Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Acquires $22,114.44 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin acquired 23,526 shares of the stock in a transaction that occurred on Wednesday, May 28th. The stock was purchased at an average price of $0.94 per share, for a total transaction of $22,114.44. Following the completion of the purchase, the insider directly owned 476,351 shares in the company, valued at $447,769.94. This trade represents a 5.20% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

IRIDEX Stock Down 0.9%

IRIX opened at $0.89 on Friday. The firm has a 50-day moving average price of $0.73 and a 200-day moving average price of $0.95. IRIDEX Corporation has a twelve month low of $0.61 and a twelve month high of $1.65. The company has a market capitalization of $15.64 million, a price-to-earnings ratio of -4.45 and a beta of 0.67.

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

Analysts Set New Price Targets

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

Hedge Funds Weigh In On IRIDEX

Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new position in IRIDEX during the second quarter valued at approximately $29,000. Diversify Advisory Services LLC purchased a new stake in IRIDEX in the 2nd quarter worth approximately $30,000. Diversify Wealth Management LLC purchased a new stake in IRIDEX in the 1st quarter worth approximately $35,000. United Capital Financial Advisors LLC bought a new position in IRIDEX in the 2nd quarter valued at $41,000. Finally, Thompson Davis & CO. Inc. boosted its holdings in IRIDEX by 66.5% in the 1st quarter. Thompson Davis & CO. Inc. now owns 47,444 shares of the medical equipment provider’s stock valued at $48,000 after purchasing an additional 18,944 shares during the period. 20.10% of the stock is currently owned by institutional investors.

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.