STAAR Surgical Company (NASDAQ:STAA) Receives Average Recommendation of “Hold” from Brokerages

Shares of STAAR Surgical Company (NASDAQ:STAA) have received an average rating of “Hold” from the thirteen brokerages that are currently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $28.45.

A number of analysts have issued reports on the company. Stifel Nicolaus raised STAAR Surgical from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $28.00 to $31.00 in a research note on Tuesday. William Blair set a $33.00 price target on shares of STAAR Surgical in a research report on Thursday, August 13th. Zacks Research downgraded shares of STAAR Surgical from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Wedbush lowered their price objective on shares of STAAR Surgical from $40.00 to $37.00 and set an “outperform” rating for the company in a research report on Thursday, August 13th. Finally, UBS Group set a $28.00 target price on shares of STAAR Surgical in a report on Monday, August 17th.

STAAR Surgical News Summary

Here are the key news stories impacting STAAR Surgical this week:

• Positive Sentiment: Stifel Nicolaus upgraded STAAR Surgical from “Hold” to “Buy” and raised its price target from $28 to $31. The new target implies substantial upside from recent trading levels, improving sentiment toward the stock. STAAR Surgical Shares Rise After Stifel Upgrade
• Positive Sentiment: The upgrade reflects Stifel’s view that STAAR’s topline growth could accelerate, particularly through opportunities in China. Investors appear to be responding to the potential for stronger international growth and “meaningful” upside relative to consensus expectations. STAAR Surgical jumps on Stifel upgrade citing China growth potential
• Positive Sentiment: Multiple financial news outlets highlighted the same rating change, increasing its visibility among investors and helping support the broader positive reaction in STAAR Surgical shares. Why STAAR Surgical Zoomed Higher on Tuesday

Institutional Investors Weigh In On STAAR Surgical

Several large investors have recently added to or reduced their stakes in STAA. Caitong International Asset Management Co. Ltd lifted its stake in shares of STAAR Surgical by 58.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,669 shares of the medical instruments supplier’s stock valued at $39,000 after purchasing an additional 614 shares during the last quarter. Ascentis Independent Advisors bought a new position in shares of STAAR Surgical during the 1st quarter valued at approximately $77,000. Angeles Wealth Management LLC purchased a new stake in STAAR Surgical during the 2nd quarter valued at $209,000. Arizona State Retirement System purchased a new stake in STAAR Surgical during the 2nd quarter valued at $235,000. Finally, Fifth Third Bancorp lifted its position in STAAR Surgical by 2,867.1% in the first quarter. Fifth Third Bancorp now owns 11,008 shares of the medical instruments supplier’s stock worth $206,000 after buying an additional 10,637 shares during the last quarter. 96.70% of the stock is owned by institutional investors.

STAAR Surgical Stock Up 7.5%

Shares of STAA stock opened at $22.43 on Wednesday. The company’s fifty day simple moving average is $23.13 and its two-hundred day simple moving average is $25.16. STAAR Surgical has a 52 week low of $15.59 and a 52 week high of $35.87. The stock has a market cap of $1.12 billion, a P/E ratio of 320.47 and a beta of 1.21.

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

STAAR Surgical declared that its Board of Directors has approved a share buyback plan on Thursday, September 24th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the medical instruments supplier to buy up to 5.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

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.