STAAR Surgical (NASDAQ:STAA) Sets New 52-Week Low on Analyst Downgrade

STAAR Surgical (NASDAQ:STAA)’s share price reached a new 52-week low on Wednesday after Piper Sandler lowered their price target on the stock from $40.00 to $16.00. Piper Sandler currently has a neutral rating on the stock. STAAR Surgical traded as low as $13.50 and last traded at $14.52, with a volume of 1048693 shares changing hands. The stock had previously closed at $21.88.

STAA has been the topic of several other reports. Mizuho downgraded STAAR Surgical from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $45.00 to $17.00 in a research report on Wednesday. BTIG Research downgraded STAAR Surgical from a “buy” rating to a “neutral” rating in a report on Wednesday. Needham & Company LLC restated a “hold” rating on shares of STAAR Surgical in a report on Wednesday. Stephens upgraded STAAR Surgical to a “hold” rating in a research note on Monday, December 2nd. Finally, Canaccord Genuity Group lowered their price objective on STAAR Surgical from $31.00 to $28.00 and set a “hold” rating for the company in a research note on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $32.50.

Insider Buying and Selling

In other STAAR Surgical news, major shareholder Broadwood Partners, L.P. bought 23,000 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were purchased at an average price of $24.33 per share, with a total value of $559,590.00. Following the purchase, the insider now directly owns 10,848,631 shares of the company’s stock, valued at approximately $263,947,192.23. The trade was a 0.21 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In the last 90 days, insiders have purchased 105,876 shares of company stock valued at $2,487,168. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On STAAR Surgical

Several hedge funds have recently modified their holdings of STAA. Vanguard Group Inc. grew its holdings in shares of STAAR Surgical by 5.8% in the 4th quarter. Vanguard Group Inc. now owns 5,855,570 shares of the medical instruments supplier’s stock worth $142,232,000 after acquiring an additional 319,441 shares during the last quarter. State Street Corp boosted its position in shares of STAAR Surgical by 0.5% in the third quarter. State Street Corp now owns 1,940,567 shares of the medical instruments supplier’s stock worth $72,092,000 after buying an additional 10,430 shares during the period. Geode Capital Management LLC boosted its position in shares of STAAR Surgical by 2.7% in the third quarter. Geode Capital Management LLC now owns 1,174,499 shares of the medical instruments supplier’s stock worth $43,641,000 after buying an additional 31,212 shares during the period. Yunqi Capital Ltd boosted its position in shares of STAAR Surgical by 48.9% in the fourth quarter. Yunqi Capital Ltd now owns 767,413 shares of the medical instruments supplier’s stock worth $18,640,000 after buying an additional 252,113 shares during the period. Finally, Defender Capital LLC. boosted its position in shares of STAAR Surgical by 3.5% in the fourth quarter. Defender Capital LLC. now owns 701,567 shares of the medical instruments supplier’s stock worth $17,041,000 after buying an additional 23,950 shares during the period. 96.70% of the stock is currently owned by institutional investors and hedge funds.

STAAR Surgical Stock Down 32.1 %

The firm has a market cap of $732.25 million, a price-to-earnings ratio of 33.33 and a beta of 0.62. The company has a 50-day moving average price of $23.94 and a 200 day moving average price of $29.33.

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.