STAAR Surgical Company (NASDAQ:STAA) Stock Has Average Price Target of $27.90

STAAR Surgical Company (NASDAQ:STAA) has been assigned an average rating of “Hold” from the thirteen research firms that are covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $27.90.

A number of brokerages recently weighed in on STAA. Wedbush dropped their price objective on shares of STAAR Surgical from $40.00 to $37.00 and set an “outperform” rating for the company in a report on Thursday, August 13th. UBS Group set a $28.00 target price on shares of STAAR Surgical in a report on Monday, August 17th. Wall Street Zen cut shares of STAAR Surgical from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Jefferies Financial Group dropped their price target on shares of STAAR Surgical from $28.00 to $23.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Piper Sandler reaffirmed a “neutral” rating on shares of STAAR Surgical in a research report on Thursday, August 13th.

Institutional Investors Weigh In On STAAR Surgical

Large investors have recently bought and sold shares of the stock. Broadwood Capital Inc. boosted its stake in shares of STAAR Surgical by 11.1% in the 4th quarter. Broadwood Capital Inc. now owns 15,019,491 shares of the medical instruments supplier’s stock valued at $346,800,000 after buying an additional 1,500,000 shares during the period. Yunqi Capital Ltd increased its stake in shares of STAAR Surgical by 0.3% during the fourth quarter. Yunqi Capital Ltd now owns 2,507,130 shares of the medical instruments supplier’s stock worth $57,890,000 after buying an additional 7,069 shares during the period. Magnetar Financial LLC increased its stake in shares of STAAR Surgical by 105.3% during the fourth quarter. Magnetar Financial LLC now owns 2,472,390 shares of the medical instruments supplier’s stock worth $57,087,000 after buying an additional 1,268,019 shares during the period. American Capital Management Inc. increased its stake in shares of STAAR Surgical by 18.7% during the first quarter. American Capital Management Inc. now owns 878,035 shares of the medical instruments supplier’s stock worth $16,419,000 after buying an additional 138,499 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in STAAR Surgical by 39.1% in the first quarter. Dimensional Fund Advisors LP now owns 820,782 shares of the medical instruments supplier’s stock valued at $15,348,000 after acquiring an additional 230,582 shares in the last quarter. Hedge funds and other institutional investors own 96.70% of the company’s stock.

More STAAR Surgical News

Here are the key news stories impacting STAAR Surgical this week:

• Positive Sentiment: The board approved a $50 million buyback authorization. Repurchases can support earnings per share, reduce the share count and signal that management views the stock as undervalued following its recent decline. The authorization does not guarantee that the full amount will be spent. STAAR Surgical Board Approves $50 Million Share Repurchase Authorization
• Positive Sentiment: Reports tied the buyback announcement to a sharp increase in STAAR Surgical’s shares, suggesting investors viewed the capital-return plan as a meaningful near-term support for the stock. STAAR Surgical Shares Rise on $50M Buyback Plans

STAAR Surgical Trading Up 7.5%

STAA stock opened at $20.51 on Wednesday. The business’s fifty day moving average price is $23.23 and its 200 day moving average price is $25.06. STAAR Surgical has a 12-month low of $15.59 and a 12-month high of $35.87. The company has a market capitalization of $1.03 billion, a PE ratio of 293.04 and a beta of 1.21.

STAAR Surgical (NASDAQ:STAA) last announced its earnings results on Wednesday, August 12th. The medical instruments supplier reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.17. The company had revenue of $93.53 million during the quarter, compared to analysts’ expectations of $90.60 million. STAAR Surgical had a return on equity of 9.05% and a net margin of 1.13%.STAAR Surgical’s revenue for the quarter was up 111.1% on a year-over-year basis. During the same period last year, the business posted ($0.34) EPS. Research analysts predict that STAAR Surgical will post 0.39 EPS for the current fiscal year.

STAAR Surgical declared that its board has initiated a share buyback plan on Thursday, September 24th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the medical instruments supplier to repurchase up to 5.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

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. 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.