Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Purchases $20,400.00 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin acquired 20,000 shares of the business’s stock in a transaction dated Thursday, April 17th. The stock was purchased at an average price of $1.02 per share, for a total transaction of $20,400.00. Following the completion of the acquisition, the insider owned 70,397 shares in the company, valued at approximately $71,804.94. This trade represents a 39.68% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

IRIDEX Stock Performance

Shares of NASDAQ:IRIX opened at $0.89 on Friday. IRIDEX Corporation has a 1 year low of $0.61 and a 1 year high of $1.65. The stock has a market capitalization of $15.64 million, a P/E ratio of -4.45 and a beta of 0.67. The stock has a 50-day simple moving average of $0.73 and a 200-day simple moving average of $0.95.

IRIDEX (NASDAQ:IRIX) last posted its earnings results on Tuesday, August 18th. The medical equipment provider reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). The company had revenue of $12.57 million for the quarter, compared to analysts’ expectations of $13.59 million. Analysts predict that IRIDEX Corporation will post -0.12 earnings per share for the current year.

Institutional Investors Weigh In On IRIDEX

Several hedge funds have recently modified their holdings of IRIX. Bank of New York Mellon Corp acquired a new position in IRIDEX during the 2nd quarter worth approximately $29,000. Diversify Advisory Services LLC acquired a new stake in IRIDEX in the second quarter valued at approximately $30,000. Diversify Wealth Management LLC acquired a new stake in IRIDEX in the first quarter valued at approximately $35,000. United Capital Financial Advisors LLC purchased a new stake in shares of IRIDEX during the second quarter valued at approximately $41,000. Finally, Thompson Davis & CO. Inc. raised its stake in shares of IRIDEX by 66.5% during the first quarter. Thompson Davis & CO. Inc. now owns 47,444 shares of the medical equipment provider’s stock valued at $48,000 after purchasing an additional 18,944 shares during the period. 20.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $3.00.

IRIDEX Company Profile

IRIDEX Corporation (NASDAQ: IRIX) develops and sells ophthalmic laser systems and related delivery devices used in the treatment of eye diseases. Its products are designed primarily for ophthalmologists treating glaucoma and retinal disorders, including diabetic retinopathy and other conditions affecting the retina.

The company’s portfolio includes laser systems such as the Cyclo G6 glaucoma laser platform and the IQ series of retinal photocoagulation lasers. IRIDEX also offers specialized probes and other delivery devices, including MicroPulse and transscleral cyclophotocoagulation technologies, which are intended to provide targeted treatment while limiting exposure to surrounding tissue.

Founded in 1989 and headquartered in Mountain View, California, IRIDEX serves eye-care professionals through a combination of direct sales and distributor relationships in the United States and international markets.