STAAR Surgical Company (STAA) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of STAAR Surgical Company (NASDAQ:STAA) from a buy rating to a hold rating in a report issued on Friday.
According to Zacks, “Staar Surgical Company has evolved to become a developer, manufacturer and global distributor of products used by ophthalmologists and other eye care professionals to improve or correct vision in patients suffering from refractive conditions, cataracts and glaucoma. “
Several other analysts have also recently issued reports on STAA. TheStreet raised shares of STAAR Surgical from a d+ rating to a c rating in a research note on Tuesday, August 15th. BidaskClub raised shares of STAAR Surgical from a strong sell rating to a sell rating in a research note on Friday, August 11th. Canaccord Genuity upped their price objective on shares of STAAR Surgical from $9.00 to $11.00 and gave the company a hold rating in a research note on Thursday, August 3rd. Finally, Benchmark Co. upped their price objective on shares of STAAR Surgical from $12.00 to $13.00 and gave the company a buy rating in a research note on Monday, August 14th. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company. The company presently has an average rating of Buy and an average price target of $13.33.
STAAR Surgical (NASDAQ STAA) opened at 11.90 on Friday. The stock’s market cap is $489.19 million. The company has a 50-day moving average price of $11.51 and a 200 day moving average price of $10.28. STAAR Surgical has a 52-week low of $7.45 and a 52-week high of $12.35.
STAAR Surgical (NASDAQ:STAA) last released its quarterly earnings results on Wednesday, August 2nd. The medical instruments supplier reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.04. STAAR Surgical had a negative net margin of 6.06% and a negative return on equity of 8.69%. The firm had revenue of $21.90 million during the quarter, compared to the consensus estimate of $22.15 million. During the same quarter in the prior year, the firm earned ($0.02) EPS. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, analysts expect that STAAR Surgical will post ($0.11) earnings per share for the current year.
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A number of hedge funds and other institutional investors have recently made changes to their positions in STAA. Teachers Advisors LLC grew its stake in STAAR Surgical by 3.7% during the 4th quarter. Teachers Advisors LLC now owns 71,882 shares of the medical instruments supplier’s stock valued at $780,000 after acquiring an additional 2,549 shares in the last quarter. Strs Ohio purchased a new stake in STAAR Surgical during the 1st quarter valued at about $251,000. Wells Fargo & Company MN grew its stake in STAAR Surgical by 30.6% during the 1st quarter. Wells Fargo & Company MN now owns 67,262 shares of the medical instruments supplier’s stock valued at $659,000 after acquiring an additional 15,769 shares in the last quarter. Bank of New York Mellon Corp grew its stake in STAAR Surgical by 0.9% during the 1st quarter. Bank of New York Mellon Corp now owns 160,186 shares of the medical instruments supplier’s stock valued at $1,569,000 after acquiring an additional 1,392 shares in the last quarter. Finally, Trexquant Investment LP grew its stake in STAAR Surgical by 30.8% during the 1st quarter. Trexquant Investment LP now owns 22,105 shares of the medical instruments supplier’s stock valued at $217,000 after acquiring an additional 5,205 shares in the last quarter. 76.54% of the stock is owned by institutional investors.
About STAAR Surgical
STAAR Surgical Company designs, develops, manufactures and sells implantable lenses for the eye and delivery systems used to deliver the lenses into the eye. It operates in the ophthalmic surgical market segment. Its principal products are intraocular lenses used in cataract surgery and implantable collamer lenses used in refractive surgery.
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