Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Buys $21,069.63 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin acquired 14,943 shares of the company’s stock in a transaction on Monday, February 23rd. The shares were purchased at an average cost of $1.41 per share, with a total value of $21,069.63. Following the completion of the purchase, the insider directly owned 1,129,733 shares of the company’s stock, valued at $1,592,923.53. This trade represents a 1.34% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

IRIDEX Stock Down 0.9%

IRIX stock opened at $0.89 on Friday. IRIDEX Corporation has a twelve month low of $0.61 and a twelve month high of $1.65. The stock has a market capitalization of $15.64 million, a price-to-earnings ratio of -4.45 and a beta of 0.67. The firm’s fifty day simple moving average is $0.73 and its two-hundred day simple moving average is $0.95.

IRIDEX (NASDAQ:IRIX) last released its earnings results on Tuesday, August 18th. The medical equipment provider reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.06). The firm had revenue of $12.57 million for the quarter, compared to analysts’ expectations of $13.59 million. As a group, equities research analysts expect that IRIDEX Corporation will post -0.12 EPS for the current year.

Institutional Investors Weigh In On IRIDEX

Hedge funds have recently made changes to their positions in the company. United Capital Financial Advisors LLC bought a new position in shares of IRIDEX during the 2nd quarter worth $41,000. Weber Capital Management LLC ADV bought a new stake in shares of IRIDEX in the second quarter valued at about $206,616. Diversify Advisory Services LLC bought a new stake in shares of IRIDEX in the second quarter valued at about $30,000. Bank of New York Mellon Corp purchased a new stake in IRIDEX in the second quarter worth about $29,000. Finally, Renaissance Technologies LLC lifted its stake in IRIDEX by 6.7% in the first quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock worth $401,000 after acquiring an additional 25,067 shares during the period. 20.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, IRIDEX currently has an average rating of “Hold” and a consensus target price of $3.00.

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.