STAAR Surgical (NASDAQ:STAA) Stock Rating Upgraded by Zacks Research

STAAR Surgical (NASDAQ:STAA) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday, Zacks reports.

Several other research analysts have also commented on STAA. Stifel Nicolaus upgraded shares of STAAR Surgical from a “hold” rating to a “buy” rating and upped their price objective for the stock from $28.00 to $31.00 in a report on Tuesday, September 29th. Wedbush cut their target price on shares of STAAR Surgical from $40.00 to $37.00 and set an “outperform” rating on the stock in a research note on Thursday, August 13th. William Blair set a $33.00 price target on shares of STAAR Surgical in a research report on Thursday, August 13th. Jefferies Financial Group decreased their price target on shares of STAAR Surgical from $28.00 to $23.00 and set a “buy” rating for the company in a research note on Tuesday, September 22nd. Finally, Wall Street Zen lowered shares of STAAR Surgical from a “buy” rating to a “hold” rating in a report on Sunday. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $28.45.

STAAR Surgical Stock Performance

STAA opened at $22.32 on Monday. The stock has a market capitalization of $1.12 billion, a PE ratio of 318.90 and a beta of 1.17. The stock’s 50 day moving average price is $22.58 and its 200-day moving average price is $25.55. STAAR Surgical has a 52-week low of $15.59 and a 52-week high of $35.87.

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

STAAR Surgical announced that its board has authorized a stock buyback plan on Thursday, September 24th that permits the company to buy back $50.00 million in shares. This buyback authorization permits the medical instruments supplier to purchase up to 5.2% of its shares through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On STAAR Surgical

A number of institutional investors have recently added to or reduced their stakes in the company. Quantinno Capital Management LP purchased a new position in STAAR Surgical during the first 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 buying an additional 240,568 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of STAAR Surgical by 257.7% in the 1st quarter. Renaissance Technologies LLC now owns 135,200 shares of the medical instruments supplier’s stock worth $2,528,000 after acquiring an additional 97,400 shares in the last quarter. American Capital Management Inc. lifted 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 valued at $16,419,000 after acquiring an additional 138,499 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in STAAR Surgical during the 2nd quarter valued at about $6,578,000. Institutional investors own 96.70% of the company’s stock.

STAAR Surgical Company Profile

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.