Wedbush Initiates Coverage on STAAR Surgical (NASDAQ:STAA)

Research analysts at Wedbush started coverage on shares of STAAR Surgical (NASDAQ:STAA) in a report released on Tuesday. The brokerage set a “neutral” rating and a $26.00 price target on the medical instruments supplier’s stock. Wedbush’s target price suggests a potential upside of 44.12% from the stock’s previous close.

STAA has been the topic of several other research reports. Needham & Company LLC reiterated a “hold” rating on shares of STAAR Surgical in a research note on Tuesday, January 6th. BTIG Research reissued a “neutral” rating on shares of STAAR Surgical in a report on Tuesday, January 6th. Jefferies Financial Group dropped their price objective on shares of STAAR Surgical from $28.00 to $21.50 and set a “buy” rating on the stock in a report on Wednesday, January 28th. Canaccord Genuity Group lowered their price target on shares of STAAR Surgical from $30.75 to $22.00 and set a “hold” rating on the stock in a research report on Thursday, January 15th. Finally, Piper Sandler reaffirmed a “neutral” rating on shares of STAAR Surgical in a report on Monday, October 27th. One analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $21.36.

STAAR Surgical Stock Down 4.8%

STAA opened at $18.04 on Tuesday. STAAR Surgical has a twelve month low of $13.50 and a twelve month high of $30.81. The company’s 50-day moving average price is $23.00 and its two-hundred day moving average price is $24.84. The stock has a market cap of $897.35 million, a price-to-earnings ratio of -9.25 and a beta of 1.00.

Insider Buying and Selling

In related news, major shareholder Broadwood Partners, L.P. acquired 797,486 shares of the stock in a transaction on Friday, November 21st. The stock was purchased at an average price of $27.86 per share, for a total transaction of $22,217,959.96. Following the completion of the transaction, the insider owned 15,019,491 shares of the company’s stock, valued at $418,443,019.26. This trade represents a 5.61% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last 90 days, insiders purchased 1,934,138 shares of company stock valued at $50,485,791. 0.59% of the stock is owned by insiders.

Institutional Investors Weigh In On STAAR Surgical

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Balyasny Asset Management L.P. bought a new stake in STAAR Surgical in the 3rd quarter worth $48,729,000. Magnetar Financial LLC bought a new stake in shares of STAAR Surgical in the third quarter worth about $32,361,000. Broadwood Capital Inc. grew its stake in shares of STAAR Surgical by 8.5% in the second quarter. Broadwood Capital Inc. now owns 13,519,491 shares of the medical instruments supplier’s stock worth $226,857,000 after purchasing an additional 1,064,227 shares during the last quarter. Alpine Associates Management Inc. purchased a new position in STAAR Surgical during the 3rd quarter valued at about $24,535,000. Finally, Defender Capital LLC. bought a new position in STAAR Surgical during the 4th quarter valued at approximately $15,429,000. 96.70% of the stock is currently owned by 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. 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.