IRIDEX (NASDAQ:IRIX) Share Price Passes Below 200-Day Moving Average – Time to Sell?

IRIDEX Corporation (NASDAQ:IRIX)’s stock price passed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $1.17 and traded as low as $0.98. IRIDEX shares last traded at $1.04, with a volume of 102,432 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on IRIX shares. iA Financial set a $3.00 price objective on shares of IRIDEX in a report on Thursday, February 5th. Weiss Ratings lowered shares of IRIDEX from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, May 19th. Finally, Alliance Global Partners started coverage on shares of IRIDEX in a report on Thursday, February 5th. They issued a “buy” rating on the stock. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, IRIDEX presently has an average rating of “Hold” and an average price target of $3.00.

IRIDEX Trading Up 3.0%

The firm’s fifty day moving average price is $1.08 and its 200 day moving average price is $1.17. The stock has a market capitalization of $18.11 million, a price-to-earnings ratio of -5.47 and a beta of 0.64.

IRIDEX (NASDAQ:IRIX) last released its earnings results on Tuesday, May 19th. The medical equipment provider reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. The company had revenue of $11.80 million for the quarter, compared to analyst estimates of $11.91 million. IRIDEX had a negative net margin of 6.23% and a negative return on equity of 1,204.74%.

Institutional Investors Weigh In On IRIDEX

A number of hedge funds have recently added to or reduced their stakes in IRIX. Citadel Advisors LLC lifted its holdings in IRIDEX by 62.7% during the 3rd quarter. Citadel Advisors LLC now owns 109,473 shares of the medical equipment provider’s stock worth $126,000 after buying an additional 42,202 shares in the last quarter. Susquehanna International Group LLP lifted its holdings in IRIDEX by 46.2% during the 3rd quarter. Susquehanna International Group LLP now owns 56,470 shares of the medical equipment provider’s stock worth $65,000 after buying an additional 17,834 shares in the last quarter. Apexium Financial LP lifted its holdings in IRIDEX by 53.0% during the 3rd quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock worth $116,000 after buying an additional 34,834 shares in the last quarter. Thompson Davis & CO. Inc. acquired a new stake in IRIDEX during the 4th quarter worth approximately $32,000. Finally, Weber Capital Management LLC ADV acquired a new stake in IRIDEX during the 4th quarter worth approximately $296,000. 20.10% of the stock is currently owned by institutional investors and hedge funds.

About IRIDEX

IRIDEX Corporation (NASDAQ: IRIX) is a medical technology company specializing in the development, manufacturing and commercialization of innovative ophthalmic laser and imaging systems. The company’s offerings focus on energy-based therapies designed to treat retinal vascular disorders, glaucoma and other ocular conditions. IRIDEX’s portfolio includes laser photocoagulation platforms, micro-pulse laser technology, and related consumable devices for use by ophthalmologists and retina specialists.

The company’s flagship products include the Cyclo G6 Glaucoma Laser System, which delivers precise, controlled micro-pulse laser therapy for patients with refractory glaucoma, and the IQ 532 Retina Laser System, designed to support minimally invasive laser treatments for diabetic retinopathy and age-related macular degeneration.