STAAR Surgical (NASDAQ:STAA) Shares Down 6.6%

STAAR Surgical (NASDAQ:STAA) shares were down 6.6% during trading on Tuesday . The company traded as low as $35.68 and last traded at $35.75. Approximately 274,806 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 702,880 shares. The stock had previously closed at $38.29.

Analyst Upgrades and Downgrades

STAA has been the subject of a number of analyst reports. Morgan Stanley lowered STAAR Surgical from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $50.00 to $37.00 in a research report on Monday, July 15th. BTIG Research increased their target price on STAAR Surgical from $46.00 to $53.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Canaccord Genuity Group reduced their price target on shares of STAAR Surgical from $43.00 to $41.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of STAAR Surgical in a report on Thursday, August 8th. Finally, Mizuho increased their target price on STAAR Surgical from $53.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, STAAR Surgical presently has an average rating of “Hold” and a consensus price target of $46.43.

STAAR Surgical Price Performance

The business has a 50-day simple moving average of $41.45 and a 200 day simple moving average of $40.32. The firm has a market cap of $1.67 billion, a PE ratio of 108.23 and a beta of 0.59.

STAAR Surgical (NASDAQ:STAA) last released its earnings results on Wednesday, August 7th. The medical instruments supplier reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.09). STAAR Surgical had a return on equity of 5.60% and a net margin of 4.99%. The firm had revenue of $99.01 million during the quarter, compared to analysts’ expectations of $95.22 million. During the same period in the prior year, the company posted $0.23 earnings per share. The company’s revenue was up 7.3% compared to the same quarter last year. On average, equities analysts forecast that STAAR Surgical will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at STAAR Surgical

In other news, Director Arthur C. Butcher bought 1,315 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average price of $37.99 per share, for a total transaction of $49,956.85. Following the purchase, the director now owns 4,208 shares in the company, valued at $159,861.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of STAAR Surgical

Several institutional investors and hedge funds have recently added to or reduced their stakes in STAA. Broadwood Capital Inc. grew its holdings in STAAR Surgical by 13.7% during the 4th quarter. Broadwood Capital Inc. now owns 10,537,835 shares of the medical instruments supplier’s stock valued at $328,886,000 after buying an additional 1,273,408 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of STAAR Surgical by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 5,468,710 shares of the medical instruments supplier’s stock worth $170,678,000 after acquiring an additional 43,083 shares during the last quarter. Defender Capital LLC. grew its stake in STAAR Surgical by 1.1% during the first quarter. Defender Capital LLC. now owns 730,387 shares of the medical instruments supplier’s stock valued at $27,959,000 after acquiring an additional 7,855 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its holdings in STAAR Surgical by 50.1% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 592,621 shares of the medical instruments supplier’s stock valued at $28,215,000 after acquiring an additional 197,717 shares during the last quarter. Finally, Yunqi Capital Ltd lifted its stake in STAAR Surgical by 162.0% in the 1st quarter. Yunqi Capital Ltd now owns 515,300 shares of the medical instruments supplier’s stock worth $19,726,000 after purchasing an additional 318,600 shares in the last quarter. Institutional investors own 96.70% of the company’s stock.

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.