STAAR Surgical (NASDAQ:STAA) Reaches New 52-Week Low at $40.38

STAAR Surgical (NASDAQ:STAA)’s share price reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $40.38 and last traded at $41.07, with a volume of 256956 shares trading hands. The stock had previously closed at $42.01.

Analyst Upgrades and Downgrades

STAA has been the topic of several recent analyst reports. Stephens reissued an “overweight” rating and issued a $57.00 target price on shares of STAAR Surgical in a research note on Monday, August 14th. StockNews.com downgraded shares of STAAR Surgical from a “hold” rating to a “sell” rating in a research note on Thursday, September 14th. Needham & Company LLC reduced their target price on shares of STAAR Surgical from $54.00 to $52.00 and set a “buy” rating on the stock in a research note on Friday. Benchmark downgraded shares of STAAR Surgical from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Piper Sandler reduced their target price on shares of STAAR Surgical from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Friday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $59.00.

STAAR Surgical Trading Down 1.2 %

The company has a market cap of $2.01 billion, a PE ratio of 81.96 and a beta of 1.09. The firm’s fifty day moving average is $47.50 and its 200 day moving average is $55.78.

STAAR Surgical (NASDAQ:STAA) last issued its quarterly earnings results on Wednesday, August 2nd. The medical instruments supplier reported $0.23 EPS for the quarter, topping the consensus estimate of $0.19 by $0.04. STAAR Surgical had a net margin of 8.14% and a return on equity of 8.37%. The company had revenue of $92.31 million during the quarter, compared to analyst estimates of $93.04 million. As a group, sell-side analysts anticipate that STAAR Surgical will post 0.52 EPS for the current fiscal year.

Insider Transactions at STAAR Surgical

In other STAAR Surgical news, major shareholder Broadwood Partners, L.P. bought 60,874 shares of the company’s stock in a transaction dated Thursday, September 7th. The stock was acquired at an average price of $41.26 per share, with a total value of $2,511,661.24. Following the completion of the acquisition, the insider now directly owns 8,973,044 shares of the company’s stock, valued at $370,227,795.44. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Aimee S. Weisner acquired 2,000 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was purchased at an average price of $48.72 per share, with a total value of $97,440.00. Following the completion of the acquisition, the director now owns 5,417 shares of the company’s stock, valued at approximately $263,916.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Broadwood Partners, L.P. acquired 60,874 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The stock was purchased at an average cost of $41.26 per share, with a total value of $2,511,661.24. Following the acquisition, the insider now directly owns 8,973,044 shares of the company’s stock, valued at approximately $370,227,795.44. The disclosure for this purchase can be found here. Insiders acquired 83,018 shares of company stock valued at $3,452,531 over the last 90 days. 1.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On STAAR Surgical

Hedge funds have recently modified their holdings of the company. Anatole Investment Management Ltd acquired a new position in STAAR Surgical in the first quarter valued at about $130,633,000. Jackson Square Partners LLC acquired a new position in STAAR Surgical in the second quarter valued at about $72,102,000. Yong Rong HK Asset Management Ltd acquired a new position in STAAR Surgical in the first quarter valued at about $44,524,000. BlackRock Inc. lifted its position in STAAR Surgical by 8.3% in the second quarter. BlackRock Inc. now owns 6,339,320 shares of the medical instruments supplier’s stock valued at $333,258,000 after buying an additional 486,781 shares during the last quarter. Finally, CloudAlpha Capital Management Limited Hong Kong acquired a new position in STAAR Surgical in the first quarter valued at about $28,157,000. Hedge funds and other 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 Visian implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia; and Hyperopic ICL, which treats far-sightedness.