Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Acquires $23,309.58 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin acquired 17,526 shares of the firm’s stock in a transaction on Monday, March 23rd. The stock was purchased at an average price of $1.33 per share, for a total transaction of $23,309.58. Following the completion of the transaction, the insider directly owned 1,174,889 shares in the company, valued at approximately $1,562,602.37. The trade was a 1.51% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

IRIDEX Stock Performance

NASDAQ IRIX opened at $0.89 on Friday. The stock has a market capitalization of $15.64 million, a P/E ratio of -4.45 and a beta of 0.67. IRIDEX Corporation has a 52 week low of $0.61 and a 52 week high of $1.65. The stock has a fifty day moving average of $0.73 and a 200-day moving average of $0.95.

IRIDEX (NASDAQ:IRIX) last issued its quarterly earnings results on Tuesday, August 18th. The medical equipment provider reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.06). The firm had revenue of $12.57 million during the quarter, compared to analyst estimates of $13.59 million. Equities research analysts forecast that IRIDEX Corporation will post -0.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $3.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IRIX. Weber Capital Management LLC ADV acquired a new stake in shares of IRIDEX during the second quarter worth $206,616. United Capital Financial Advisors LLC acquired a new position in IRIDEX in the second quarter valued at about $41,000. Diversify Wealth Management LLC acquired a new position in IRIDEX in the first quarter valued at about $35,000. Diversify Advisory Services LLC bought a new position in IRIDEX during the second quarter worth about $30,000. Finally, Bank of New York Mellon Corp bought a new position in IRIDEX during the second quarter worth about $29,000. 20.10% of the stock is currently owned by institutional investors.

IRIDEX Company Profile

IRIDEX Corporation (NASDAQ: IRIX) develops and sells ophthalmic laser systems and related delivery devices used in the treatment of eye diseases. Its products are designed primarily for ophthalmologists treating glaucoma and retinal disorders, including diabetic retinopathy and other conditions affecting the retina.

The company’s portfolio includes laser systems such as the Cyclo G6 glaucoma laser platform and the IQ series of retinal photocoagulation lasers. IRIDEX also offers specialized probes and other delivery devices, including MicroPulse and transscleral cyclophotocoagulation technologies, which are intended to provide targeted treatment while limiting exposure to surrounding tissue.

Founded in 1989 and headquartered in Mountain View, California, IRIDEX serves eye-care professionals through a combination of direct sales and distributor relationships in the United States and international markets.