STAAR Surgical (NASDAQ:STAA) Stock Price Down 5.2% – Here’s What Happened

STAAR Surgical Company (NASDAQ:STAA)’s share price fell 5.2% during trading on Friday . The company traded as low as $22.33 and last traded at $22.2130. 330,241 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 1,150,857 shares. The stock had previously closed at $23.42.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. William Blair set a $33.00 target price on STAAR Surgical in a research note on Thursday, August 13th. Jefferies Financial Group reiterated a “hold” rating and set a $28.00 price target on shares of STAAR Surgical in a research report on Thursday, August 13th. Mizuho increased their price objective on shares of STAAR Surgical from $22.00 to $27.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Canaccord Genuity Group raised their price objective on shares of STAAR Surgical from $27.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Finally, Wall Street Zen downgraded shares of STAAR Surgical from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Two equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $28.40.

STAAR Surgical Stock Down 5.5%

The firm has a fifty day moving average of $24.66 and a 200-day moving average of $24.95. The firm has a market cap of $1.11 billion, a P/E ratio of 315.96 and a beta of 1.21.

STAAR Surgical (NASDAQ:STAA) last announced its quarterly earnings data on Wednesday, August 12th. The medical instruments supplier reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.17. STAAR Surgical had a return on equity of 9.05% and a net margin of 1.13%.The firm had revenue of $93.53 million during the quarter, compared to analysts’ expectations of $90.60 million. During the same period in the previous year, the business posted ($0.34) EPS. The company’s quarterly revenue was up 111.1% compared to the same quarter last year. Sell-side analysts anticipate that STAAR Surgical Company will post 0.39 EPS for the current year.

Hedge Funds Weigh In On STAAR Surgical

Several large investors have recently bought and sold shares of STAA. Broadwood Capital Inc. raised its position in shares of STAAR Surgical by 11.1% during the 4th quarter. Broadwood Capital Inc. now owns 15,019,491 shares of the medical instruments supplier’s stock valued at $346,800,000 after acquiring an additional 1,500,000 shares during the last quarter. Soleus Capital Management L.P. boosted its position in shares of 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 purchasing an additional 421,840 shares during the last quarter. Yunqi Capital Ltd boosted its position in shares of STAAR Surgical by 0.3% in the 4th quarter. Yunqi Capital Ltd now owns 2,507,130 shares of the medical instruments supplier’s stock worth $57,890,000 after purchasing an additional 7,069 shares during the last quarter. Magnetar Financial LLC grew its stake in shares of STAAR Surgical by 105.3% during the fourth quarter. Magnetar Financial LLC now owns 2,472,390 shares of the medical instruments supplier’s stock worth $57,087,000 after purchasing an additional 1,268,019 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in shares of STAAR Surgical by 112.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,076,743 shares of the medical instruments supplier’s stock worth $47,952,000 after purchasing an additional 1,100,484 shares during the period. 96.70% of the stock is currently owned by institutional investors and hedge funds.

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. 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.