Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Acquires $13,775.94 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin purchased 14,202 shares of the business’s stock in a transaction dated Friday, December 19th. The stock was bought at an average price of $0.97 per share, with a total value of $13,775.94. Following the acquisition, the insider directly owned 938,929 shares in the company, valued at approximately $910,761.13. This represents a 1.54% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

IRIDEX Stock Down 0.9%

Shares of NASDAQ IRIX opened at $0.89 on Friday. The stock has a market capitalization of $15.64 million, a price-to-earnings 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 firm has a 50-day moving average price of $0.73 and a 200 day moving average price of $0.95.

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

Hedge Funds Weigh In On IRIDEX

Hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp acquired a new position in IRIDEX during the second quarter worth about $29,000. Diversify Advisory Services LLC acquired a new stake in shares of IRIDEX in the second quarter valued at approximately $30,000. Diversify Wealth Management LLC acquired a new stake in shares of IRIDEX in the first quarter valued at approximately $35,000. United Capital Financial Advisors LLC purchased a new position in shares of IRIDEX during the 2nd quarter worth approximately $41,000. Finally, Thompson Davis & CO. Inc. raised its position in shares of IRIDEX by 66.5% during the 1st quarter. Thompson Davis & CO. Inc. now owns 47,444 shares of the medical equipment provider’s stock worth $48,000 after purchasing an additional 18,944 shares during the last quarter. 20.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $3.00.

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.