STAAR Surgical Company (NASDAQ:STAA) Stock Has Average Price Target of $28.45 According to Analysts

STAAR Surgical Company (NASDAQ:STAA) has earned a consensus rating of “Hold” from the thirteen analysts that are covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $28.45.

A number of equities research analysts have issued reports on STAA shares. Piper Sandler reiterated a “neutral” rating on shares of STAAR Surgical in a research note on Thursday, August 13th. Jefferies Financial Group dropped their price objective on STAAR Surgical from $28.00 to $23.00 and set a “buy” rating for the company in a research report on Tuesday, September 22nd. William Blair set a $33.00 price objective on STAAR Surgical in a research report on Thursday, August 13th. Veritas Investment Research set a $31.00 price objective on STAAR Surgical in a research note on Tuesday, September 29th. Finally, UBS Group set a $28.00 target price on STAAR Surgical in a research report on Monday, August 17th.

Institutional Investors Weigh In On STAAR Surgical

Hedge funds have recently made changes to their positions in the stock. Quantinno Capital Management LP bought a new position in shares of STAAR Surgical in the 1st quarter valued at $1,109,000. Two Seas Capital LP boosted its holdings in shares of STAAR Surgical by 22.6% during the 3rd quarter. Two Seas Capital LP now owns 1,304,957 shares of the medical instruments supplier’s stock valued at $29,505,000 after acquiring an additional 240,568 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of STAAR Surgical by 257.7% during the 1st quarter. Renaissance Technologies LLC now owns 135,200 shares of the medical instruments supplier’s stock valued at $2,528,000 after acquiring an additional 97,400 shares in the last quarter. American Capital Management Inc. grew its position in STAAR Surgical by 18.7% during the 1st quarter. American Capital Management Inc. now owns 878,035 shares of the medical instruments supplier’s stock worth $16,419,000 after acquiring an additional 138,499 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in STAAR Surgical during the 2nd quarter worth $6,578,000. 96.70% of the stock is currently owned by institutional investors and hedge funds.

STAAR Surgical Stock Up 2.0%

Shares of NASDAQ:STAA opened at $22.32 on Friday. STAAR Surgical has a 12-month low of $15.59 and a 12-month high of $35.87. The company’s 50 day moving average price is $22.58 and its two-hundred day moving average price is $25.55. The firm has a market cap of $1.12 billion, a PE ratio of 318.90 and a beta of 1.17.

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

STAAR Surgical declared that its Board of Directors has approved a stock buyback program on Thursday, September 24th that allows the company to repurchase $50.00 million in outstanding shares. This buyback authorization allows the medical instruments supplier to reacquire up to 5.2% of its shares through open market purchases. Share buyback programs are often a sign that the company’s board believes its shares are undervalued.

About STAAR Surgical

STAAR Surgical is a medical device company focused on ophthalmic surgery and vision correction. The company develops, manufactures and markets implantable lenses and related products designed to reduce or eliminate dependence on glasses or contact lenses.

Its principal product line is the EVO Visian Implantable Collamer Lens (ICL), a lens implanted inside the eye to correct myopia, with or without astigmatism. Unlike procedures that remove corneal tissue, ICL surgery preserves the eye’s natural lens and is designed to be removable.