IRIDEX (NASDAQ:IRIX) Share Price Crosses Above 200-Day Moving Average – What’s Next?

IRIDEX Corporation (NASDAQ:IRIX)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.19 and traded as high as $1.48. IRIDEX shares last traded at $1.41, with a volume of 73,110 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have commented on IRIX shares. iA Financial set a $3.00 price target on shares of IRIDEX in a report on Thursday, February 5th. Alliance Global Partners began coverage on IRIDEX in a research note on Thursday, February 5th. They set a “buy” rating for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of IRIDEX in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, IRIDEX has a consensus rating of “Hold” and an average price target of $3.00.

IRIDEX Price Performance

The business’s fifty day moving average price is $1.31 and its 200-day moving average price is $1.19. The company has a market capitalization of $23.89 million, a P/E ratio of -4.63 and a beta of 0.70. The company has a current ratio of 1.94, a quick ratio of 1.35 and a debt-to-equity ratio of 62.29.

Hedge Funds Weigh In On IRIDEX

A number of hedge funds and other institutional investors have recently modified their holdings of IRIX. Weber Capital Management LLC ADV bought a new position in shares of IRIDEX during the 4th quarter valued at about $296,000. Citadel Advisors LLC grew 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 raised its stake in shares of IRIDEX by 53.0% during the third quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock worth $116,000 after acquiring an additional 34,834 shares in the last quarter. Thompson Davis & CO. Inc. bought a new stake in shares of IRIDEX in the 2nd quarter worth approximately $50,000. Finally, Susquehanna International Group LLP lifted its holdings in shares of IRIDEX by 46.2% in the 3rd quarter. Susquehanna International Group LLP now owns 56,470 shares of the medical equipment provider’s stock worth $65,000 after acquiring an additional 17,834 shares during the last quarter. 20.10% of the stock is currently owned by hedge funds and other institutional investors.

About IRIDEX

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.