IRIDEX (NASDAQ:IRIX) Stock Crosses Below Fifty Day Moving Average – What’s Next?

Shares of IRIDEX Corporation (NASDAQ:IRIX) passed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $0.72 and traded as low as $0.68. IRIDEX shares last traded at $0.6960, with a volume of 40,242 shares trading hands.

Analyst Ratings Changes

Separately, Weiss Ratings lowered IRIDEX from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, October 20th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, IRIDEX presently has a consensus rating of “Hold” and a consensus price target of $3.00.

IRIDEX Trading Down 3.5%

The firm has a market cap of $12.23 million, a price-to-earnings ratio of -3.48 and a beta of 0.64. The stock has a fifty day moving average price of $0.72 and a 200 day moving average price of $1.04.

IRIDEX (NASDAQ:IRIX) last issued its quarterly earnings data on Tuesday, August 18th. The medical equipment provider reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). The firm had revenue of $12.57 million for the quarter, compared to analyst estimates of $13.59 million. On average, sell-side analysts forecast that IRIDEX Corporation will post -0.12 EPS for the current year.

Institutional Investors Weigh In On IRIDEX

A number of hedge funds have recently bought and sold shares of IRIX. United Capital Financial Advisors LLC acquired a new stake in shares of IRIDEX in the second quarter valued at about $41,000. Weber Capital Management LLC ADV acquired a new position in shares of IRIDEX during the 2nd quarter worth about $206,616. Diversify Advisory Services LLC acquired a new position in shares of IRIDEX during the 2nd quarter worth about $30,000. Bank of New York Mellon Corp bought a new stake in IRIDEX during the 2nd quarter valued at approximately $29,000. Finally, Renaissance Technologies LLC boosted its stake in IRIDEX by 6.7% during the 1st quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock valued at $401,000 after purchasing an additional 25,067 shares during the period. 20.10% of the stock is currently owned by institutional investors.

IRIDEX Company Profile

IRIDEX Corporation (NASDAQ: IRIX) develops, manufactures and sells laser-based medical systems and disposable devices used in ophthalmic procedures. Its technologies are designed to help eye-care professionals treat glaucoma, retinal diseases and other conditions affecting vision.

The company’s product portfolio includes the Cyclo Glaucoma Laser System, which uses MicroPulse and continuous-wave laser technology for glaucoma treatment, as well as laser systems such as the IRIDEX IQ series for retinal and photocoagulation procedures.