STAAR Surgical (NASDAQ:STAA) Shares Down 7.5% – Here’s What Happened

STAAR Surgical (NASDAQ:STAA)’s share price dropped 7.5% during mid-day trading on Tuesday . The company traded as low as $31.55 and last traded at $31.62. Approximately 326,004 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 718,781 shares. The stock had previously closed at $34.20.

Analysts Set New Price Targets

STAA has been the topic of several research analyst reports. Morgan Stanley downgraded shares of STAAR Surgical from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $50.00 to $37.00 in a research report on Monday, July 15th. Needham & Company LLC restated a “hold” rating on shares of STAAR Surgical in a research note on Thursday, September 19th. Canaccord Genuity Group decreased their price objective 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. BTIG Research lifted their price objective on shares of STAAR Surgical from $46.00 to $53.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Finally, Stifel Nicolaus decreased their price objective on shares of STAAR Surgical from $50.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $45.57.

STAAR Surgical Stock Performance

The firm’s 50 day moving average is $34.41 and its 200-day moving average is $40.18. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 103.39 and a beta of 0.59.

STAAR Surgical (NASDAQ:STAA) last posted its quarterly earnings data on Wednesday, August 7th. The medical instruments supplier reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.09). STAAR Surgical had a return on equity of 5.60% and a net margin of 4.99%. The company had revenue of $99.01 million for the quarter, compared to analyst estimates of $95.22 million. During the same quarter in the prior year, the company posted $0.23 earnings per share. The business’s revenue was up 7.3% on a year-over-year basis. As a group, sell-side analysts forecast that STAAR Surgical will post 0.16 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Arthur C. Butcher acquired 1,315 shares of the business’s stock in a transaction on Monday, August 12th. The stock was bought at an average cost 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 approximately $159,861.92. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Broadwood Capital Inc. lifted its holdings in STAAR Surgical by 13.7% in the fourth quarter. Broadwood Capital Inc. now owns 10,537,835 shares of the medical instruments supplier’s stock valued at $328,886,000 after acquiring an additional 1,273,408 shares during the last quarter. Vanguard Group Inc. lifted its holdings in STAAR Surgical by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 5,468,710 shares of the medical instruments supplier’s stock valued at $170,678,000 after acquiring an additional 43,083 shares during the last quarter. Defender Capital LLC. lifted its holdings in STAAR Surgical by 1.1% in 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 during the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in STAAR Surgical by 50.1% in the second 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 holdings in STAAR Surgical by 162.0% in the first quarter. Yunqi Capital Ltd now owns 515,300 shares of the medical instruments supplier’s stock valued at $19,726,000 after acquiring an additional 318,600 shares during the last quarter. 96.70% of the stock is currently owned by institutional investors and hedge funds.

STAAR Surgical Company Profile

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.