IRIDEX (NASDAQ:IRIX) Share Price Passes Below 200 Day Moving Average – Here’s Why

Shares of IRIDEX Corporation (NASDAQ:IRIX) passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $1.17 and traded as low as $1.0250. IRIDEX shares last traded at $1.05, with a volume of 28,231 shares traded.

Analyst Ratings Changes

IRIX has been the topic of several research reports. Alliance Global Partners initiated coverage on IRIDEX in a research note on Thursday, February 5th. They set a “buy” rating on the stock. iA Financial set a $3.00 price target on IRIDEX in a research note on Thursday, February 5th. Finally, Weiss Ratings upgraded IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 4th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $3.00.

IRIDEX Stock Up 1.9%

The stock has a market cap of $18.27 million, a PE ratio of -4.04 and a beta of 0.64. The firm has a 50 day moving average price of $1.16 and a 200 day moving average price of $1.17.

IRIDEX (NASDAQ:IRIX) last announced its quarterly earnings results on Thursday, March 26th. The medical equipment provider reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.02) by $0.01. IRIDEX had a negative return on equity of 1,204.74% and a negative net margin of 8.42%.The firm had revenue of $14.72 million for the quarter, compared to analyst estimates of $14.74 million.

Hedge Funds Weigh In On IRIDEX

Several institutional investors and hedge funds have recently added to or reduced their stakes in IRIX. Citadel Advisors LLC grew its stake in IRIDEX by 62.7% in the third quarter. Citadel Advisors LLC now owns 109,473 shares of the medical equipment provider’s stock valued at $126,000 after purchasing an additional 42,202 shares during the last quarter. Susquehanna International Group LLP grew its holdings in IRIDEX by 46.2% in the third quarter. Susquehanna International Group LLP now owns 56,470 shares of the medical equipment provider’s stock worth $65,000 after purchasing an additional 17,834 shares during the last quarter. Apexium Financial LP grew its holdings in IRIDEX by 53.0% in the third quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock worth $116,000 after purchasing an additional 34,834 shares during the last quarter. Thompson Davis & CO. Inc. purchased a new position in IRIDEX in the fourth quarter worth $32,000. Finally, Weber Capital Management LLC ADV purchased a new position in IRIDEX in the fourth quarter worth $296,000. Hedge funds and other institutional investors own 20.10% of the company’s stock.

About IRIDEX

IRIDEX Corporation (NASDAQ: IRIX) is a medical technology company specializing in the development, manufacturing and commercialization of innovative ophthalmic laser and imaging systems. The company’s offerings focus on energy-based therapies designed to treat retinal vascular disorders, glaucoma and other ocular conditions. IRIDEX’s portfolio includes laser photocoagulation platforms, micro-pulse laser technology, and related consumable devices for use by ophthalmologists and retina specialists.

The company’s flagship products include the Cyclo G6 Glaucoma Laser System, which delivers precise, controlled micro-pulse laser therapy for patients with refractory glaucoma, and the IQ 532 Retina Laser System, designed to support minimally invasive laser treatments for diabetic retinopathy and age-related macular degeneration.