IRIDEX (NASDAQ:IRIX) Stock Passes Below Two Hundred Day Moving Average – What’s Next?

IRIDEX Corporation (NASDAQ:IRIX) passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.21 and traded as low as $1.10. IRIDEX shares last traded at $1.10, with a volume of 75,644 shares changing hands.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded shares of IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 1st. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, IRIDEX presently has a consensus rating of “Hold” and an average price target of $3.00.

IRIDEX Trading Down 1.8%

The business has a fifty day moving average of $1.10 and a 200 day moving average of $1.21. The company has a market capitalization of $19.15 million, a PE ratio of -5.79 and a beta of 0.63.

IRIDEX (NASDAQ:IRIX) last issued its quarterly earnings results on Tuesday, May 19th. The medical equipment provider reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. The business had revenue of $11.80 million for the quarter, compared to analysts’ expectations of $11.91 million.

Institutional Investors Weigh In On IRIDEX

Hedge funds have recently added to or reduced their stakes in the business. Weber Capital Management LLC ADV purchased a new position in IRIDEX in the 4th quarter valued at approximately $296,000. Citadel Advisors LLC boosted its holdings in IRIDEX by 62.7% in the third quarter. Citadel Advisors LLC now owns 109,473 shares of the medical equipment provider’s stock valued at $126,000 after purchasing an additional 42,202 shares during the period. Apexium Financial LP grew its stake in IRIDEX by 53.0% during the 3rd quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock worth $116,000 after purchasing an additional 34,834 shares in the last quarter. Diversify Wealth Management LLC purchased a new stake in IRIDEX during the 1st quarter worth about $35,000. Finally, Thompson Davis & CO. Inc. acquired a new stake in IRIDEX in the 4th quarter valued at about $32,000. 20.10% of the stock is currently owned by institutional investors and hedge funds.

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.