STAAR Surgical (NASDAQ:STAA) Shares Down 6.6% Following Analyst Downgrade

STAAR Surgical Company (NASDAQ:STAA)’s share price was down 6.6% on Monday after Stifel Nicolaus lowered their price target on the stock from $31.00 to $28.00. Stifel Nicolaus currently has a hold rating on the stock. STAAR Surgical traded as low as $24.16 and last traded at $24.4490. 72,900 shares were traded during trading, a decline of 94% from the average session volume of 1,184,441 shares. The stock had previously closed at $26.18.

STAA has been the topic of several other reports. Jefferies Financial Group reaffirmed a “hold” rating and issued a $28.00 price target on shares of STAAR Surgical in a research report on Thursday. UBS Group cut their price objective on STAAR Surgical from $20.00 to $19.00 and set a “sell” rating for the company in a research report on Thursday. Mizuho increased their target price on STAAR Surgical from $22.00 to $27.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. William Blair set a $33.00 target price on STAAR Surgical in a report on Thursday. Finally, Weiss Ratings raised STAAR Surgical from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $28.40.

Institutional Investors Weigh In On STAAR Surgical

A number of institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in STAAR Surgical by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,390 shares of the medical instruments supplier’s stock valued at $518,000 after acquiring an additional 1,267 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of STAAR Surgical by 33.4% during the first quarter. Goldman Sachs Group Inc. now owns 544,843 shares of the medical instruments supplier’s stock valued at $9,606,000 after purchasing an additional 136,390 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of STAAR Surgical by 11.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 123,347 shares of the medical instruments supplier’s stock valued at $2,175,000 after purchasing an additional 12,841 shares during the period. Creative Planning raised its stake in shares of STAAR Surgical by 19.9% in the second quarter. Creative Planning now owns 15,695 shares of the medical instruments supplier’s stock valued at $263,000 after purchasing an additional 2,606 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of STAAR Surgical by 183.2% in the second quarter. JPMorgan Chase & Co. now owns 153,371 shares of the medical instruments supplier’s stock valued at $2,574,000 after purchasing an additional 99,218 shares in the last quarter. 96.70% of the stock is owned by institutional investors and hedge funds.

STAAR Surgical Stock Down 6.3%

The stock has a market capitalization of $1.22 billion, a P/E ratio of 350.48 and a beta of 1.26. The firm has a 50-day moving average of $26.81 and a 200 day moving average of $24.18.

STAAR Surgical (NASDAQ:STAA) last posted its quarterly earnings results on Wednesday, August 12th. The medical instruments supplier reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.06). The business had revenue of $93.53 million for the quarter, compared to analyst estimates of $90.60 million. STAAR Surgical had a return on equity of 9.05% and a net margin of 1.13%.The firm’s quarterly revenue was up 111.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.34) EPS. Analysts predict that STAAR Surgical Company will post 0.13 EPS for the current fiscal year.

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.