Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Purchases $17,616.17 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin acquired 18,161 shares of the business’s stock in a transaction that occurred on Friday, June 6th. The stock was acquired at an average cost of $0.97 per share, with a total value of $17,616.17. Following the completion of the acquisition, the insider owned 588,345 shares in the company, valued at $570,694.65. This trade represents a 3.19% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

IRIDEX Price Performance

Shares of IRIX stock opened at $0.89 on Friday. The company’s fifty day simple moving average is $0.73 and its two-hundred day simple moving average is $0.95. IRIDEX Corporation has a 1 year low of $0.61 and a 1 year high of $1.65. The stock has a market capitalization of $15.64 million, a price-to-earnings ratio of -4.45 and a beta of 0.67.

IRIDEX (NASDAQ:IRIX) last posted 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 business had revenue of $12.57 million during the quarter, compared to analysts’ expectations of $13.59 million. Equities research analysts anticipate that IRIDEX Corporation will post -0.12 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. United Capital Financial Advisors LLC purchased a new position in shares of IRIDEX during the 2nd quarter valued at $41,000. Weber Capital Management LLC ADV bought a new position in shares of IRIDEX in the second quarter worth $206,616. Diversify Advisory Services LLC purchased a new stake in shares of IRIDEX in the second quarter worth $30,000. Bank of New York Mellon Corp bought a new stake in IRIDEX during the second quarter valued at $29,000. Finally, Renaissance Technologies LLC grew its position in IRIDEX by 6.7% during the first quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock worth $401,000 after buying an additional 25,067 shares in the last quarter. 20.10% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price 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.