IRIDEX (NASDAQ:IRIX) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of IRIDEX (NASDAQ:IRIX) in a research note published on Monday morning. The brokerage issued a hold rating on the medical equipment provider’s stock.

IRIDEX Stock Up 0.6 %

Shares of IRIDEX stock opened at $1.72 on Monday. The firm has a market capitalization of $27.96 million, a P/E ratio of -2.55 and a beta of 0.78. IRIDEX has a 52 week low of $1.63 and a 52 week high of $3.65. The firm’s 50 day moving average is $1.93 and its two-hundred day moving average is $2.32.

IRIDEX (NASDAQ:IRIX) last announced its quarterly earnings results on Thursday, August 8th. The medical equipment provider reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.04). IRIDEX had a negative return on equity of 134.37% and a negative net margin of 21.84%. The company had revenue of $12.63 million for the quarter, compared to analyst estimates of $12.80 million. During the same quarter in the prior year, the business earned ($0.17) earnings per share. As a group, research analysts expect that IRIDEX will post -0.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IRIDEX

A hedge fund recently raised its stake in IRIDEX stock. Perkins Capital Management Inc. lifted its stake in IRIDEX Co. (NASDAQ:IRIX) by 13.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 45,300 shares of the medical equipment provider’s stock after purchasing an additional 5,200 shares during the period. Perkins Capital Management Inc. owned approximately 0.28% of IRIDEX worth $135,000 as of its most recent SEC filing. 20.10% of the stock is owned by institutional investors.

IRIDEX Company Profile

IRIDEX Corporation, an ophthalmic medical technology company, provides therapeutic based laser systems, delivery devices, and consumable instrumentation to treat sight-threatening eye diseases in ophthalmology. It offers laser consoles, such as Cyclo G6 laser system for use in the treatment of glaucoma; IQ 532 and IQ 577 laser systems, which are used for the treatment of retinal disorders; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser photocoagulation systems that are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.