IRIDEX (NASDAQ:IRIX) Major Shareholder Purchases $55,000.00 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin acquired 50,000 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The shares were purchased at an average price of $1.10 per share, for a total transaction of $55,000.00. Following the completion of the transaction, the insider directly owned 298,348 shares in the company, valued at approximately $328,182.80. This trade represents a 20.13% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

IRIDEX Stock Performance

Shares of IRIX stock opened at $0.89 on Friday. The stock has a fifty day simple moving average of $0.73 and a two-hundred day simple moving average of $0.95. 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 52-week low of $0.61 and a 52-week high of $1.65.

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

Hedge Funds Weigh In On IRIDEX

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Weber Capital Management LLC ADV purchased a new position in IRIDEX during the 2nd quarter valued at approximately $206,616. United Capital Financial Advisors LLC purchased a new stake in shares of IRIDEX during the 2nd quarter worth approximately $41,000. Diversify Wealth Management LLC purchased a new stake in shares of IRIDEX during the 1st quarter worth approximately $35,000. Diversify Advisory Services LLC bought a new position in shares of IRIDEX during the 2nd quarter valued at approximately $30,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of IRIDEX in the second quarter valued at $29,000. 20.10% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

IRIDEX Company Profile

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.