Short Interest in IRIDEX Corporation (NASDAQ:IRIX) Declines By 31.5%

IRIDEX Corporation (NASDAQ:IRIX) was the recipient of a large decrease in short interest in the month of March. As of March 31st, there was short interest totaling 32,477 shares, a decrease of 31.5% from the March 15th total of 47,428 shares. Based on an average trading volume of 80,275 shares, the short-interest ratio is presently 0.4 days. Approximately 0.2% of the shares of the company are short sold.

Analysts Set New Price Targets

Several research firms recently commented on IRIX. Alliance Global Partners began coverage on IRIDEX in a research note on Thursday, February 5th. They issued a “buy” rating on the stock. iA Financial set a $3.00 target price on IRIDEX in a research note on Thursday, February 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of IRIDEX in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $3.00.

IRIDEX Price Performance

IRIDEX stock remained flat at $1.04 during mid-day trading on Thursday. 49,998 shares of the company were exchanged, compared to its average volume of 674,611. IRIDEX has a fifty-two week low of $0.87 and a fifty-two week high of $1.65. The firm has a market cap of $18.00 million, a P/E ratio of -4.00 and a beta of 0.75. The stock has a 50-day moving average of $1.27 and a two-hundred day moving average of $1.18.

IRIDEX (NASDAQ:IRIX) last posted its earnings results on Thursday, March 26th. The medical equipment provider reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.01. The firm had revenue of $14.72 million for the quarter, compared to the consensus estimate of $14.74 million. IRIDEX had a negative return on equity of 1,204.74% and a negative net margin of 8.42%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in IRIX. Weber Capital Management LLC ADV bought a new stake in shares of IRIDEX during the fourth quarter valued at about $296,000. Citadel Advisors LLC boosted its position in shares of IRIDEX by 62.7% in the third quarter. Citadel Advisors LLC now owns 109,473 shares of the medical equipment provider’s stock valued at $126,000 after acquiring an additional 42,202 shares during the period. Apexium Financial LP grew its stake in IRIDEX by 53.0% during the third quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock valued at $116,000 after acquiring an additional 34,834 shares in the last quarter. Thompson Davis & CO. Inc. purchased a new position in IRIDEX during the fourth quarter valued at approximately $32,000. Finally, Susquehanna International Group LLP increased its holdings in IRIDEX by 46.2% during the 3rd quarter. Susquehanna International Group LLP now owns 56,470 shares of the medical equipment provider’s stock worth $65,000 after acquiring an additional 17,834 shares during the period. Hedge funds and other institutional investors own 20.10% of the company’s stock.

IRIDEX Company Profile

IRIDEX Corporation (NASDAQ: IRIX) is a medical technology company specializing in the development, manufacturing and commercialization of innovative ophthalmic laser and imaging systems. The company’s offerings focus on energy-based therapies designed to treat retinal vascular disorders, glaucoma and other ocular conditions. IRIDEX’s portfolio includes laser photocoagulation platforms, micro-pulse laser technology, and related consumable devices for use by ophthalmologists and retina specialists.

The company’s flagship products include the Cyclo G6 Glaucoma Laser System, which delivers precise, controlled micro-pulse laser therapy for patients with refractory glaucoma, and the IQ 532 Retina Laser System, designed to support minimally invasive laser treatments for diabetic retinopathy and age-related macular degeneration.