IRIDEX (NASDAQ:IRIX) Major Shareholder Buys $58,775.75 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin acquired 40,535 shares of the stock in a transaction on Thursday, February 5th. The stock was purchased at an average cost of $1.45 per share, with a total value of $58,775.75. Following the transaction, the insider directly owned 1,098,858 shares of the company’s stock, valued at $1,593,344.10. This represents a 3.83% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

IRIDEX Trading Down 0.9%

NASDAQ IRIX opened at $0.89 on Friday. The company’s fifty day simple moving average is $0.73 and its 200-day simple moving average is $0.95. IRIDEX Corporation has a 52 week low of $0.61 and a 52 week high of $1.65. The stock has a market cap of $15.64 million, a P/E ratio of -4.45 and a beta of 0.67.

IRIDEX (NASDAQ:IRIX) last announced its earnings results 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 firm had revenue of $12.57 million for the quarter, compared to analyst estimates of $13.59 million. On average, research analysts expect that IRIDEX Corporation will post -0.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in IRIX. Renaissance Technologies LLC increased its holdings 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 acquiring an additional 25,067 shares during the last quarter. Weber Capital Management LLC ADV bought a new stake in IRIDEX during the second quarter valued at $206,616. Perkins Capital Management Inc. raised its holdings 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 purchasing an additional 14,000 shares during the period. Thompson Davis & CO. Inc. lifted its position 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 worth $48,000 after buying an additional 18,944 shares during the last quarter. Finally, United Capital Financial Advisors LLC bought a new position in shares of IRIDEX in the 2nd quarter worth about $41,000. Institutional investors and hedge funds own 20.10% of the company’s stock.

Wall Street Analysts Forecast Growth

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

IRIDEX Company Profile

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.