STAAR Surgical Company (NASDAQ:STAA) Stock Rated “Hold” by Wall Street Brokerages

Shares of STAAR Surgical Company (NASDAQ:STAA) have received a consensus rating of “Hold” from the thirteen research firms that are presently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $27.90.

Several equities analysts recently issued reports on STAA shares. Jefferies Financial Group cut their price target on shares of STAAR Surgical from $28.00 to $23.00 and set a “buy” rating for the company in a report on Tuesday, September 22nd. William Blair set a $33.00 price objective on shares of STAAR Surgical in a research note on Thursday, August 13th. Zacks Research cut shares of STAAR Surgical from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Stifel Nicolaus dropped their price objective on shares of STAAR Surgical from $31.00 to $28.00 and set a “hold” rating for the company in a report on Monday, August 17th. Finally, UBS Group set a $28.00 target price on shares of STAAR Surgical in a research note on Monday, August 17th.

Trending Headlines about STAAR Surgical

Here are the key news stories impacting STAAR Surgical this week:

• Positive Sentiment: The board approved a $50 million buyback authorization. Repurchases can support earnings per share, reduce the share count and signal that management views the stock as undervalued following its recent decline. The authorization does not guarantee that the full amount will be spent. STAAR Surgical Board Approves $50 Million Share Repurchase Authorization
• Positive Sentiment: Reports tied the buyback announcement to a sharp increase in STAAR Surgical’s shares, suggesting investors viewed the capital-return plan as a meaningful near-term support for the stock. STAAR Surgical Shares Rise on $50M Buyback Plans

STAAR Surgical Price Performance

STAAR Surgical stock opened at $20.51 on Wednesday. The business has a 50 day simple moving average of $23.23 and a 200 day simple moving average of $25.11. The company has a market capitalization of $1.03 billion, a PE ratio of 293.04 and a beta of 1.21. STAAR Surgical has a one year low of $15.59 and a one year high of $35.87.

STAAR Surgical (NASDAQ:STAA) last announced its quarterly earnings results on Wednesday, August 12th. The medical instruments supplier reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.17. The firm had revenue of $93.53 million for the quarter, compared to analysts’ expectations of $90.60 million. STAAR Surgical had a return on equity of 9.05% and a net margin of 1.13%.The business’s revenue was up 111.1% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.34) earnings per share. Equities analysts anticipate that STAAR Surgical will post 0.39 earnings per share for the current fiscal year.

STAAR Surgical announced that its board has approved a share buyback program on Thursday, September 24th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the medical instruments supplier to repurchase up to 5.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On STAAR Surgical

Institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd grew its holdings in shares of STAAR Surgical by 58.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,669 shares of the medical instruments supplier’s stock worth $39,000 after purchasing an additional 614 shares during the last quarter. Ascentis Independent Advisors bought a new position in shares of STAAR Surgical in the first quarter valued at about $77,000. Fifth Third Bancorp raised its holdings in shares of STAAR Surgical by 2,867.1% in the first quarter. Fifth Third Bancorp now owns 11,008 shares of the medical instruments supplier’s stock valued at $206,000 after buying an additional 10,637 shares during the last quarter. Angeles Wealth Management LLC acquired a new position in STAAR Surgical during the 2nd quarter worth about $209,000. Finally, Arizona State Retirement System acquired a new position in STAAR Surgical during the 2nd quarter worth about $235,000. Institutional investors own 96.70% of the company’s stock.

About STAAR Surgical

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia. It markets its products to health care providers, including ophthalmic surgeons, vision and surgical centers, hospitals, government facilities, and distributors, as well as products are primarily used by ophthalmologists.