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

Analysts at StockNews.com began coverage on shares of IRIDEX (NASDAQ:IRIX – Get Rating) in a research report issued on Wednesday. The brokerage set a “buy” rating on the medical equipment provider’s stock.

IRIDEX Price Performance

Shares of IRIX opened at $2.42 on Wednesday. The firm has a market cap of $38.74 million, a PE ratio of -5.38 and a beta of 1.25. The stock’s fifty day moving average price is $2.19 and its two-hundred day moving average price is $2.20. IRIDEX has a 1 year low of $1.96 and a 1 year high of $3.49.

IRIDEX (NASDAQ:IRIX – Get Rating) last released its quarterly earnings data on Thursday, March 9th. The medical equipment provider reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. The company had revenue of $15.20 million for the quarter, compared to analyst estimates of $15.17 million. IRIDEX had a negative return on equity of 41.04% and a negative net margin of 12.65%. Sell-side analysts anticipate that IRIDEX will post -0.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IRIDEX

Several institutional investors have recently bought and sold shares of IRIX. Paragon Associates & Paragon Associates II Joint Venture boosted its holdings in IRIDEX by 42.1% during the 3rd quarter. Paragon Associates & Paragon Associates II Joint Venture now owns 799,385 shares of the medical equipment provider’s stock valued at $1,927,000 after acquiring an additional 236,715 shares during the period. Isthmus Partners LLC raised its position in IRIDEX by 13.5% during the 1st quarter. Isthmus Partners LLC now owns 378,818 shares of the medical equipment provider’s stock valued at $769,000 after purchasing an additional 45,026 shares during the last quarter. Clayton Partners LLC bought a new position in IRIDEX during the 1st quarter valued at approximately $58,000. AMH Equity Ltd bought a new position in IRIDEX during the 1st quarter valued at approximately $55,000. Finally, Mackenzie Financial Corp bought a new position in IRIDEX during the 1st quarter valued at approximately $56,000. 28.63% of the stock is currently owned by hedge funds and other institutional investors.

About IRIDEX

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IRIDEX Corp. engages in developing, manufacturing, and marketing medical systems, delivery devices, and consumable instrumentation for the ophthalmology market. Its products include lasers, laser delivery and glaucoma devices, retinal surgical instruments, veterinary, and ENT. The company was founded by Eduardo Arias, Theodore A.