IRIDEX (NASDAQ:IRIX) Earns Hold Rating from Analysts at StockNews.com

Investment analysts at StockNews.com initiated coverage on shares of IRIDEX (NASDAQ:IRIX) in a report released on Thursday. The brokerage set a “hold” rating on the medical equipment provider’s stock.

IRIDEX Stock Down 3.1 %

IRIX opened at $1.54 on Thursday. The firm has a market cap of $25.03 million, a price-to-earnings ratio of -2.30 and a beta of 0.78. IRIDEX has a 52 week low of $1.45 and a 52 week high of $3.65. The business’s 50 day moving average is $1.82 and its two-hundred day moving average is $2.20.

IRIDEX (NASDAQ:IRIX) last released its earnings results on Thursday, August 8th. The medical equipment provider reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). The company had revenue of $12.63 million during the quarter, compared to analyst estimates of $12.80 million. IRIDEX had a negative net margin of 21.84% and a negative return on equity of 134.37%. During the same period in the previous year, the firm posted ($0.17) EPS. Equities analysts expect that IRIDEX will post -0.52 EPS for the current fiscal year.

Hedge Funds Weigh In On IRIDEX

A hedge fund recently raised its stake in IRIDEX stock. AMH Equity Ltd boosted its holdings in IRIDEX Co. (NASDAQ:IRIX) by 15.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 456,400 shares of the medical equipment provider’s stock after purchasing an additional 60,400 shares during the period. IRIDEX comprises 1.3% of AMH Equity Ltd’s portfolio, making the stock its 20th largest position. AMH Equity Ltd owned 2.81% of IRIDEX worth $1,360,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 20.10% of the company’s stock.

IRIDEX Company Profile

IRIDEX Corporation, an ophthalmic medical technology company, provides therapeutic based laser systems, delivery devices, and consumable instrumentation to treat sight-threatening eye diseases in ophthalmology. It offers laser consoles, such as Cyclo G6 laser system for use in the treatment of glaucoma; IQ 532 and IQ 577 laser systems, which are used for the treatment of retinal disorders; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser photocoagulation systems that are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.