StockNews.com Initiates Coverage on IRIDEX (NASDAQ:IRIX)

Stock analysts at StockNews.com assumed coverage on shares of IRIDEX (NASDAQ:IRIX) in a research report issued to clients and investors on Thursday. The firm set a “hold” rating on the medical equipment provider’s stock.

IRIDEX Trading Down 5.0 %

Shares of IRIX stock opened at $2.87 on Thursday. IRIDEX has a 12 month low of $1.31 and a 12 month high of $3.65. The company has a market capitalization of $46.65 million, a P/E ratio of -4.86 and a beta of 0.82. The stock has a 50 day moving average of $2.77 and a two-hundred day moving average of $2.72.

IRIDEX (NASDAQ:IRIX) last announced its quarterly earnings results on Tuesday, March 26th. The medical equipment provider reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.13). The business had revenue of $12.46 million during the quarter, compared to the consensus estimate of $14.90 million. IRIDEX had a negative net margin of 18.45% and a negative return on equity of 75.18%. Sell-side analysts predict that IRIDEX will post -0.37 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IRIDEX

Several large investors have recently modified their holdings of IRIX. Mackenzie Financial Corp bought a new position in shares of IRIDEX during the 1st quarter worth approximately $56,000. Clayton Partners LLC acquired a new stake in shares of IRIDEX in the 1st quarter valued at $58,000. State Street Corp grew its holdings in shares of IRIDEX by 9.7% in the 1st quarter. State Street Corp now owns 44,718 shares of the medical equipment provider’s stock worth $207,000 after purchasing an additional 3,956 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of IRIDEX by 4.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 240,729 shares of the medical equipment provider’s stock worth $1,115,000 after purchasing an additional 9,361 shares in the last quarter. Finally, AMH Equity Ltd lifted its holdings in IRIDEX by 92.6% during the 3rd quarter. AMH Equity Ltd now owns 637,103 shares of the medical equipment provider’s stock valued at $1,618,000 after purchasing an additional 306,282 shares during the last quarter. 20.10% of the stock is currently owned by institutional investors.

IRIDEX Company Profile

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. It 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 retinal disorders; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser photocoagulation systems that are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.