STAAR Surgical (NASDAQ:STAA) Shares Down 5.1% – What’s Next?

STAAR Surgical Company (NASDAQ:STAA)’s stock price was down 5.1% during mid-day trading on Thursday . The company traded as low as $24.97 and last traded at $24.56. Approximately 976,636 shares changed hands during trading, a decline of 17% from the average daily volume of 1,180,917 shares. The stock had previously closed at $25.89.

Analyst Upgrades and Downgrades

Several brokerages have commented on STAA. Piper Sandler reissued a “neutral” rating on shares of STAAR Surgical in a research report on Monday, October 27th. Canaccord Genuity Group boosted their target price on STAAR Surgical from $28.00 to $30.75 and gave the stock a “hold” rating in a research note on Tuesday, December 9th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of STAAR Surgical in a research report on Wednesday, October 8th. Finally, Wells Fargo & Company lifted their price objective on STAAR Surgical from $28.00 to $30.75 and gave the company an “equal weight” rating in a research note on Wednesday, December 10th. Ten research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, STAAR Surgical has a consensus rating of “Reduce” and a consensus price target of $23.42.

STAAR Surgical Stock Performance

The stock’s 50-day moving average is $26.00 and its 200 day moving average is $23.71. The stock has a market capitalization of $1.18 billion, a PE ratio of -12.19 and a beta of 1.01.

Insider Activity

In other news, major shareholder Broadwood Partners, L.P. purchased 797,486 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The shares were purchased at an average price of $27.86 per share, for a total transaction of $22,217,959.96. Following the purchase, the insider directly owned 15,019,491 shares of the company’s stock, valued at $418,443,019.26. This represents a 5.61% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders bought 1,500,000 shares of company stock valued at $41,061,615. 0.59% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in STAA. Tudor Investment Corp ET AL purchased a new stake in shares of STAAR Surgical in the third quarter valued at about $4,113,000. Polar Asset Management Partners Inc. acquired a new position in shares of STAAR Surgical during the 3rd quarter worth approximately $3,359,000. CIBC Bancorp USA Inc. purchased a new stake in STAAR Surgical in the 3rd quarter valued at approximately $208,000. Yunqi Capital Ltd lifted its stake in STAAR Surgical by 3.7% in the 3rd quarter. Yunqi Capital Ltd now owns 2,500,061 shares of the medical instruments supplier’s stock valued at $67,177,000 after buying an additional 88,773 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its holdings in STAAR Surgical by 2,605.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,055 shares of the medical instruments supplier’s stock valued at $28,000 after buying an additional 1,016 shares during the last quarter. 96.70% of the stock is owned by hedge funds and other institutional investors.

About STAAR Surgical

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia.