STAAR Surgical (NASDAQ:STAA) Trading Down 7.3% – Time to Sell?

STAAR Surgical Company (NASDAQ:STAA)’s stock price was down 7.3% on Monday . The company traded as low as $24.53 and last traded at $24.5070. 557,349 shares traded hands during trading, a decline of 53% from the average session volume of 1,192,334 shares. The stock had previously closed at $26.44.

Analyst Ratings Changes

STAA has been the subject of several research reports. Wells Fargo & Company lifted their price target on shares of STAAR Surgical from $16.00 to $25.00 and gave the company an “equal weight” rating in a research report on Friday, May 15th. Piper Sandler upped their price objective on shares of STAAR Surgical from $16.00 to $33.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Weiss Ratings raised shares of STAAR Surgical from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 25th. Wedbush reiterated an “outperform” rating and set a $40.00 price objective on shares of STAAR Surgical in a report on Thursday. Finally, Wall Street Zen raised shares of STAAR Surgical from a “hold” rating to a “buy” rating in a research report on Sunday, July 5th. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $27.81.

STAAR Surgical Stock Performance

The company has a debt-to-equity ratio of 0.09, a current ratio of 5.12 and a quick ratio of 4.31. The company’s fifty day moving average price is $29.43 and its 200 day moving average price is $23.82. The company has a market cap of $1.19 billion, a PE ratio of -55.67 and a beta of 1.23.

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

Hedge Funds Weigh In On STAAR Surgical

Institutional investors have recently modified their holdings of the business. Broadwood Capital Inc. increased its position in shares of STAAR Surgical by 11.1% during the fourth quarter. Broadwood Capital Inc. now owns 15,019,491 shares of the medical instruments supplier’s stock valued at $346,800,000 after acquiring an additional 1,500,000 shares during the last quarter. Soleus Capital Management L.P. boosted its position in STAAR Surgical by 16.5% in the second quarter. Soleus Capital Management L.P. now owns 2,984,733 shares of the medical instruments supplier’s stock worth $50,084,000 after purchasing an additional 421,840 shares during the last quarter. Yunqi Capital Ltd grew its stake in STAAR Surgical by 0.3% in the 4th quarter. Yunqi Capital Ltd now owns 2,507,130 shares of the medical instruments supplier’s stock valued at $57,890,000 after purchasing an additional 7,069 shares during the period. Magnetar Financial LLC grew its stake in STAAR Surgical by 105.3% in the 4th quarter. Magnetar Financial LLC now owns 2,472,390 shares of the medical instruments supplier’s stock valued at $57,087,000 after purchasing an additional 1,268,019 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of STAAR Surgical by 112.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,076,743 shares of the medical instruments supplier’s stock valued at $47,952,000 after purchasing an additional 1,100,484 shares during the last quarter. 96.70% of the stock is owned by institutional investors.

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.