IRIDEX (NASDAQ:IRIX) Shares Cross Below Two Hundred Day Moving Average – Should You Sell?

IRIDEX Corporation (NASDAQ:IRIX)’s stock price passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $1.18 and traded as low as $1.09. IRIDEX shares last traded at $1.11, with a volume of 35,317 shares trading hands.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised shares of IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 2nd. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $3.00.

IRIDEX Stock Performance

The company’s 50-day moving average is $1.04 and its 200-day moving average is $1.18. The firm has a market cap of $19.67 million, a price-to-earnings ratio of -5.95 and a beta of 0.64.

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

Institutional Trading of IRIDEX

A number of hedge funds have recently modified their holdings of IRIX. Thompson Davis & CO. Inc. acquired a new stake in IRIDEX during the 4th quarter worth approximately $32,000. Diversify Wealth Management LLC acquired a new stake in IRIDEX during the 1st quarter worth approximately $35,000. Jane Street Group LLC raised its holdings in IRIDEX by 93.9% during the 4th quarter. Jane Street Group LLC now owns 31,758 shares of the medical equipment provider’s stock worth $36,000 after buying an additional 15,377 shares during the period. Perkins Capital Management Inc. raised its holdings in IRIDEX by 33.9% during the 1st quarter. Perkins Capital Management Inc. now owns 55,300 shares of the medical equipment provider’s stock worth $56,000 after buying an additional 14,000 shares during the period. Finally, Susquehanna International Group LLP raised 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 during the period. 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.