Zacks Investment Research cut shares of IRIDEX Corporation (NASDAQ:IRIX) from a hold rating to a sell rating in a research note issued to investors on Tuesday, August 8th.

According to Zacks, “IRIDEX Corporation is the leading worldwide provider of semiconductor-based laser systems used to treat eye diseases in ophthalmology and skin lesions in dermatology. The products are sold in the United States predominantly through a direct sales force and internationally through independent distributors. The company markets the products using three brand names: IRIS Medical to the ophthalmology market, IRIDERM to the dermatology market, and Light Solutions to the research market. “

A number of other analysts also recently commented on IRIX. ValuEngine upgraded IRIDEX Corporation from a strong sell rating to a sell rating in a report on Friday, June 2nd. TheStreet downgraded IRIDEX Corporation from a c- rating to a d+ rating in a report on Wednesday, April 12th.

IRIDEX Corporation (NASDAQ IRIX) traded up 0.12% during midday trading on Tuesday, reaching $8.37. The company’s stock had a trading volume of 39,604 shares. The stock’s market capitalization is $96.82 million. The firm’s 50-day moving average price is $9.11 and its 200-day moving average price is $10.99. IRIDEX Corporation has a 52 week low of $7.58 and a 52 week high of $16.39.

IRIDEX Corporation (NASDAQ:IRIX) last issued its quarterly earnings results on Thursday, August 3rd. The medical equipment provider reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by $0.06. The business had revenue of $10 million for the quarter, compared to analysts’ expectations of $10.48 million. IRIDEX Corporation had a negative return on equity of 16.87% and a negative net margin of 37.62%. On average, analysts anticipate that IRIDEX Corporation will post ($0.72) earnings per share for the current year.

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Several hedge funds have recently added to or reduced their stakes in the company. Susquehanna International Group LLP purchased a new stake in IRIDEX Corporation during the second quarter worth approximately $196,000. LMR Partners LLP purchased a new stake in IRIDEX Corporation during the second quarter worth approximately $242,000. Goldman Sachs Group Inc. purchased a new stake in IRIDEX Corporation during the second quarter worth approximately $607,000. Isthmus Partners LLC increased its stake in IRIDEX Corporation by 55.8% in the second quarter. Isthmus Partners LLC now owns 73,263 shares of the medical equipment provider’s stock worth $725,000 after buying an additional 26,228 shares during the last quarter. Finally, First Light Asset Management LLC purchased a new stake in IRIDEX Corporation during the second quarter worth approximately $997,000. Institutional investors and hedge funds own 50.72% of the company’s stock.

IRIDEX Corporation Company Profile

IRIDEX Corporation is a provider of therapeutic based laser consoles, delivery devices and consumable instrumentation used to treat sight-threatening eye diseases in ophthalmology. The Company operates through ophthalmology segment. Its ophthalmology products consist of laser consoles, delivery devices and consumable instrumentation, including laser probes, and are used in the treatment of serious eye diseases, including the over three causes of irreversible blindness, such as diabetic retinopathy, glaucoma and age-related macular degeneration (AMD).

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