IRIDEX Corporation (NASDAQ:IRIX) Sees Large Drop in Short Interest

IRIDEX Corporation (NASDAQ:IRIX) saw a large drop in short interest in May. As of May 15th, there was short interest totaling 28,508 shares, a drop of 49.5% from the April 30th total of 56,463 shares. Currently, 0.2% of the company’s stock are sold short. Based on an average trading volume of 48,115 shares, the short-interest ratio is presently 0.6 days.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on IRIX shares. Weiss Ratings cut IRIDEX from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, May 19th. iA Financial set a $3.00 price objective on IRIDEX in a report on Thursday, February 5th. Finally, Alliance Global Partners started coverage on IRIDEX in a report on Thursday, February 5th. They issued a “buy” rating for the company. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $3.00.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Perkins Capital Management Inc. raised its position in IRIDEX by 33.9% during the first 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 in the last quarter. Jane Street Group LLC raised its position in IRIDEX by 93.9% during the fourth quarter. Jane Street Group LLC now owns 31,758 shares of the medical equipment provider’s stock valued at $36,000 after purchasing an additional 15,377 shares in the last quarter. Susquehanna International Group LLP raised its position in IRIDEX by 46.2% during the third 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 in the last quarter. Thompson Davis & CO. Inc. raised its position in IRIDEX by 66.5% during the first 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. Finally, Renaissance Technologies LLC raised its position in IRIDEX by 6.7% during the first quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock valued at $401,000 after purchasing an additional 25,067 shares in the last quarter. 20.10% of the stock is currently owned by institutional investors and hedge funds.

IRIDEX Trading Up 5.7%

Shares of NASDAQ:IRIX traded up $0.06 during trading on Monday, reaching $1.11. 124,973 shares of the stock were exchanged, compared to its average volume of 192,261. IRIDEX has a 12 month low of $0.87 and a 12 month high of $1.65. The stock has a 50-day moving average price of $1.07 and a 200-day moving average price of $1.17. The firm has a market cap of $19.33 million, a PE ratio of -5.84 and a beta of 0.64.

IRIDEX (NASDAQ:IRIX) last released its quarterly earnings results on Tuesday, May 19th. The medical equipment provider reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. IRIDEX had a negative net margin of 6.23% and a negative return on equity of 1,204.74%. The company had revenue of $11.80 million during the quarter, compared to the consensus estimate of $11.91 million.

IRIDEX Company Profile

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.