STAAR Surgical’s (STAA) Outperform Rating Reaffirmed at Wedbush

STAAR Surgical (NASDAQ:STAA)‘s stock had its “outperform” rating reissued by equities researchers at Wedbush in a report issued on Friday,Benzinga reports. They currently have a $40.00 price target on the medical instruments supplier’s stock. Wedbush’s price target suggests a potential upside of 35.43% from the stock’s previous close.

Several other equities analysts have also issued reports on the company. Weiss Ratings lowered STAAR Surgical from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, April 22nd. Mizuho raised their target price on shares of STAAR Surgical from $22.00 to $27.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Canaccord Genuity Group lifted their price target on shares of STAAR Surgical from $27.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Piper Sandler increased their price objective on shares of STAAR Surgical from $16.00 to $33.00 and gave the stock a “neutral” rating in a research report on Thursday, May 14th. Finally, Wall Street Zen upgraded shares of STAAR Surgical from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $27.81.

STAAR Surgical Trading Up 1.6%

Shares of STAA traded up $0.46 during trading hours on Friday, reaching $29.54. The stock had a trading volume of 121,071 shares, compared to its average volume of 1,359,123. The company has a market cap of $1.47 billion, a P/E ratio of -68.84 and a beta of 1.20. STAAR Surgical has a 52 week low of $15.59 and a 52 week high of $35.87. The company has a quick ratio of 4.31, a current ratio of 5.12 and a debt-to-equity ratio of 0.09. The firm has a 50-day moving average of $25.26 and a 200 day moving average of $23.00.

STAAR Surgical (NASDAQ:STAA) last posted its earnings results on Wednesday, May 13th. The medical instruments supplier reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.05. The firm had revenue of $93.52 million during the quarter, compared to analysts’ expectations of $78.72 million. STAAR Surgical had a positive return on equity of 3.31% and a negative net margin of 7.24%.The company’s revenue was up 119.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.10) earnings per share. On average, sell-side analysts expect that STAAR Surgical will post -0.03 earnings per share for the current fiscal year.

Insider Transactions at STAAR Surgical

In other news, Director Broadwood Partners, L.P. bought 316,017 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The shares were acquired at an average price of $18.61 per share, with a total value of $5,881,076.37. Following the transaction, the director owned 16,123,842 shares in the company, valued at $300,064,699.62. This represents a 2.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders purchased 670,213 shares of company stock valued at $12,266,249. 39.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On STAAR Surgical

Several hedge funds have recently made changes to their positions in STAA. Caitong International Asset Management Co. Ltd lifted its position in shares of STAAR Surgical by 2,605.1% in the third quarter. Caitong International Asset Management Co. Ltd now owns 1,055 shares of the medical instruments supplier’s stock worth $28,000 after purchasing an additional 1,016 shares in the last quarter. Ascentis Independent Advisors acquired a new stake in STAAR Surgical in the 1st quarter valued at $77,000. Russell Investments Group Ltd. increased its stake in STAAR Surgical by 9,928.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,513 shares of the medical instruments supplier’s stock valued at $121,000 after buying an additional 4,468 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in STAAR Surgical by 375.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,919 shares of the medical instruments supplier’s stock worth $99,000 after buying an additional 4,673 shares in the last quarter. Finally, CIBC Bancorp USA Inc. bought a new stake in STAAR Surgical during the 3rd quarter worth about $208,000. 96.70% of the stock is owned by institutional investors.

STAAR Surgical Company Profile

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.