Wedbush Reaffirms Outperform Rating for STAAR Surgical (NASDAQ:STAA)

STAAR Surgical (NASDAQ:STAA)‘s stock had its “outperform” rating reissued by equities researchers at Wedbush in a report issued on Wednesday,Benzinga reports. They currently have a $40.00 price objective on the medical instruments supplier’s stock. Wedbush’s price target points to a potential upside of 64.81% from the stock’s previous close.

A number of other research analysts have also commented on the company. Canaccord Genuity Group upped their target price on STAAR Surgical from $27.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Weiss Ratings raised shares of STAAR Surgical from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 25th. Wells Fargo & Company increased their price objective on shares of STAAR Surgical from $16.00 to $25.00 and gave the company an “equal weight” rating in a research note on Friday, May 15th. Stifel Nicolaus lifted their target price on shares of STAAR Surgical from $18.00 to $31.00 and gave the company a “hold” rating in a research report on Thursday, May 14th. Finally, Piper Sandler upped their target price on shares of STAAR Surgical from $16.00 to $33.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, STAAR Surgical has a consensus rating of “Hold” and an average target price of $27.81.

STAAR Surgical Stock Up 1.3%

STAA stock opened at $24.27 on Wednesday. STAAR Surgical has a twelve month low of $15.59 and a twelve month high of $35.87. The company has a quick ratio of 4.31, a current ratio of 5.12 and a debt-to-equity ratio of 0.09. The company has a market cap of $1.21 billion, a PE ratio of -56.44 and a beta of 1.23. The business’s 50-day simple moving average is $29.27 and its 200 day simple moving average is $23.83.

STAAR Surgical (NASDAQ:STAA) last posted its quarterly earnings results on Wednesday, May 13th. The medical instruments supplier reported $0.10 EPS for the quarter, beating the consensus estimate of $0.05 by $0.05. STAAR Surgical had a positive return on equity of 3.31% and a negative net margin of 7.24%.The firm had revenue of $93.52 million during the quarter, compared to analysts’ expectations of $78.72 million. During the same quarter in the prior year, the firm posted ($1.10) EPS. The company’s revenue for the quarter was up 119.6% on a year-over-year basis. On average, research analysts anticipate that STAAR Surgical will post 0.13 earnings per share for the current year.

Institutional Investors Weigh In On STAAR Surgical

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd raised its position in shares of STAAR Surgical by 2,605.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 1,055 shares of the medical instruments supplier’s stock worth $28,000 after acquiring an additional 1,016 shares during the last quarter. Ascentis Independent Advisors acquired a new stake in STAAR Surgical in the first quarter worth about $77,000. Russell Investments Group Ltd. increased its position in STAAR Surgical by 9,928.9% in the third quarter. Russell Investments Group Ltd. now owns 4,513 shares of the medical instruments supplier’s stock worth $121,000 after purchasing an additional 4,468 shares during the period. Tower Research Capital LLC TRC raised its holdings in STAAR Surgical by 375.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,919 shares of the medical instruments supplier’s stock worth $99,000 after purchasing an additional 4,673 shares during the last quarter. Finally, CIBC Bancorp USA Inc. bought a new stake in STAAR Surgical during the 3rd quarter worth about $208,000. 96.70% of the stock is owned by institutional investors and hedge funds.

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.