STAAR Surgical (NASDAQ:STAA) Shares Down 5.2% – Time to Sell?

STAAR Surgical Company (NASDAQ:STAA)’s share price was down 5.2% on Thursday . The company traded as low as $29.70 and last traded at $29.7680. Approximately 448,708 shares were traded during trading, a decline of 67% from the average daily volume of 1,361,874 shares. The stock had previously closed at $31.39.

Analyst Upgrades and Downgrades

STAA has been the subject of a number of research analyst reports. Weiss Ratings downgraded shares of STAAR Surgical from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, April 22nd. Wedbush reissued an “outperform” rating and set a $40.00 price target on shares of STAAR Surgical in a report on Friday. Wall Street Zen upgraded STAAR Surgical from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. Mizuho lifted their price objective on STAAR Surgical from $22.00 to $27.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Finally, Piper Sandler upped their price objective on STAAR Surgical from $16.00 to $33.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, STAAR Surgical has a consensus rating of “Hold” and a consensus price target of $27.81.

STAAR Surgical Price Performance

The firm’s 50-day moving average is $25.49 and its 200-day moving average is $23.05. The company has a debt-to-equity ratio of 0.09, a current ratio of 5.12 and a quick ratio of 4.31. The company has a market capitalization of $1.49 billion, a P/E ratio of -69.51 and a beta of 1.20.

STAAR Surgical (NASDAQ:STAA) last released its quarterly earnings results on Wednesday, May 13th. The medical instruments supplier reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.05. STAAR Surgical had a negative net margin of 7.24% and a positive return on equity of 3.31%. The business had revenue of $93.52 million for the quarter, compared to the consensus estimate of $78.72 million. During the same period last year, the firm earned ($1.10) earnings per share. The company’s quarterly revenue was up 119.6% on a year-over-year basis. Analysts predict that STAAR Surgical Company will post -0.03 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Broadwood Partners, L.P. bought 316,017 shares of the stock in a transaction that occurred on Friday, March 13th. The shares were bought at an average cost of $18.61 per share, for a total transaction of $5,881,076.37. Following the completion of the transaction, the director owned 16,123,842 shares of the company’s stock, valued at approximately $300,064,699.62. This trade represents a 2.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders acquired 670,213 shares of company stock worth $12,266,249 in the last quarter. 39.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in STAA. Amundi bought a new position in shares of STAAR Surgical during the 1st quarter valued at approximately $305,000. American Capital Management Inc. raised its stake 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 period. Quantinno Capital Management LP bought a new stake in STAAR Surgical during the 1st quarter worth approximately $1,109,000. Renaissance Technologies LLC lifted its holdings in STAAR Surgical by 257.7% during the first quarter. Renaissance Technologies LLC now owns 135,200 shares of the medical instruments supplier’s stock valued at $2,528,000 after purchasing an additional 97,400 shares in the last quarter. Finally, Gamco Investors INC. ET AL boosted its position in shares of STAAR Surgical by 33.3% in the first quarter. Gamco Investors INC. ET AL now owns 20,000 shares of the medical instruments supplier’s stock worth $374,000 after purchasing an additional 5,000 shares during the period. Institutional investors own 96.70% of the company’s stock.

About STAAR Surgical

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.