Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Purchases $17,758.48 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin acquired 18,892 shares of IRIDEX stock in a transaction dated Wednesday, December 10th. The shares were bought at an average cost of $0.94 per share, with a total value of $17,758.48. Following the transaction, the insider owned 885,648 shares in the company, valued at approximately $832,509.12. This trade represents a 2.18% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

IRIDEX Stock Down 0.9%

NASDAQ:IRIX 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 company has a fifty day moving average of $0.73 and a 200-day moving average of $0.95. The firm has a market capitalization of $15.64 million, a P/E ratio of -4.45 and a beta of 0.67.

IRIDEX (NASDAQ:IRIX) last issued 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 company had revenue of $12.57 million for the quarter, compared to analyst estimates of $13.59 million. On average, analysts anticipate that IRIDEX Corporation will post -0.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded 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 given a Sell rating to the company’s stock. Based on data from MarketBeat, IRIDEX presently has an average rating of “Hold” and a consensus target price of $3.00.

Hedge Funds Weigh In On IRIDEX

A number of large investors have recently modified their holdings of IRIX. Perkins Capital Management Inc. grew its position in IRIDEX by 33.9% in the 1st quarter. Perkins Capital Management Inc. now owns 55,300 shares of the medical equipment provider’s stock valued at $56,000 after purchasing an additional 14,000 shares during the period. Thompson Davis & CO. Inc. increased its stake in IRIDEX by 66.5% during the 1st quarter. Thompson Davis & CO. Inc. now owns 47,444 shares of the medical equipment provider’s stock valued at $48,000 after purchasing an additional 18,944 shares in the last quarter. Renaissance Technologies LLC raised its holdings in IRIDEX by 6.7% during the first quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock worth $401,000 after buying an additional 25,067 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of IRIDEX in the second quarter valued at $29,000. Finally, Diversify Wealth Management LLC bought a new position in shares of IRIDEX in the first quarter valued at $35,000. 20.10% of the stock is currently owned by institutional investors.

IRIDEX Company Profile

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.