STAAR Surgical Company (NASDAQ:STAA) Given Consensus Recommendation of “Reduce” by Brokerages

STAAR Surgical Company (NASDAQ:STAA) has earned an average recommendation of “Reduce” from the thirteen brokerages that are presently covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a sell recommendation, eight have given a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $28.40.

Several equities analysts have recently issued reports on the company. Mizuho boosted their price objective on STAAR Surgical from $22.00 to $27.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. Weiss Ratings raised STAAR Surgical from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, August 13th. Stifel Nicolaus reduced their price target on STAAR Surgical from $31.00 to $28.00 and set a “hold” rating for the company in a research report on Monday, August 17th. Zacks Research downgraded STAAR Surgical from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Finally, Piper Sandler restated a “neutral” rating on shares of STAAR Surgical in a research report on Thursday, August 13th.

STAAR Surgical Price Performance

NASDAQ:STAA opened at $23.47 on Friday. The company’s fifty day moving average price is $25.05 and its 200-day moving average price is $24.71. STAAR Surgical has a 1-year low of $15.59 and a 1-year high of $35.87. The firm has a market capitalization of $1.18 billion, a P/E ratio of 335.33 and a beta of 1.21.

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

Hedge Funds Weigh In On STAAR Surgical

Several large investors have recently made changes to their positions in STAA. Balyasny Asset Management L.P. acquired a new position in shares of STAAR Surgical in the third quarter worth about $48,729,000. Broadwood Capital Inc. increased its stake in shares of STAAR Surgical by 11.1% in the 4th quarter. Broadwood Capital Inc. now owns 15,019,491 shares of the medical instruments supplier’s stock valued at $346,800,000 after purchasing an additional 1,500,000 shares in the last quarter. Magnetar Financial LLC increased its stake in shares of STAAR Surgical by 105.3% in the 4th quarter. Magnetar Financial LLC now owns 2,472,390 shares of the medical instruments supplier’s stock valued at $57,087,000 after purchasing an additional 1,268,019 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in STAAR Surgical by 112.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,076,743 shares of the medical instruments supplier’s stock worth $47,952,000 after purchasing an additional 1,100,484 shares during the period. Finally, California State Teachers Retirement System raised its holdings in STAAR Surgical by 2,943.5% in the 2nd quarter. California State Teachers Retirement System now owns 968,402 shares of the medical instruments supplier’s stock worth $27,783,000 after purchasing an additional 936,583 shares during the period. 96.70% of the stock is currently owned by institutional investors and hedge funds.

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.