Short Interest in IRIDEX Corporation (NASDAQ:IRIX) Drops By 46.0%

IRIDEX Corporation (NASDAQ:IRIX) was the recipient of a significant decline in short interest in April. As of April 30th, there was short interest totaling 56,463 shares, a decline of 46.0% from the April 15th total of 104,611 shares. Based on an average daily trading volume, of 66,037 shares, the days-to-cover ratio is presently 0.9 days. Approximately 0.4% of the shares of the stock are sold short.

IRIDEX Trading Up 0.5%

IRIX traded up $0.01 during trading hours on Monday, hitting $1.02. The company’s stock had a trading volume of 56,910 shares, compared to its average volume of 203,058. The business’s 50-day moving average price is $1.12 and its 200-day moving average price is $1.17. IRIDEX has a 12 month low of $0.87 and a 12 month high of $1.65. The stock has a market cap of $17.66 million, a price-to-earnings ratio of -3.90 and a beta of 0.64.

IRIDEX (NASDAQ:IRIX) last posted its quarterly earnings data on Thursday, March 26th. The medical equipment provider reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. IRIDEX had a negative net margin of 8.42% and a negative return on equity of 1,204.74%. The business had revenue of $14.72 million for the quarter, compared to analysts’ expectations of $14.74 million.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Alliance Global Partners assumed coverage on shares of IRIDEX in a research report on Thursday, February 5th. They issued a “buy” rating on the stock. iA Financial set a $3.00 price target on shares of IRIDEX in a research report on Thursday, February 5th. Finally, Weiss Ratings upgraded shares of IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, May 4th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $3.00.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC increased its position in IRIDEX by 6.7% during the first quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock valued at $401,000 after acquiring an additional 25,067 shares during the last quarter. Weber Capital Management LLC ADV bought a new position in IRIDEX during the fourth quarter valued at $296,000. Citadel Advisors LLC increased its position in IRIDEX by 62.7% during the third quarter. Citadel Advisors LLC now owns 109,473 shares of the medical equipment provider’s stock valued at $126,000 after acquiring an additional 42,202 shares during the last quarter. Apexium Financial LP increased its position in IRIDEX by 53.0% during the third quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock valued at $116,000 after acquiring an additional 34,834 shares during the last quarter. Finally, Susquehanna International Group LLP increased its position in IRIDEX by 46.2% during the third quarter. Susquehanna International Group LLP now owns 56,470 shares of the medical equipment provider’s stock valued at $65,000 after acquiring an additional 17,834 shares during the last quarter. Institutional investors own 20.10% of the company’s stock.

IRIDEX Company Profile

IRIDEX Corporation (NASDAQ: IRIX) is a medical technology company specializing in the development, manufacturing and commercialization of innovative ophthalmic laser and imaging systems. The company’s offerings focus on energy-based therapies designed to treat retinal vascular disorders, glaucoma and other ocular conditions. IRIDEX’s portfolio includes laser photocoagulation platforms, micro-pulse laser technology, and related consumable devices for use by ophthalmologists and retina specialists.

The company’s flagship products include the Cyclo G6 Glaucoma Laser System, which delivers precise, controlled micro-pulse laser therapy for patients with refractory glaucoma, and the IQ 532 Retina Laser System, designed to support minimally invasive laser treatments for diabetic retinopathy and age-related macular degeneration.