STAAR Surgical (NASDAQ:STAA) Stock Price Down 4.7% – Time to Sell?

STAAR Surgical Company (NASDAQ:STAA) was down 4.7% on Thursday . The stock traded as low as $20.75 and last traded at $20.7850. Approximately 61,567 shares traded hands during mid-day trading, a decline of 97% from the average daily volume of 2,049,186 shares. The stock had previously closed at $21.82.

Wall Street Analyst Weigh In

A number of research firms have weighed in on STAA. Canaccord Genuity Group increased their target price on STAAR Surgical from $28.00 to $30.75 and gave the stock a “hold” rating in a research note on Tuesday, December 9th. BTIG Research reaffirmed a “neutral” rating on shares of STAAR Surgical in a research note on Tuesday, January 6th. Needham & Company LLC restated a “hold” rating on shares of STAAR Surgical in a research note on Tuesday, January 6th. Weiss Ratings restated a “sell (d)” rating on shares of STAAR Surgical in a report on Wednesday, October 8th. Finally, Piper Sandler reiterated a “neutral” rating on shares of STAAR Surgical in a report on Monday, October 27th. Ten research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, STAAR Surgical currently has an average rating of “Reduce” and an average price target of $23.42.

STAAR Surgical Stock Down 3.0%

The company’s 50-day simple moving average is $24.80 and its 200 day simple moving average is $24.56. The firm has a market capitalization of $1.05 billion, a PE ratio of -10.87 and a beta of 1.00.

Insider Activity

In other STAAR Surgical news, major shareholder Broadwood Partners, L.P. acquired 797,486 shares of the firm’s stock in a transaction dated Friday, November 21st. The stock was purchased 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 in the company, valued at approximately $418,443,019.26. This trade represents a 5.61% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders acquired 1,934,138 shares of company stock worth $50,485,791 over the last 90 days. Corporate insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in STAA. CWM LLC raised its position in shares of STAAR Surgical by 74.1% in the 2nd quarter. CWM LLC now owns 1,563 shares of the medical instruments supplier’s stock valued at $26,000 after purchasing an additional 665 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its stake in STAAR Surgical by 2,605.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,055 shares of the medical instruments supplier’s stock valued at $28,000 after purchasing an additional 1,016 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of STAAR Surgical by 61.4% in the third quarter. GAMMA Investing LLC now owns 1,856 shares of the medical instruments supplier’s stock worth $50,000 after buying an additional 706 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of STAAR Surgical by 691.0% during the second quarter. PNC Financial Services Group Inc. now owns 3,607 shares of the medical instruments supplier’s stock worth $61,000 after buying an additional 3,151 shares during the period. Finally, Tower Research Capital LLC TRC grew its holdings in shares of STAAR Surgical by 375.0% during the second quarter. Tower Research Capital LLC TRC now owns 5,919 shares of the medical instruments supplier’s stock valued at $99,000 after buying an additional 4,673 shares during the last quarter. 96.70% of the stock is owned by institutional investors and hedge funds.

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. It markets its products to health care providers, including ophthalmic surgeons, vision and surgical centers, hospitals, government facilities, and distributors, as well as products are primarily used by ophthalmologists.