IRIDEX Corporation (NASDAQ:IRIX) Sees Large Drop in Short Interest

IRIDEX Corporation (NASDAQ:IRIX) was the target of a significant decline in short interest in May. As of May 15th, there was short interest totaling 28,508 shares, a decline of 49.5% from the April 30th total of 56,463 shares. Based on an average daily volume of 48,115 shares, the short-interest ratio is currently 0.6 days. Approximately 0.2% of the shares of the stock are sold short.

IRIDEX Price Performance

Shares of IRIDEX stock traded up $0.06 during trading on Monday, hitting $1.11. The company’s stock had a trading volume of 124,973 shares, compared to its average volume of 192,261. IRIDEX has a 52 week low of $0.87 and a 52 week high of $1.65. The stock has a market cap of $19.33 million, a price-to-earnings ratio of -5.84 and a beta of 0.64. The stock has a 50-day moving average price of $1.07 and a two-hundred day moving average price of $1.17.

IRIDEX (NASDAQ:IRIX) last issued its quarterly earnings data on Tuesday, May 19th. The medical equipment provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. IRIDEX had a negative net margin of 6.23% and a negative return on equity of 1,204.74%. The company had revenue of $11.80 million for the quarter, compared to analysts’ expectations of $11.91 million.

Institutional Trading of IRIDEX

Institutional investors have recently modified their holdings of the business. Diversify Wealth Management LLC bought a new stake in IRIDEX during the first quarter valued at $35,000. Apexium Financial LP boosted its position in IRIDEX by 53.0% during the third quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock valued at $116,000 after acquiring an additional 34,834 shares during the last quarter. Citadel Advisors LLC boosted its position in IRIDEX by 62.7% during the third quarter. Citadel Advisors LLC now owns 109,473 shares of the medical equipment provider’s stock valued at $126,000 after acquiring an additional 42,202 shares during the last quarter. Thompson Davis & CO. Inc. bought a new stake in IRIDEX during the fourth quarter valued at $32,000. Finally, Susquehanna International Group LLP boosted its position in IRIDEX by 46.2% during the third quarter. Susquehanna International Group LLP now owns 56,470 shares of the medical equipment provider’s stock valued at $65,000 after acquiring an additional 17,834 shares during the last quarter. Institutional investors own 20.10% of the company’s stock.

Wall Street Analysts Forecast Growth

IRIX has been the subject of several research analyst reports. Weiss Ratings downgraded shares of IRIDEX from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, May 19th. iA Financial set a $3.00 price target on shares of IRIDEX in a report on Thursday, February 5th. Finally, Alliance Global Partners initiated coverage on shares of IRIDEX in a report on Thursday, February 5th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, IRIDEX currently has a consensus rating of “Hold” and a consensus price target of $3.00.

IRIDEX Company Profile

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.