STAAR Surgical Company (NASDAQ:STAA) Stock Has Average Price Target of $29.00

STAAR Surgical Company (NASDAQ:STAA) has received a consensus recommendation of “Hold” from the thirteen research firms that are currently covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a sell recommendation, five have given a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $29.00.

Several brokerages have recently issued reports on STAA. Wedbush lowered their price target on STAAR Surgical from $40.00 to $37.00 and set an “outperform” rating on the stock in a research report on Thursday, August 13th. UBS Group set a $34.00 price objective on STAAR Surgical in a report on Thursday, November 5th. Piper Sandler reaffirmed a “neutral” rating on shares of STAAR Surgical in a research note on Thursday, August 13th. William Blair set a $33.00 target price on STAAR Surgical in a report on Thursday, August 13th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of STAAR Surgical in a research report on Wednesday.

Institutional Investors Weigh In On STAAR Surgical

Institutional investors and hedge funds have recently modified their holdings of the stock. Corient Private Wealth LP raised its stake in STAAR Surgical by 1.6% in the second quarter. Corient Private Wealth LP now owns 48,968 shares of the medical instruments supplier’s stock valued at $1,405,000 after buying an additional 771 shares during the period. State of Wyoming acquired a new stake in shares of STAAR Surgical in the third quarter valued at approximately $66,000. Angeles Wealth Management LLC lifted its position in shares of STAAR Surgical by 49.0% in the third quarter. Angeles Wealth Management LLC now owns 10,855 shares of the medical instruments supplier’s stock valued at $245,000 after buying an additional 3,570 shares during the last quarter. Gamco Investors INC. ET AL boosted its stake in shares of STAAR Surgical by 33.3% during the 1st quarter. Gamco Investors INC. ET AL now owns 20,000 shares of the medical instruments supplier’s stock worth $374,000 after acquiring an additional 5,000 shares during the period. Finally, Headlands Technologies LLC boosted its stake in shares of STAAR Surgical by 19.0% during the 2nd quarter. Headlands Technologies LLC now owns 36,898 shares of the medical instruments supplier’s stock worth $1,059,000 after acquiring an additional 5,889 shares during the period. Institutional investors and hedge funds own 96.70% of the company’s stock.

STAAR Surgical Stock Performance

Shares of STAA traded down $0.39 during midday trading on Thursday, hitting $26.39. 370,191 shares of the stock traded hands, compared to its average volume of 804,488. STAAR Surgical has a 1-year low of $15.59 and a 1-year high of $35.87. The firm has a market capitalization of $1.32 billion, a PE ratio of -2,639,000.00 and a beta of 1.22. The business’s 50 day moving average price is $22.97 and its two-hundred day moving average price is $23.82.

STAAR Surgical (NASDAQ:STAA) last released its quarterly earnings results on Wednesday, November 4th. The medical instruments supplier reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.06. The company had revenue of $83.41 million for the quarter, compared to analysts’ expectations of $78.73 million. STAAR Surgical had a return on equity of 8.43% and a net margin of 0.16%. The business’s revenue for the quarter was down 11.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.08 earnings per share. As a group, equities research analysts forecast that STAAR Surgical will post 0.39 EPS for the current fiscal year.

STAAR Surgical declared that its board has initiated a stock buyback program on Thursday, September 24th that allows the company to buy back $50 million in outstanding shares. This repurchase authorization allows the medical instruments supplier to reacquire up to 5.2% of its shares through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

About STAAR Surgical

STAAR Surgical is a medical device company focused on ophthalmic surgery and vision correction. The company develops, manufactures and markets implantable lenses and related products designed to reduce or eliminate dependence on glasses or contact lenses. Its principal product line is the EVO Visian Implantable Collamer Lens (ICL), a lens implanted inside the eye to correct myopia, with or without astigmatism. Unlike procedures that remove corneal tissue, ICL surgery preserves the eye’s natural lens and is designed to be removable.