STAAR Surgical (NASDAQ:STAA) Shares Gap Up – Time to Buy?

Shares of STAAR Surgical Company (NASDAQ:STAA) gapped up before the market opened on Tuesday . The stock had previously closed at $23.54, but opened at $27.25. STAAR Surgical shares last traded at $26.60, with a volume of 3,863,135 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Piper Sandler reiterated a “neutral” rating on shares of STAAR Surgical in a research report on Monday, October 27th. Canaccord Genuity Group lifted their target price on shares of STAAR Surgical from $28.00 to $30.75 and gave the company a “hold” rating in a report on Tuesday. Weiss Ratings reissued a “sell (d)” rating on shares of STAAR Surgical in a research report on Wednesday, October 8th. Finally, Wells Fargo & Company raised their price target on STAAR Surgical from $28.00 to $30.75 and gave the stock an “equal weight” rating in a research report on Wednesday. Ten equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $23.42.

STAAR Surgical Stock Down 5.5%

The business’s fifty day moving average is $26.23 and its two-hundred day moving average is $23.49. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of -12.30 and a beta of 1.01.

Insider Activity at STAAR Surgical

In related news, major shareholder Broadwood Partners, L.P. acquired 797,486 shares of the business’s stock in a transaction dated Friday, November 21st. The shares were acquired at an average price of $27.86 per share, with a total value of $22,217,959.96. Following the completion of the transaction, the insider owned 15,019,491 shares of the company’s stock, valued at $418,443,019.26. The trade was a 5.61% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have acquired a total of 1,500,000 shares of company stock valued at $41,061,615 in the last three months. Insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Broadwood Capital Inc. increased its holdings in STAAR Surgical by 8.5% during the 2nd quarter. Broadwood Capital Inc. now owns 13,519,491 shares of the medical instruments supplier’s stock worth $226,857,000 after purchasing an additional 1,064,227 shares during the period. Armistice Capital LLC boosted its stake in shares of STAAR Surgical by 244.0% in the 1st quarter. Armistice Capital LLC now owns 3,000,000 shares of the medical instruments supplier’s stock valued at $52,890,000 after buying an additional 2,128,000 shares during the period. Soleus Capital Management L.P. grew its position in shares of STAAR Surgical by 16.5% during the second quarter. Soleus Capital Management L.P. now owns 2,984,733 shares of the medical instruments supplier’s stock worth $50,084,000 after buying an additional 421,840 shares in the last quarter. Yunqi Capital Ltd increased its stake in shares of STAAR Surgical by 3.7% during the third quarter. Yunqi Capital Ltd now owns 2,500,061 shares of the medical instruments supplier’s stock worth $67,177,000 after buying an additional 88,773 shares during the period. Finally, Resona Asset Management Co. Ltd. increased its stake in shares of STAAR Surgical by 11.6% during the second quarter. Resona Asset Management Co. Ltd. now owns 2,421,836 shares of the medical instruments supplier’s stock worth $40,746,000 after buying an additional 252,218 shares during the period. 96.70% of the stock is owned by institutional investors and hedge funds.

About STAAR Surgical

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia.