IRIDEX Corporation (NASDAQ:IRIX) Shares Shorted: Short Interest Down 42.1% in October

IRIDEX Corporation (NASDAQ:IRIX) saw a significant decrease in short interest during the month of October. As of October 15th, there was short interest totaling 76,195 shares, a decrease of 42.1% from the September 30th total of 131,655 shares. Based on an average daily trading volume, of 1,950,126 shares, the days-to-cover ratio is presently 0.0 days. Currently, 0.5% of the company’s shares are sold short.

Hedge Funds Weigh In On IRIDEX

Several large investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC lifted its stake in shares of IRIDEX by 6.7% during the 1st quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock valued at $401,000 after buying an additional 25,067 shares in the last quarter. Weber Capital Management LLC ADV bought a new stake in shares of IRIDEX in the 2nd quarter worth approximately $206,616. United Capital Financial Advisors LLC purchased a new position in IRIDEX in the 2nd quarter worth approximately $41,000. Diversify Wealth Management LLC purchased a new stake in IRIDEX during the first quarter valued at $35,000. Finally, Diversify Advisory Services LLC bought a new stake in shares of IRIDEX during the 2nd quarter valued at $30,000. Institutional investors own 20.10% of the company’s stock.

IRIDEX Trading Down 1.7%

Shares of IRIDEX stock traded down $0.01 on Friday, reaching $0.71. 15,218 shares of the company were exchanged, compared to its average volume of 1,090,033. IRIDEX has a fifty-two week low of $0.61 and a fifty-two week high of $1.65. The firm has a market capitalization of $12.51 million, a price-to-earnings ratio of -3.56 and a beta of 0.67. The stock has a fifty day moving average price of $0.72 and a 200-day moving average price of $1.04.

IRIDEX (NASDAQ:IRIX) last announced its quarterly earnings data on Tuesday, August 18th. The medical equipment provider reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). The business had revenue of $12.57 million during the quarter, compared to analysts’ expectations of $13.59 million. On average, equities analysts anticipate that IRIDEX will post -0.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered shares of IRIDEX from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, October 20th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, IRIDEX currently has a consensus rating of “Hold” and a consensus target price of $3.00.

About IRIDEX

IRIDEX Corporation (NASDAQ: IRIX) develops, manufactures and sells laser-based medical systems and disposable devices used in ophthalmic procedures. Its technologies are designed to help eye-care professionals treat glaucoma, retinal diseases and other conditions affecting vision.

The company’s product portfolio includes the Cyclo Glaucoma Laser System, which uses MicroPulse and continuous-wave laser technology for glaucoma treatment, as well as laser systems such as the IRIDEX IQ series for retinal and photocoagulation procedures.