STAAR Surgical (NASDAQ:STAA) Trading 4.5% Higher – What’s Next?

STAAR Surgical Company (NASDAQ:STAA) rose 4.5% on Wednesday . The company traded as high as $19.04 and last traded at $18.66. Approximately 115,316 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 1,497,409 shares. The stock had previously closed at $17.85.

Analyst Upgrades and Downgrades

STAA has been the topic of several research analyst reports. BTIG Research reiterated a “neutral” rating on shares of STAAR Surgical in a report on Tuesday, January 6th. Wells Fargo & Company dropped their target price on STAAR Surgical from $30.75 to $16.00 and set an “equal weight” rating for the company in a research report on Thursday, March 5th. Jefferies Financial Group cut their price target on shares of STAAR Surgical from $28.00 to $21.50 and set a “buy” rating on the stock in a research note on Wednesday, January 28th. Needham & Company LLC reissued a “hold” rating on shares of STAAR Surgical in a research report on Tuesday, January 6th. Finally, Canaccord Genuity Group lowered their price objective on shares of STAAR Surgical from $30.75 to $22.00 and set a “hold” rating for the company in a research note on Thursday, January 15th. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $19.21.

STAAR Surgical Stock Up 4.0%

The stock has a market capitalization of $919.41 million, a PE ratio of -11.39 and a beta of 1.04. The stock has a fifty day moving average of $18.96 and a 200-day moving average of $23.53.

STAAR Surgical (NASDAQ:STAA) last issued its quarterly earnings results on Tuesday, March 3rd. The medical instruments supplier reported ($0.37) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.51). The company had revenue of $57.80 million for the quarter, compared to analysts’ expectations of $75.54 million. STAAR Surgical had a negative return on equity of 10.03% and a negative net margin of 33.60%.The business’s revenue for the quarter was up 18.0% on a year-over-year basis. Equities research analysts expect that STAAR Surgical Company will post -1.14 EPS for the current year.

Insiders Place Their Bets

In other news, Director Broadwood Partners, L.P. purchased 316,017 shares of the firm’s stock in a transaction that occurred on Friday, March 13th. The stock was bought at an average price of $18.61 per share, for a total transaction of $5,881,076.37. Following the completion of the purchase, the director directly owned 16,123,842 shares of the company’s stock, valued at $300,064,699.62. The trade was a 2.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have purchased a total of 1,104,351 shares of company stock valued at $21,690,426 over the last 90 days. 0.59% of the stock is owned by company insiders.

Institutional Investors Weigh In On STAAR Surgical

A number of large investors have recently modified their holdings of STAA. Caitong International Asset Management Co. Ltd lifted its position in shares of STAAR Surgical by 2,605.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,055 shares of the medical instruments supplier’s stock worth $28,000 after purchasing an additional 1,016 shares during the last quarter. GAMMA Investing LLC increased its holdings in STAAR Surgical by 61.4% in the third quarter. GAMMA Investing LLC now owns 1,856 shares of the medical instruments supplier’s stock valued at $50,000 after buying an additional 706 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in STAAR Surgical by 691.0% in the second quarter. PNC Financial Services Group Inc. now owns 3,607 shares of the medical instruments supplier’s stock valued at $61,000 after buying an additional 3,151 shares during the last quarter. Russell Investments Group Ltd. raised its stake in STAAR Surgical by 9,928.9% in the third quarter. Russell Investments Group Ltd. now owns 4,513 shares of the medical instruments supplier’s stock valued at $121,000 after buying an additional 4,468 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in STAAR Surgical by 375.0% in the second quarter. Tower Research Capital LLC TRC now owns 5,919 shares of the medical instruments supplier’s stock valued at $99,000 after buying an additional 4,673 shares in the last quarter. 96.70% of the stock is owned by hedge funds and other institutional investors.

STAAR Surgical Company Profile

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. It markets its products to health care providers, including ophthalmic surgeons, vision and surgical centers, hospitals, government facilities, and distributors, as well as products are primarily used by ophthalmologists.