IRIDEX (NASDAQ:IRIX) Stock Crosses Below Two Hundred Day Moving Average – What’s Next?

IRIDEX Corporation (NASDAQ:IRIX)’s stock price crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $1.19 and traded as low as $1.18. IRIDEX shares last traded at $1.19, with a volume of 22,719 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded shares of IRIDEX from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 16th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, IRIDEX presently has an average rating of “Hold” and a consensus target price of $3.00.

IRIDEX Stock Performance

The company has a 50-day simple moving average of $1.08 and a 200 day simple moving average of $1.20. The company has a market capitalization of $19.67 million, a P/E ratio of -5.95 and a beta of 0.64.

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

Institutional Trading of IRIDEX

Institutional investors and hedge funds have recently modified their holdings of the company. Thompson Davis & CO. Inc. bought a new position in shares of IRIDEX in the fourth quarter valued at approximately $32,000. Diversify Wealth Management LLC bought a new position in shares of IRIDEX in the 1st quarter valued at about $35,000. Jane Street Group LLC boosted its position in shares of IRIDEX by 93.9% in the 4th quarter. Jane Street Group LLC now owns 31,758 shares of the medical equipment provider’s stock worth $36,000 after purchasing an additional 15,377 shares during the last quarter. Perkins Capital Management Inc. boosted its holdings 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 worth $56,000 after buying an additional 14,000 shares during the last quarter. Finally, Susquehanna International Group LLP boosted its stake in IRIDEX by 46.2% during the 3rd quarter. Susquehanna International Group LLP now owns 56,470 shares of the medical equipment provider’s stock worth $65,000 after acquiring an additional 17,834 shares during the last quarter. 20.10% of the stock is currently owned by institutional investors.

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.