IRIDEX Co. (NASDAQ:IRIX) Given $5.75 Consensus Target Price by Analysts

IRIDEX Co. (NASDAQ:IRIX) has been assigned an average broker rating score of 1.00 (Strong Buy) from the two brokers that provide coverage for the stock, Zacks Investment Research reports. Two investment analysts have rated the stock with a strong buy recommendation.

Analysts have set a 12 month consensus price objective of $5.75 for the company and are forecasting that the company will post ($0.16) earnings per share for the current quarter, according to Zacks. Zacks has also given IRIDEX an industry rank of 77 out of 255 based on the ratings given to its competitors.

A number of research firms have weighed in on IRIX. ValuEngine raised shares of IRIDEX from a “hold” rating to a “buy” rating in a research report on Friday, January 3rd. Zacks Investment Research downgraded IRIDEX from a “hold” rating to a “sell” rating in a research note on Wednesday.

In related news, Director Robert Earle Grove purchased 14,600 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was acquired at an average price of $2.00 per share, with a total value of $29,200.00. In the last 90 days, insiders have acquired 29,600 shares of company stock valued at $59,450. 5.00% of the stock is owned by insiders.

Several institutional investors have recently modified their holdings of IRIX. Gabelli Funds LLC lifted its position in shares of IRIDEX by 100.0% during the third quarter. Gabelli Funds LLC now owns 20,000 shares of the medical equipment provider’s stock worth $37,000 after purchasing an additional 10,000 shares during the last quarter. LPL Financial LLC bought a new stake in shares of IRIDEX in the 2nd quarter valued at approximately $82,000. River & Mercantile Asset Management LLP acquired a new stake in shares of IRIDEX during the 2nd quarter valued at approximately $554,000. Renaissance Technologies LLC raised its position in shares of IRIDEX by 2.9% during the 2nd quarter. Renaissance Technologies LLC now owns 385,862 shares of the medical equipment provider’s stock valued at $1,756,000 after acquiring an additional 10,808 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in IRIDEX by 119.2% during the second quarter. Vanguard Group Inc. now owns 749,545 shares of the medical equipment provider’s stock worth $3,410,000 after purchasing an additional 407,600 shares during the last quarter. Institutional investors and hedge funds own 39.71% of the company’s stock.

Shares of NASDAQ IRIX traded down $0.03 during trading on Tuesday, reaching $3.41. 184,314 shares of the stock were exchanged, compared to its average volume of 93,111. The company has a market capitalization of $47.41 million, a price-to-earnings ratio of -4.61 and a beta of 0.87. The business’s 50-day moving average price is $2.43 and its 200 day moving average price is $2.55. The company has a quick ratio of 2.40, a current ratio of 3.36 and a debt-to-equity ratio of 0.09. IRIDEX has a twelve month low of $1.50 and a twelve month high of $5.69.

IRIDEX (NASDAQ:IRIX) last released its quarterly earnings results on Thursday, November 7th. The medical equipment provider reported ($0.13) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.05. IRIDEX had a negative net margin of 23.42% and a negative return on equity of 37.78%. The business had revenue of $10.66 million during the quarter, compared to analyst estimates of $10.08 million. As a group, sell-side analysts expect that IRIDEX will post -0.69 earnings per share for the current fiscal year.

About IRIDEX

IRIDEX Corporation, an ophthalmic medical technology company, provides therapeutic based laser systems, delivery devices, and consumable instrumentation to treat sight-threatening eye diseases in ophthalmology. The company offers laser consoles, such as Cyclo G6 laser system for use in the treatment of glaucoma; IQ 532 and IQ 577 laser systems, which are used for the treatment of diabetic macular edema and other retinal diseases; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser systems, which are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.

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