STAAR Surgical (NASDAQ:STAA) Shares Gap Down – Here’s What Happened

STAAR Surgical Company (NASDAQ:STAA)’s share price gapped down before the market opened on Friday . The stock had previously closed at $28.98, but opened at $26.75. STAAR Surgical shares last traded at $26.3250, with a volume of 402,801 shares traded.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on STAA shares. Wedbush reiterated an “outperform” rating and issued a $40.00 target price on shares of STAAR Surgical in a report on Thursday. Stifel Nicolaus raised their target price on shares of STAAR Surgical from $18.00 to $31.00 and gave the company a “hold” rating in a report on Thursday, May 14th. Piper Sandler lifted their price target on STAAR Surgical from $16.00 to $33.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Weiss Ratings upgraded shares of STAAR Surgical from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 25th. Finally, Wall Street Zen raised STAAR Surgical from a “hold” rating to a “buy” rating in a research report on Sunday, July 5th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $27.81.

STAAR Surgical Stock Down 12.4%

The company has a market capitalization of $1.26 billion, a PE ratio of -59.34 and a beta of 1.23. The company has a current ratio of 5.12, a quick ratio of 4.31 and a debt-to-equity ratio of 0.09. The firm has a 50 day simple moving average of $29.43 and a two-hundred day simple moving average of $23.80.

STAAR Surgical (NASDAQ:STAA) last released its quarterly earnings results on Wednesday, May 13th. The medical instruments supplier reported $0.10 EPS for the quarter, topping the consensus estimate of $0.05 by $0.05. STAAR Surgical had a positive return on equity of 3.31% and a negative net margin of 7.24%.The business had revenue of $93.52 million during the quarter, compared to analysts’ expectations of $78.72 million. During the same quarter in the prior year, the business earned ($1.10) earnings per share. The company’s quarterly revenue was up 119.6% compared to the same quarter last year. Research analysts expect that STAAR Surgical Company will post 0.13 EPS for the current year.

Institutional Trading of STAAR Surgical

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Amundi purchased a new position in STAAR Surgical during the first quarter worth about $305,000. American Capital Management Inc. lifted its position in STAAR Surgical by 18.7% in the first quarter. American Capital Management Inc. now owns 878,035 shares of the medical instruments supplier’s stock valued at $16,419,000 after purchasing an additional 138,499 shares during the period. Quantinno Capital Management LP purchased a new stake in STAAR Surgical in the 1st quarter valued at approximately $1,109,000. Renaissance Technologies LLC boosted its holdings in STAAR Surgical by 257.7% in the 1st quarter. Renaissance Technologies LLC now owns 135,200 shares of the medical instruments supplier’s stock valued at $2,528,000 after purchasing an additional 97,400 shares in the last quarter. Finally, Gamco Investors INC. ET AL increased its position in STAAR Surgical by 33.3% during the 1st quarter. Gamco Investors INC. ET AL now owns 20,000 shares of the medical instruments supplier’s stock worth $374,000 after purchasing an additional 5,000 shares during the period. 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.