Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Acquires $21,670.88 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin purchased 24,626 shares of the business’s stock in a transaction on Friday, November 14th. The stock was purchased at an average cost of $0.88 per share, for a total transaction of $21,670.88. Following the acquisition, the insider owned 808,340 shares in the company, valued at approximately $711,339.20. The trade was a 3.14% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

IRIDEX Trading Down 0.9%

IRIX stock opened at $0.89 on Friday. The firm’s 50-day moving average price is $0.73 and its two-hundred day moving average price is $0.95. IRIDEX Corporation has a 12-month low of $0.61 and a 12-month high of $1.65. The stock has a market capitalization of $15.64 million, a price-to-earnings ratio of -4.45 and a beta of 0.67.

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

Institutional Investors Weigh In On IRIDEX

A number of large investors have recently modified their holdings of IRIX. Renaissance Technologies LLC increased its position in shares of IRIDEX by 6.7% during the first quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock valued at $401,000 after buying an additional 25,067 shares during the period. Weber Capital Management LLC ADV purchased a new stake in IRIDEX in the second quarter worth about $206,616. Perkins Capital Management Inc. boosted its position 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 valued at $56,000 after acquiring an additional 14,000 shares in the last quarter. Thompson Davis & CO. Inc. boosted its position in IRIDEX by 66.5% during the 1st quarter. Thompson Davis & CO. Inc. now owns 47,444 shares of the medical equipment provider’s stock valued at $48,000 after acquiring an additional 18,944 shares in the last quarter. Finally, United Capital Financial Advisors LLC purchased a new position in shares of IRIDEX during the 2nd quarter worth approximately $41,000. Institutional investors own 20.10% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, IRIDEX has a consensus rating of “Hold” and an average price target of $3.00.

IRIDEX Company Profile

IRIDEX Corporation (NASDAQ: IRIX) develops and sells ophthalmic laser systems and related delivery devices used in the treatment of eye diseases. Its products are designed primarily for ophthalmologists treating glaucoma and retinal disorders, including diabetic retinopathy and other conditions affecting the retina.

The company’s portfolio includes laser systems such as the Cyclo G6 glaucoma laser platform and the IQ series of retinal photocoagulation lasers. IRIDEX also offers specialized probes and other delivery devices, including MicroPulse and transscleral cyclophotocoagulation technologies, which are intended to provide targeted treatment while limiting exposure to surrounding tissue.

Founded in 1989 and headquartered in Mountain View, California, IRIDEX serves eye-care professionals through a combination of direct sales and distributor relationships in the United States and international markets.