STAAR Surgical (NASDAQ:STAA) Raised to Outperform at Wedbush

STAAR Surgical (NASDAQ:STAA) was upgraded by equities researchers at Wedbush from a “neutral” rating to an “outperform” rating in a note issued to investors on Thursday, Marketbeat reports. The firm presently has a $40.00 price target on the medical instruments supplier’s stock. Wedbush’s target price points to a potential upside of 36.05% from the company’s previous close.

Several other research analysts have also recently weighed in on STAA. Weiss Ratings cut STAAR Surgical from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, April 22nd. Wells Fargo & Company decreased their price target on shares of STAAR Surgical from $30.75 to $16.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 5th. Jefferies Financial Group lowered their price target on shares of STAAR Surgical from $28.00 to $21.50 and set a “buy” rating on the stock in a research report on Wednesday, January 28th. Wall Street Zen raised shares of STAAR Surgical to a “hold” rating in a report on Saturday, April 11th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $33.00 target price on shares of STAAR Surgical in a report on Thursday. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $26.06.

STAAR Surgical Stock Performance

NASDAQ STAA opened at $29.40 on Thursday. The stock has a market cap of $1.46 billion, a PE ratio of -18.04 and a beta of 1.20. STAAR Surgical has a 52-week low of $15.59 and a 52-week high of $30.81. The firm has a 50-day moving average of $22.22 and a 200-day moving average of $22.54.

STAAR Surgical (NASDAQ:STAA) last issued its quarterly earnings data on Wednesday, May 13th. The medical instruments supplier reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.07. The company had revenue of $93.52 million during the quarter, compared to analysts’ expectations of $78.72 million. STAAR Surgical had a negative return on equity of 10.03% and a negative net margin of 33.60%.The business’s revenue was up 119.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.10) earnings per share. As a group, analysts predict that STAAR Surgical will post -0.03 EPS for the current fiscal year.

Insider Transactions at STAAR Surgical

In other news, Director Broadwood Partners, L.P. bought 316,017 shares of the company’s stock in a transaction dated Friday, March 13th. The stock was bought at an average cost of $18.61 per share, for a total transaction of $5,881,076.37. Following the transaction, the director owned 16,123,842 shares of the company’s stock, valued at $300,064,699.62. This represents a 2.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought 670,213 shares of company stock worth $12,266,249 in the last 90 days. Corporate insiders own 39.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in STAA. New York Life Investment Management LLC acquired a new stake in shares of STAAR Surgical in the 3rd quarter valued at approximately $2,243,000. Alpine Associates Management Inc. acquired a new position in STAAR Surgical during the 3rd quarter worth approximately $24,535,000. Versor Investments LP acquired a new position in STAAR Surgical during the 3rd quarter worth approximately $5,708,000. Defender Capital LLC. bought a new position in STAAR Surgical in the 4th quarter valued at approximately $15,429,000. Finally, Polar Asset Management Partners Inc. acquired a new stake in STAAR Surgical in the third quarter valued at approximately $3,359,000. 96.70% of the stock is owned by institutional investors.

STAAR Surgical Company Profile

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.