IRIDEX (NASDAQ:IRIX) Major Shareholder Acquires $13,350.00 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin bought 15,000 shares of the business’s stock in a transaction that occurred on Friday, April 4th. The shares were acquired at an average price of $0.89 per share, for a total transaction of $13,350.00. Following the completion of the transaction, the insider owned 28,834 shares in the company, valued at $25,662.26. This trade represents a 108.43% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

IRIDEX Stock Down 0.9%

Shares of IRIDEX stock opened at $0.89 on Friday. IRIDEX Corporation has a twelve month low of $0.61 and a twelve month high of $1.65. The stock has a market cap of $15.64 million, a price-to-earnings ratio of -4.45 and a beta of 0.67. The company’s fifty day moving average is $0.73 and its 200 day moving average is $0.95.

IRIDEX (NASDAQ:IRIX) last announced its earnings results on Tuesday, August 18th. The medical equipment provider reported ($0.07) earnings per share (EPS) 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 analyst estimates of $13.59 million. As a group, equities analysts anticipate that IRIDEX Corporation will post -0.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IRIDEX

Hedge funds and other institutional investors have recently bought and sold shares of the company. Perkins Capital Management Inc. boosted its position in IRIDEX by 33.9% during the first quarter. Perkins Capital Management Inc. now owns 55,300 shares of the medical equipment provider’s stock valued at $56,000 after acquiring an additional 14,000 shares during the last quarter. Thompson Davis & CO. Inc. lifted its stake in shares of IRIDEX by 66.5% in the 1st quarter. Thompson Davis & CO. Inc. now owns 47,444 shares of the medical equipment provider’s stock valued at $48,000 after purchasing an additional 18,944 shares during the period. Renaissance Technologies LLC lifted its stake in shares of IRIDEX by 6.7% in the 1st 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. Bank of New York Mellon Corp bought a new stake in shares of IRIDEX during the 2nd quarter valued at about $29,000. Finally, Diversify Wealth Management LLC acquired a new stake in IRIDEX during the first quarter worth approximately $35,000. Institutional investors and hedge funds own 20.10% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $3.00.

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.