Brokerages Set STAAR Surgical Company (NASDAQ:STAA) PT at $18.94

Shares of STAAR Surgical Company (NASDAQ:STAA) have been given a consensus recommendation of “Reduce” by the twelve brokerages that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $18.9375.

Several brokerages have commented on STAA. BTIG Research reiterated a “neutral” rating on shares of STAAR Surgical in a research note on Tuesday, January 6th. Canaccord Genuity Group reduced their price objective on shares of STAAR Surgical from $30.75 to $22.00 and set a “hold” rating for the company in a research report on Thursday, January 15th. Weiss Ratings restated a “sell (d)” rating on shares of STAAR Surgical in a report on Thursday, January 22nd. Stifel Nicolaus cut their price target on shares of STAAR Surgical from $19.00 to $18.00 and set a “hold” rating on the stock in a research note on Wednesday, March 4th. Finally, Morgan Stanley initiated coverage on shares of STAAR Surgical in a research report on Friday, January 16th. They issued an “underweight” rating and a $13.00 price target for the company.

STAAR Surgical Stock Performance

NASDAQ:STAA opened at $18.32 on Friday. STAAR Surgical has a 1 year low of $14.69 and a 1 year high of $30.81. The stock has a market cap of $907.02 million, a P/E ratio of -11.24 and a beta of 1.04. The stock has a 50-day simple moving average of $19.58 and a 200-day simple moving average of $23.93.

STAAR Surgical (NASDAQ:STAA) last issued its earnings results on Tuesday, March 3rd. The medical instruments supplier reported ($0.37) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.51). The business had revenue of $57.80 million for the quarter, compared to analyst estimates of $75.54 million. STAAR Surgical had a negative return on equity of 10.03% and a negative net margin of 33.60%.STAAR Surgical’s revenue was up 18.0% on a year-over-year basis. On average, equities research analysts predict that STAAR Surgical will post -1.14 EPS for the current year.

Insider Activity at STAAR Surgical

In other news, major shareholder Broadwood Partners, L.P. bought 27,485 shares of the business’s stock in a transaction dated Friday, January 9th. The shares were acquired at an average price of $22.05 per share, for a total transaction of $606,044.25. Following the completion of the transaction, the insider owned 15,453,629 shares of the company’s stock, valued at approximately $340,752,519.45. This trade represents a 0.18% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders bought a total of 434,138 shares of company stock worth $9,424,176 in the last 90 days. 0.59% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd lifted its stake in STAAR Surgical by 2,605.1% in the third quarter. Caitong International Asset Management Co. Ltd now owns 1,055 shares of the medical instruments supplier’s stock valued at $28,000 after buying an additional 1,016 shares during the last quarter. CWM LLC grew its position in shares of STAAR Surgical by 74.1% during the second quarter. CWM LLC now owns 1,563 shares of the medical instruments supplier’s stock worth $26,000 after acquiring an additional 665 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of STAAR Surgical by 61.4% in the 3rd quarter. GAMMA Investing LLC now owns 1,856 shares of the medical instruments supplier’s stock valued at $50,000 after acquiring an additional 706 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of STAAR Surgical by 691.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,607 shares of the medical instruments supplier’s stock valued at $61,000 after acquiring an additional 3,151 shares during the period. Finally, Russell Investments Group Ltd. raised its position in STAAR Surgical by 9,928.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,513 shares of the medical instruments supplier’s stock valued at $121,000 after purchasing an additional 4,468 shares during the last quarter. Hedge funds and other institutional investors own 96.70% of the company’s stock.

STAAR Surgical Company Profile

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia. It markets its products to health care providers, including ophthalmic surgeons, vision and surgical centers, hospitals, government facilities, and distributors, as well as products are primarily used by ophthalmologists.