IRIDEX (NASDAQ:IRIX) Stock Price Crosses Above Two Hundred Day Moving Average – What’s Next?

IRIDEX Corporation (NASDAQ:IRIX) shares crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.19 and traded as high as $1.1925. IRIDEX shares last traded at $1.19, with a volume of 60,976 shares.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded IRIDEX from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, IRIDEX has an average rating of “Hold” and a consensus target price of $3.00.

IRIDEX Stock Down 2.1%

The firm has a market capitalization of $19.93 million, a PE ratio of -6.03 and a beta of 0.64. The business’s fifty day moving average price is $1.06 and its 200 day moving average price is $1.19.

IRIDEX (NASDAQ:IRIX) last posted its quarterly earnings data on Tuesday, May 19th. The medical equipment provider reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.04. IRIDEX had a negative return on equity of 1,204.74% and a negative net margin of 6.23%.The firm had revenue of $11.80 million during the quarter, compared to the consensus estimate of $11.91 million.

Institutional Trading of IRIDEX

Several hedge funds have recently made changes to their positions in IRIX. Weber Capital Management LLC ADV purchased a new position in IRIDEX in the fourth quarter worth $296,000. Renaissance Technologies LLC grew its stake in shares of IRIDEX by 6.7% during the 1st quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock worth $401,000 after purchasing an additional 25,067 shares during the period. Jane Street Group LLC increased its holdings in shares of IRIDEX by 93.9% in the 4th quarter. Jane Street Group LLC now owns 31,758 shares of the medical equipment provider’s stock valued at $36,000 after purchasing an additional 15,377 shares in the last quarter. Susquehanna International Group LLP lifted its stake in shares of IRIDEX by 46.2% in the third quarter. Susquehanna International Group LLP now owns 56,470 shares of the medical equipment provider’s stock valued at $65,000 after purchasing an additional 17,834 shares during the period. Finally, Apexium Financial LP boosted its holdings in 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 buying an additional 34,834 shares in the last quarter. Institutional investors and hedge funds 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.