Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Buys $44,500.00 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin purchased 50,000 shares of the company’s stock in a transaction dated Friday, June 27th. The stock was purchased at an average cost of $0.89 per share, with a total value of $44,500.00. Following the purchase, the insider owned 675,667 shares in the company, valued at approximately $601,343.63. This trade represents a 7.99% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

IRIDEX Stock Performance

IRIX stock opened at $0.89 on Friday. The firm has a market cap of $15.64 million, a PE ratio of -4.45 and a beta of 0.67. The firm’s 50 day moving average price is $0.73 and its 200-day moving average price is $0.95. IRIDEX Corporation has a one year low of $0.61 and a one year high of $1.65.

IRIDEX (NASDAQ:IRIX) last issued its quarterly earnings data on Tuesday, August 18th. The medical equipment provider reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.06). The company had revenue of $12.57 million during the quarter, compared to the consensus estimate of $13.59 million. Equities research analysts predict that IRIDEX Corporation will post -0.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, IRIDEX presently has a consensus rating of “Hold” and a consensus target price of $3.00.

Hedge Funds Weigh In On IRIDEX

Hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC raised its position in IRIDEX by 6.7% in the first quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock valued at $401,000 after purchasing an additional 25,067 shares during the period. Weber Capital Management LLC ADV purchased a new position in shares of IRIDEX during the second quarter worth $206,616. Perkins Capital Management Inc. boosted its position in shares of IRIDEX by 33.9% during the first quarter. Perkins Capital Management Inc. now owns 55,300 shares of the medical equipment provider’s stock worth $56,000 after buying an additional 14,000 shares during the period. Thompson Davis & CO. Inc. grew its stake in shares of IRIDEX by 66.5% in the first quarter. Thompson Davis & CO. Inc. now owns 47,444 shares of the medical equipment provider’s stock valued at $48,000 after buying an additional 18,944 shares in the last quarter. Finally, United Capital Financial Advisors LLC acquired a new stake in shares of IRIDEX in the second quarter valued at $41,000. Hedge funds and other institutional investors own 20.10% of the company’s stock.

About IRIDEX

IRIDEX Corporation (NASDAQ: IRIX) develops and sells ophthalmic laser systems and related delivery devices used in the treatment of eye diseases. Its products are designed primarily for ophthalmologists treating glaucoma and retinal disorders, including diabetic retinopathy and other conditions affecting the retina.

The company’s portfolio includes laser systems such as the Cyclo G6 glaucoma laser platform and the IQ series of retinal photocoagulation lasers. IRIDEX also offers specialized probes and other delivery devices, including MicroPulse and transscleral cyclophotocoagulation technologies, which are intended to provide targeted treatment while limiting exposure to surrounding tissue.

Founded in 1989 and headquartered in Mountain View, California, IRIDEX serves eye-care professionals through a combination of direct sales and distributor relationships in the United States and international markets.