STAAR Surgical (NASDAQ:STAA) Trading Down 3.8% – Should You Sell?

STAAR Surgical Company (NASDAQ:STAA)’s stock price fell 3.8% during trading on Monday . The stock traded as low as $26.88 and last traded at $26.9370. 114,188 shares changed hands during trading, a decline of 90% from the average session volume of 1,160,364 shares. The stock had previously closed at $28.00.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on STAA shares. Piper Sandler reissued a “neutral” rating on shares of STAAR Surgical in a research note on Monday, October 27th. Weiss Ratings restated a “sell (d)” rating on shares of STAAR Surgical in a report on Wednesday, October 8th. Canaccord Genuity Group restated a “hold” rating and issued a $28.00 price target on shares of STAAR Surgical in a research note on Tuesday, October 21st. Finally, Stifel Nicolaus set a $28.00 target price on shares of STAAR Surgical and gave the stock a “hold” rating in a research report on Thursday, August 7th. Ten investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, STAAR Surgical has a consensus rating of “Reduce” and an average price target of $20.67.

STAAR Surgical Stock Performance

The stock has a market capitalization of $1.30 billion, a P/E ratio of -13.49 and a beta of 0.92. The stock has a 50-day simple moving average of $26.52 and a 200 day simple moving average of $23.00.

Insider Transactions at STAAR Surgical

In related news, major shareholder Broadwood Partners, L.P. acquired 797,486 shares of the firm’s stock in a transaction on Friday, November 21st. The shares were purchased at an average cost of $27.86 per share, for a total transaction of $22,217,959.96. Following the completion of the acquisition, the insider directly owned 15,019,491 shares in the company, valued at approximately $418,443,019.26. This trade represents a 5.61% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders have acquired 1,500,000 shares of company stock valued at $41,061,615. 0.59% of the stock is currently owned by insiders.

Hedge Funds Weigh In On STAAR Surgical

A number of hedge funds have recently bought and sold shares of the company. Broadwood Capital Inc. grew its holdings in STAAR Surgical by 8.5% in the 2nd quarter. Broadwood Capital Inc. now owns 13,519,491 shares of the medical instruments supplier’s stock worth $226,857,000 after acquiring an additional 1,064,227 shares during the last quarter. Armistice Capital LLC raised its holdings in STAAR Surgical by 244.0% in the 1st quarter. Armistice Capital LLC now owns 3,000,000 shares of the medical instruments supplier’s stock worth $52,890,000 after acquiring an additional 2,128,000 shares during the last quarter. Soleus Capital Management L.P. increased its holdings in STAAR Surgical by 16.5% in the 2nd quarter. Soleus Capital Management L.P. now owns 2,984,733 shares of the medical instruments supplier’s stock worth $50,084,000 after buying an additional 421,840 shares in the last quarter. Yunqi Capital Ltd raised its holdings in shares of STAAR Surgical by 3.7% during the third quarter. Yunqi Capital Ltd now owns 2,500,061 shares of the medical instruments supplier’s stock valued at $67,177,000 after purchasing an additional 88,773 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. lifted its holdings in shares of STAAR Surgical by 11.6% during the 2nd quarter. Resona Asset Management Co. Ltd. now owns 2,421,836 shares of the medical instruments supplier’s stock valued at $40,746,000 after buying an additional 252,218 shares during the period. Institutional investors own 96.70% of the company’s stock.

About STAAR Surgical

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.