Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Purchases $19,400.00 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin acquired 20,000 shares of the firm’s stock in a transaction that occurred on Friday, December 12th. The stock was purchased at an average cost of $0.97 per share, with a total value of $19,400.00. Following the purchase, the insider directly owned 905,648 shares in the company, valued at approximately $878,478.56. This trade represents a 2.26% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

IRIDEX Stock Performance

NASDAQ IRIX opened at $0.89 on Friday. The firm’s 50 day moving average price is $0.73 and its two-hundred day moving average price is $0.95. IRIDEX Corporation has a twelve month low of $0.61 and a twelve month high of $1.65. The stock has a market cap of $15.64 million, a price-to-earnings ratio of -4.45 and a beta of 0.67.

IRIDEX (NASDAQ:IRIX) last released its earnings results on Tuesday, August 18th. The medical equipment provider reported ($0.07) earnings per share (EPS) 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 the consensus estimate of $13.59 million. On average, research analysts forecast that IRIDEX Corporation will post -0.12 EPS for the current fiscal year.

Institutional Investors Weigh In On IRIDEX

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. United Capital Financial Advisors LLC acquired a new stake in shares of IRIDEX during the 2nd quarter valued at $41,000. Weber Capital Management LLC ADV acquired a new position in shares of IRIDEX in the second quarter worth $206,616. Diversify Advisory Services LLC acquired a new position in shares of IRIDEX in the second quarter worth $30,000. Bank of New York Mellon Corp purchased a new stake in shares of IRIDEX during the second quarter worth $29,000. Finally, Renaissance Technologies LLC raised its holdings in shares of IRIDEX by 6.7% during the first quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock worth $401,000 after acquiring an additional 25,067 shares in the last quarter. Hedge funds and other institutional investors own 20.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus 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.