Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Purchases $13,538.95 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin purchased 11,773 shares of the company’s stock in a transaction on Tuesday, May 6th. The stock was acquired at an average cost of $1.15 per share, for a total transaction of $13,538.95. Following the completion of the transaction, the insider owned 150,916 shares in the company, valued at approximately $173,553.40. This trade represents a 8.46% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

IRIDEX Trading Down 0.9%

IRIX opened at $0.89 on Friday. IRIDEX Corporation has a 1-year low of $0.61 and a 1-year high of $1.65. The stock has a market capitalization of $15.64 million, a price-to-earnings ratio of -4.45 and a beta of 0.67. The business has a 50 day moving average of $0.73 and a 200-day moving average of $0.95.

IRIDEX (NASDAQ:IRIX) last announced 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 company had revenue of $12.57 million for the quarter, compared to analyst estimates of $13.59 million. Equities analysts predict that IRIDEX Corporation will post -0.12 EPS for the current year.

Wall Street Analyst Weigh In

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

Institutional Trading of IRIDEX

A number of institutional investors and hedge funds have recently modified their holdings of IRIX. Renaissance Technologies LLC raised its stake in shares of IRIDEX by 6.7% in the first quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock valued at $401,000 after purchasing an additional 25,067 shares in the last quarter. Weber Capital Management LLC ADV bought a new position in IRIDEX in the second quarter worth $206,616. Perkins Capital Management Inc. boosted its stake in IRIDEX by 33.9% during the first quarter. Perkins Capital Management Inc. now owns 55,300 shares of the medical equipment provider’s stock worth $56,000 after buying an additional 14,000 shares in the last quarter. Thompson Davis & CO. Inc. boosted its stake in IRIDEX by 66.5% during the first quarter. Thompson Davis & CO. Inc. now owns 47,444 shares of the medical equipment provider’s stock worth $48,000 after buying an additional 18,944 shares in the last quarter. Finally, United Capital Financial Advisors LLC bought a new stake in IRIDEX in the 2nd quarter valued at $41,000. 20.10% of the stock is currently owned by institutional investors.

About IRIDEX

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.