Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Buys $10,900.00 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin bought 10,000 shares of the business’s stock in a transaction on Monday, October 27th. The stock was acquired at an average cost of $1.09 per share, for a total transaction of $10,900.00. Following the completion of the transaction, the insider owned 762,103 shares in the company, valued at $830,692.27. This represents a 1.33% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

IRIDEX Trading Down 0.9%

IRIDEX stock opened at $0.89 on Friday. IRIDEX Corporation has a 52 week low of $0.61 and a 52 week high of $1.65. The stock has a market cap of $15.64 million, a P/E ratio of -4.45 and a beta of 0.67. The stock has a 50 day moving average of $0.73 and a 200-day moving average of $0.95.

IRIDEX (NASDAQ:IRIX) last issued its quarterly earnings results on Tuesday, August 18th. The medical equipment provider reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). The company had revenue of $12.57 million for the quarter, compared to analyst estimates of $13.59 million. As a group, equities analysts predict that IRIDEX Corporation will post -0.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IRIDEX

A number of hedge funds have recently added to or reduced their stakes in IRIX. Weber Capital Management LLC ADV bought a new stake in IRIDEX during the second quarter valued at $206,616. United Capital Financial Advisors LLC bought a new position in shares of IRIDEX in the 2nd quarter worth about $41,000. Diversify Wealth Management LLC bought a new position in shares of IRIDEX in the 1st quarter worth about $35,000. Diversify Advisory Services LLC acquired a new position in shares of IRIDEX in the 2nd quarter valued at about $30,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of IRIDEX in the 2nd quarter valued at about $29,000. Institutional investors and hedge funds own 20.10% of the company’s stock.

Analyst Upgrades and Downgrades

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

About IRIDEX

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.