IRIDEX Corporation (NASDAQ:IRIX) Short Interest Up 291.8% in August

IRIDEX Corporation (NASDAQ:IRIX) saw a significant increase in short interest in the month of August. As of August 31st, there was short interest totaling 148,311 shares, an increase of 291.8% from the August 15th total of 37,854 shares. Based on an average trading volume of 150,642 shares, the short-interest ratio is presently 1.0 days. Approximately 0.9% of the shares of the company are short sold.

Analysts Set New Price Targets

Separately, Weiss Ratings raised IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, September 4th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, IRIDEX has a consensus rating of “Hold” and an average price target of $3.00.

Hedge Funds Weigh In On IRIDEX

A number of institutional investors and hedge funds have recently bought and sold shares of IRIX. Renaissance Technologies LLC increased its stake in IRIDEX by 6.7% during the 1st quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock valued at $401,000 after buying an additional 25,067 shares during the period. Weber Capital Management LLC ADV acquired a new stake in IRIDEX in the second quarter worth approximately $206,616. Citadel Advisors LLC boosted its stake in IRIDEX by 62.7% during the 3rd 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 in the last quarter. Apexium Financial LP boosted 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 valued at $116,000 after purchasing an additional 34,834 shares in the last quarter. Finally, Susquehanna International Group LLP increased its position in shares of IRIDEX by 46.2% during the 3rd 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. Institutional investors own 20.10% of the company’s stock.

IRIDEX Stock Down 2.2%

Shares of NASDAQ:IRIX opened at $0.66 on Friday. The company has a market cap of $11.60 million, a PE ratio of -3.30 and a beta of 0.62. The company’s 50-day moving average price is $0.85 and its 200 day moving average price is $1.04. IRIDEX has a fifty-two week low of $0.65 and a fifty-two week high of $1.65.

IRIDEX (NASDAQ:IRIX) last issued its quarterly earnings data on Tuesday, August 18th. The medical equipment provider reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). The company had revenue of $12.57 million during the quarter, compared to analyst estimates of $13.59 million.

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.