is $0.73 and its 200 day moving average price is $0.95.

IRIDEX (NASDAQ:IRIX) last issued its quarterly earnings data on Tuesday, August 18th. The medical equipment provider reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.06). The business had revenue of $12.57 million for the quarter, compared to the consensus estimate of $13.59 million. On average, analysts forecast that IRIDEX Corporation will post -0.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised shares of IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, IRIDEX currently has a consensus rating of “Hold” and an average target price of $3.00.

Institutional Investors Weigh In On IRIDEX

A number of hedge funds have recently bought and sold shares of IRIX. Bank of New York Mellon Corp purchased a new stake in IRIDEX during the 2nd quarter worth approximately $29,000. Diversify Advisory Services LLC purchased a new position in shares of IRIDEX during the 2nd quarter valued at approximately $30,000. Diversify Wealth Management LLC acquired a new stake in shares of IRIDEX during the first quarter worth approximately $35,000. United Capital Financial Advisors LLC acquired a new stake in shares of IRIDEX during the second quarter worth approximately $41,000. Finally, Thompson Davis & CO. Inc. increased its stake in shares of IRIDEX by 66.5% in the first quarter. Thompson Davis & CO. Inc. now owns 47,444 shares of the medical equipment provider’s stock worth $48,000 after buying an additional 18,944 shares during the last quarter. Institutional investors and hedge funds own 20.10% of the company’s stock.

About IRIDEX

IRIDEX Corporation (NASDAQ: IRIX) develops and sells ophthalmic laser systems and related delivery devices used in the treatment of eye diseases. Its products are designed primarily for ophthalmologists treating glaucoma and retinal disorders, including diabetic retinopathy and other conditions affecting the retina.

The company’s portfolio includes laser systems such as the Cyclo G6 glaucoma laser platform and the IQ series of retinal photocoagulation lasers. IRIDEX also offers specialized probes and other delivery devices, including MicroPulse and transscleral cyclophotocoagulation technologies, which are intended to provide targeted treatment while limiting exposure to surrounding tissue.

Founded in 1989 and headquartered in Mountain View, California, IRIDEX serves eye-care professionals through a combination of direct sales and distributor relationships in the United States and international markets.