STAAR Surgical (NASDAQ:STAA) to Buyback $50.00 million in Outstanding Shares

by · The Markets Daily

STAAR Surgical (NASDAQ:STAA – Get Free Report) declared that its Board of Directors has authorized a stock repurchase plan on Thursday, September 24th, RTT News reports. The company plans to buyback $50.00 million in shares. This buyback authorization permits the medical instruments supplier to purchase up to 5.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

STAAR Surgical Stock Performance

STAA stock traded up $1.43 during midday trading on Friday, reaching $20.51. 1,309,276 shares of the company’s stock traded hands, compared to its average volume of 1,066,511. STAAR Surgical has a 52 week low of $15.59 and a 52 week high of $35.87. The company has a 50-day moving average price of $23.23 and a two-hundred day moving average price of $25.06. The firm has a market capitalization of $1.03 billion, a PE ratio of 293.04 and a beta of 1.21.

STAAR Surgical (NASDAQ:STAA – Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The medical instruments supplier reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.17. STAAR Surgical had a return on equity of 9.05% and a net margin of 1.13%.The company had revenue of $93.53 million during the quarter, compared to analysts’ expectations of $90.60 million. During the same period in the previous year, the business earned ($0.34) earnings per share. The firm’s quarterly revenue was up 111.1% compared to the same quarter last year. As a group, analysts predict that STAAR Surgical will post 0.39 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on STAA shares. Weiss Ratings upgraded STAAR Surgical from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, August 13th. William Blair set a $33.00 price objective on STAAR Surgical in a report on Thursday, August 13th. Piper Sandler restated a “neutral” rating on shares of STAAR Surgical in a research note on Thursday, August 13th. Stifel Nicolaus dropped their price objective on shares of STAAR Surgical from $31.00 to $28.00 and set a “hold” rating on the stock in a report on Monday, August 17th. Finally, Wedbush cut their target price on shares of STAAR Surgical from $40.00 to $37.00 and set an “outperform” rating for the company in a research report on Thursday, August 13th. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $27.90.

View Our Latest Research Report on STAAR Surgical

Trending Headlines about STAAR Surgical

Here are the key news stories impacting STAAR Surgical this week:

  • Positive Sentiment: The board approved a $50 million buyback authorization. Repurchases can support earnings per share, reduce the share count and signal that management views the stock as undervalued following its recent decline. The authorization does not guarantee that the full amount will be spent. STAAR Surgical Board Approves $50 Million Share Repurchase Authorization
  • Positive Sentiment: Reports tied the buyback announcement to a sharp increase in STAAR Surgical’s shares, suggesting investors viewed the capital-return plan as a meaningful near-term support for the stock. STAAR Surgical Shares Rise on $50M Buyback Plans

About STAAR Surgical

Get Free Report)

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. It markets its products to health care providers, including ophthalmic surgeons, vision and surgical centers, hospitals, government facilities, and distributors, as well as products are primarily used by ophthalmologists.

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