STAAR Surgical (NASDAQ:STAA) Shares Gap Down – Here’s Why

STAAR Surgical Company (NASDAQ:STAA) gapped down prior to trading on Wednesday . The stock had previously closed at $25.39, but opened at $23.63. STAAR Surgical shares last traded at $23.7980, with a volume of 678,570 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Weiss Ratings reiterated a “sell (d)” rating on shares of STAAR Surgical in a research note on Wednesday, October 8th. Piper Sandler reissued a “neutral” rating on shares of STAAR Surgical in a research report on Monday, October 27th. Wells Fargo & Company set a $30.75 price target on shares of STAAR Surgical in a research note on Wednesday. Finally, Canaccord Genuity Group reaffirmed a “hold” rating and set a $30.75 price objective on shares of STAAR Surgical in a research report on Tuesday. Ten investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, STAAR Surgical has an average rating of “Reduce” and an average price target of $23.42.

STAAR Surgical Price Performance

The stock has a market cap of $1.20 billion, a PE ratio of -12.35 and a beta of 1.01. The stock has a 50-day moving average price of $26.29 and a two-hundred day moving average price of $23.49.

Insider Activity

In related news, major shareholder Broadwood Partners, L.P. purchased 797,486 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The stock was bought at an average price of $27.86 per share, for a total transaction of $22,217,959.96. Following the completion of the transaction, the insider owned 15,019,491 shares in the company, valued at approximately $418,443,019.26. The trade was a 5.61% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In the last 90 days, insiders have bought 1,500,000 shares of company stock worth $41,061,615. 0.59% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On STAAR Surgical

Hedge funds and other institutional investors have recently made changes to their positions in the company. US Bancorp DE raised its position in STAAR Surgical by 1,693.0% in the 1st quarter. US Bancorp DE now owns 2,044 shares of the medical instruments supplier’s stock worth $36,000 after purchasing an additional 1,930 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in STAAR Surgical by 40.3% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 91,800 shares of the medical instruments supplier’s stock valued at $1,618,000 after acquiring an additional 26,364 shares during the last quarter. Invesco Ltd. lifted its position in shares of STAAR Surgical by 12.0% during the first quarter. Invesco Ltd. now owns 227,320 shares of the medical instruments supplier’s stock worth $4,008,000 after purchasing an additional 24,339 shares during the last quarter. Nuveen LLC bought a new position in STAAR Surgical in the 1st quarter worth about $2,763,000. Finally, Public Sector Pension Investment Board raised its position in STAAR Surgical by 26.8% during the 1st quarter. Public Sector Pension Investment Board now owns 156,225 shares of the medical instruments supplier’s stock valued at $2,754,000 after purchasing an additional 33,037 shares in the last quarter. Hedge funds and other institutional investors own 96.70% of the company’s stock.

STAAR Surgical Company Profile

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.