IRIDEX (NASDAQ:IRIX) Releases Earnings Results, Misses Expectations By $0.06 EPS

IRIDEX (NASDAQ:IRIX) released its earnings results on Tuesday. The medical equipment provider reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06), Zacks reports.

IRIDEX Stock Performance

Shares of IRIX traded up $0.05 on Tuesday, hitting $0.93. 239,910 shares of the stock traded hands, compared to its average volume of 145,475. IRIDEX has a one year low of $0.80 and a one year high of $1.65. The company has a market capitalization of $16.19 million, a PE ratio of -4.90 and a beta of 0.66. The business has a 50 day simple moving average of $1.01 and a 200 day simple moving average of $1.13.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $3.00.

Institutional Trading of IRIDEX

Several institutional investors have recently added to or reduced their stakes in the business. Citadel Advisors LLC raised its stake in shares of IRIDEX by 62.7% in the third quarter. Citadel Advisors LLC now owns 109,473 shares of the medical equipment provider’s stock worth $126,000 after purchasing an additional 42,202 shares during the last quarter. Apexium Financial LP boosted its position in shares of IRIDEX by 53.0% during the third quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock valued at $116,000 after buying an additional 34,834 shares during the last quarter. Susquehanna International Group LLP increased its holdings in IRIDEX by 46.2% in the 3rd quarter. Susquehanna International Group LLP now owns 56,470 shares of the medical equipment provider’s stock worth $65,000 after buying an additional 17,834 shares in the last quarter. Finally, Jane Street Group LLC increased its holdings in IRIDEX by 93.9% in the 4th quarter. Jane Street Group LLC now owns 31,758 shares of the medical equipment provider’s stock worth $36,000 after buying an additional 15,377 shares in the last quarter. 20.10% of the stock is currently owned by hedge funds and other institutional investors.

About IRIDEX

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.