STAAR Surgical Company $STAA Stake Lifted by Two Seas Capital LP

Two Seas Capital LP lifted its stake in STAAR Surgical Company (NASDAQ:STAA) by 22.6% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,304,957 shares of the medical instruments supplier’s stock after acquiring an additional 240,568 shares during the quarter. STAAR Surgical comprises approximately 0.3% of Two Seas Capital LP’s portfolio, making the stock its 26th largest position. Two Seas Capital LP’s holdings in STAAR Surgical were worth $29,505,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the stock. Quantinno Capital Management LP acquired a new position in STAAR Surgical during the 1st quarter worth approximately $1,109,000. Renaissance Technologies LLC raised its stake in shares of STAAR Surgical by 257.7% during the first quarter. Renaissance Technologies LLC now owns 135,200 shares of the medical instruments supplier’s stock valued at $2,528,000 after purchasing an additional 97,400 shares during the period. American Capital Management Inc. lifted its position in shares of STAAR Surgical by 18.7% during the first quarter. American Capital Management Inc. now owns 878,035 shares of the medical instruments supplier’s stock worth $16,419,000 after purchasing an additional 138,499 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of STAAR Surgical during the second quarter worth $6,578,000. Finally, Crcm LP purchased a new position in shares of STAAR Surgical in the first quarter valued at $1,870,000. Institutional investors and hedge funds own 96.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Wall Street Zen downgraded shares of STAAR Surgical from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. William Blair set a $33.00 price objective on shares of STAAR Surgical in a research report on Thursday, August 13th. Veritas Investment Research set a $31.00 target price on STAAR Surgical in a research report on Tuesday, September 29th. Piper Sandler reiterated a “neutral” rating on shares of STAAR Surgical in a research note on Thursday, August 13th. Finally, Jefferies Financial Group reduced their price target on STAAR Surgical from $28.00 to $23.00 and set a “buy” rating for the company in a report on Tuesday, September 22nd. Four equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $28.45.

STAAR Surgical Trading Down 1.9%

NASDAQ STAA traded down $0.42 during trading hours on Tuesday, reaching $22.15. 637,465 shares of the company traded hands, compared to its average volume of 1,151,720. The stock has a market capitalization of $1.11 billion, a PE ratio of 316.47 and a beta of 1.17. STAAR Surgical Company has a 12 month low of $15.59 and a 12 month high of $35.87. The company has a 50 day moving average of $23.03 and a two-hundred day moving average of $25.28.

STAAR Surgical (NASDAQ:STAA) last issued its earnings results on Wednesday, August 12th. The medical instruments supplier reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.17. STAAR Surgical had a net margin of 1.13% and a return on equity of 9.05%. The business had revenue of $93.53 million for the quarter, compared to analyst estimates of $90.60 million. During the same quarter in the prior year, the business posted ($0.34) EPS. The company’s revenue for the quarter was up 111.1% on a year-over-year basis. On average, equities research analysts anticipate that STAAR Surgical Company will post 0.39 earnings per share for the current year.

STAAR Surgical declared that its board has approved a share repurchase program on Thursday, September 24th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the medical instruments supplier to buy up to 5.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

STAAR Surgical Profile

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.