STAAR Surgical (NASDAQ:STAA) Stock Price Down 5.1% – Should You Sell?

Shares of STAAR Surgical Company (NASDAQ:STAA) dropped 5.1% on Thursday . The stock traded as low as $24.97 and last traded at $24.56. Approximately 976,636 shares changed hands during mid-day trading, a decline of 17% from the average daily volume of 1,180,917 shares. The stock had previously closed at $25.89.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Canaccord Genuity Group raised their price target on shares of STAAR Surgical from $28.00 to $30.75 and gave the stock a “hold” rating in a research note on Tuesday, December 9th. Weiss Ratings reissued a “sell (d)” rating on shares of STAAR Surgical in a research note on Wednesday, October 8th. Piper Sandler restated a “neutral” rating on shares of STAAR Surgical in a research report on Monday, October 27th. Finally, Wells Fargo & Company boosted their price target on STAAR Surgical from $28.00 to $30.75 and gave the company an “equal weight” rating in a report on Wednesday, December 10th. Ten investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, STAAR Surgical presently has a consensus rating of “Reduce” and an average target price of $23.42.

STAAR Surgical Price Performance

The stock has a market cap of $1.18 billion, a price-to-earnings ratio of -12.19 and a beta of 1.01. The firm’s 50-day moving average is $26.00 and its 200 day moving average is $23.71.

Insider Buying and Selling at STAAR Surgical

In other news, major shareholder Broadwood Partners, L.P. bought 797,486 shares of the firm’s stock in a transaction dated Friday, November 21st. The stock was acquired at an average price of $27.86 per share, for a total transaction of $22,217,959.96. Following the acquisition, the insider owned 15,019,491 shares of the company’s stock, valued at $418,443,019.26. This trade represents a 5.61% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Over the last quarter, insiders bought 1,500,000 shares of company stock valued at $41,061,615. Insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On STAAR Surgical

A number of hedge funds have recently made changes to their positions in the business. US Bancorp DE lifted its holdings in shares of STAAR Surgical by 1,693.0% during the 1st quarter. US Bancorp DE now owns 2,044 shares of the medical instruments supplier’s stock valued at $36,000 after acquiring an additional 1,930 shares in the last quarter. Invesco Ltd. lifted its stake 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 in the last quarter. Nuveen LLC purchased a new stake in shares of STAAR Surgical in the first quarter worth about $2,763,000. Public Sector Pension Investment Board grew its stake in shares of STAAR Surgical by 26.8% in the first quarter. Public Sector Pension Investment Board now owns 156,225 shares of the medical instruments supplier’s stock valued at $2,754,000 after buying an additional 33,037 shares in the last quarter. Finally, Brooklyn Investment Group raised its holdings in shares of STAAR Surgical by 1,564.0% during the 1st quarter. Brooklyn Investment Group now owns 2,679 shares of the medical instruments supplier’s stock valued at $47,000 after buying an additional 2,518 shares during the period. Hedge funds and other 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.