IRIDEX Corporation (NASDAQ:IRIX) shares hit a new 52-week low during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $8.51 and last traded at $8.64, with a volume of 37,379 shares. The stock had previously closed at $8.69.

The medical equipment provider reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.18) by $0.06. IRIDEX Corporation had a negative net margin of 37.62% and a negative return on equity of 16.84%. The business had revenue of $10 million during the quarter, compared to analysts’ expectations of $10.48 million.

Several research firms have weighed in on IRIX. ValuEngine cut IRIDEX Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, May 16th. TheStreet cut IRIDEX Corporation from a “c-” rating to a “d+” rating in a report on Wednesday, April 12th. Finally, Zacks Investment Research raised IRIDEX Corporation from a “sell” rating to a “hold” rating in a report on Thursday, May 11th.

Institutional investors have recently made changes to their positions in the stock. LMR Partners LLP purchased a new position in shares of IRIDEX Corporation during the second quarter valued at approximately $242,000. Lyon Street Capital LLC purchased a new position in shares of IRIDEX Corporation during the first quarter valued at approximately $4,242,000. Finally, Renaissance Technologies LLC raised its position in shares of IRIDEX Corporation by 2.2% in the first quarter. Renaissance Technologies LLC now owns 200,304 shares of the medical equipment provider’s stock valued at $2,378,000 after buying an additional 4,404 shares during the period. Hedge funds and other institutional investors own 50.86% of the company’s stock.

The stock’s market cap is $96.28 million. The company’s 50-day moving average is $9.41 and its 200 day moving average is $11.43.

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IRIDEX Corporation Company Profile

IRIDEX Corporation is a provider of therapeutic based laser consoles, delivery devices and consumable instrumentation used to treat sight-threatening eye diseases in ophthalmology. The Company operates through ophthalmology segment. Its ophthalmology products consist of laser consoles, delivery devices and consumable instrumentation, including laser probes, and are used in the treatment of serious eye diseases, including the over three causes of irreversible blindness, such as diabetic retinopathy, glaucoma and age-related macular degeneration (AMD).

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