IRIDEX (NASDAQ:IRIX) Stock Breaks Below 200-Day Moving Average – Here’s Why

IRIDEX Corporation (NASDAQ:IRIX) shares crossed below its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $0.93 and traded as low as $0.7643. IRIDEX shares last traded at $0.77, with a volume of 41,032 shares traded.

Analysts Set New Price Targets

Separately, Weiss Ratings cut IRIDEX from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $3.00.

IRIDEX Trading Up 1.7%

The company’s fifty day moving average price is $0.73 and its two-hundred day moving average price is $0.93. The firm has a market cap of $13.49 million, a P/E ratio of -3.84 and a beta of 0.67.

IRIDEX (NASDAQ:IRIX) last announced its earnings results on Tuesday, August 18th. The medical equipment provider reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.06). The firm had revenue of $12.57 million during the quarter, compared to the consensus estimate of $13.59 million. On average, analysts predict that IRIDEX Corporation will post -0.12 EPS for the current fiscal year.

Hedge Funds Weigh In On IRIDEX

Hedge funds have recently added to or reduced their stakes in the stock. Perkins Capital Management Inc. raised its holdings in IRIDEX by 33.9% during the 1st quarter. Perkins Capital Management Inc. now owns 55,300 shares of the medical equipment provider’s stock worth $56,000 after buying an additional 14,000 shares during the period. Renaissance Technologies LLC boosted its stake in IRIDEX by 6.7% in 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. Bank of New York Mellon Corp acquired a new position in shares of IRIDEX during the second quarter worth about $29,000. Diversify Wealth Management LLC bought a new position in shares of IRIDEX during the first quarter worth about $35,000. Finally, Diversify Advisory Services LLC bought a new stake in IRIDEX in the 2nd quarter valued at approximately $30,000. Institutional investors and hedge funds own 20.10% of the company’s stock.

About IRIDEX

IRIDEX Corporation (NASDAQ: IRIX) develops and sells ophthalmic laser systems and related delivery devices used in the treatment of eye diseases. Its products are designed primarily for ophthalmologists treating glaucoma and retinal disorders, including diabetic retinopathy and other conditions affecting the retina.

The company’s portfolio includes laser systems such as the Cyclo G6 glaucoma laser platform and the IQ series of retinal photocoagulation lasers. IRIDEX also offers specialized probes and other delivery devices, including MicroPulse and transscleral cyclophotocoagulation technologies, which are intended to provide targeted treatment while limiting exposure to surrounding tissue.

Founded in 1989 and headquartered in Mountain View, California, IRIDEX serves eye-care professionals through a combination of direct sales and distributor relationships in the United States and international markets.