STAAR Surgical (NASDAQ:STAA) Stock Price Down 6.5% – Time to Sell?
by Michael Walen · The Markets DailySTAAR Surgical Company (NASDAQ:STAA – Get Free Report) dropped 6.5% on Tuesday . The company traded as low as $17.29 and last traded at $17.1250. Approximately 191,628 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 1,552,084 shares. The stock had previously closed at $18.32.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on STAA. Wells Fargo & Company cut their price target on shares of STAAR Surgical from $30.75 to $16.00 and set an “equal weight” rating for the company in a report on Thursday, March 5th. Needham & Company LLC restated a “hold” rating on shares of STAAR Surgical in a research report on Tuesday, January 6th. Canaccord Genuity Group cut their target price on shares of STAAR Surgical from $30.75 to $22.00 and set a “hold” rating on the stock in a report on Thursday, January 15th. BTIG Research reissued a “neutral” rating on shares of STAAR Surgical in a research note on Tuesday, January 6th. Finally, Stifel Nicolaus cut their price target on STAAR Surgical from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Wednesday, March 4th. One equities research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $18.94.
Check Out Our Latest Report on STAA
STAAR Surgical Stock Down 5.7%
The firm has a market capitalization of $855.68 million, a price-to-earnings ratio of -10.63 and a beta of 1.04. The company’s 50 day moving average is $19.58 and its 200 day moving average is $23.93.
STAAR Surgical (NASDAQ:STAA – Get Free Report) last released its earnings results on Tuesday, March 3rd. The medical instruments supplier reported ($0.37) EPS for the quarter, missing the consensus estimate of $0.14 by ($0.51). The firm had revenue of $57.80 million during the quarter, compared to the consensus estimate of $75.54 million. STAAR Surgical had a negative net margin of 33.60% and a negative return on equity of 10.03%. STAAR Surgical’s quarterly revenue was up 18.0% on a year-over-year basis. On average, analysts expect that STAAR Surgical Company will post -1.14 EPS for the current year.
Insider Transactions at STAAR Surgical
In related news, major shareholder Broadwood Partners, L.P. acquired 336,946 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The shares were bought at an average cost of $21.62 per share, with a total value of $7,284,772.52. Following the completion of the purchase, the insider directly owned 15,356,437 shares in the company, valued at $332,006,167.94. The trade was a 2.24% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Over the last three months, insiders acquired 434,138 shares of company stock worth $9,424,176. 0.59% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in STAA. Caitong International Asset Management Co. Ltd raised its holdings in shares of STAAR Surgical by 58.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,669 shares of the medical instruments supplier’s stock worth $39,000 after acquiring an additional 614 shares during the last quarter. Invesco Ltd. grew its stake in STAAR Surgical by 7.1% in the 4th quarter. Invesco Ltd. now owns 161,548 shares of the medical instruments supplier’s stock valued at $3,730,000 after purchasing an additional 10,652 shares during the period. XTX Topco Ltd bought a new position in STAAR Surgical during the fourth quarter valued at about $746,000. Symmetry Investments LP bought a new position in shares of STAAR Surgical during the 4th quarter valued at approximately $924,000. Finally, Millennium Management LLC increased its position in STAAR Surgical by 125.4% in the fourth quarter. Millennium Management LLC now owns 451,291 shares of the medical instruments supplier’s stock worth $10,420,000 after buying an additional 251,072 shares during the last quarter. 96.70% of the stock is owned by institutional investors and hedge funds.
STAAR Surgical Company Profile
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.