Canaccord Genuity Group Issues Pessimistic Forecast for STAAR Surgical (NASDAQ:STAA) Stock Price

STAAR Surgical (NASDAQ:STAA) had its target price dropped by research analysts at Canaccord Genuity Group from $28.00 to $17.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “hold” rating on the medical instruments supplier’s stock. Canaccord Genuity Group’s price target would indicate a potential upside of 10.75% from the stock’s current price.

A number of other brokerages have also recently commented on STAA. Needham & Company LLC restated a “hold” rating on shares of STAAR Surgical in a research note on Wednesday. Stifel Nicolaus cut their price target on STAAR Surgical from $38.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday. Piper Sandler cut their price target on STAAR Surgical from $40.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday. Stephens reiterated an “equal weight” rating and issued a $28.00 price target on shares of STAAR Surgical in a research note on Wednesday. Finally, Jefferies Financial Group cut STAAR Surgical from a “buy” rating to a “hold” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, STAAR Surgical has an average rating of “Hold” and an average price target of $26.86.

STAAR Surgical Price Performance

Shares of STAA opened at $15.35 on Thursday. The stock’s 50-day moving average is $23.37 and its two-hundred day moving average is $28.97. The stock has a market cap of $756.45 million, a PE ratio of 34.89 and a beta of 0.62. STAAR Surgical has a 12 month low of $13.50 and a 12 month high of $52.68.

Insider Activity at STAAR Surgical

In other news, major shareholder Broadwood Partners, L.P. acquired 8,221 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was purchased at an average cost of $21.50 per share, with a total value of $176,751.50. Following the completion of the acquisition, the insider now directly owns 10,878,007 shares in the company, valued at $233,877,150.50. This represents a 0.08 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders bought a total of 402,024 shares of company stock valued at $6,936,904 over the last three months. 1.00% of the stock is owned by insiders.

Hedge Funds Weigh In On STAAR Surgical

Several institutional investors have recently made changes to their positions in STAA. Resona Asset Management Co. Ltd. bought a new position in shares of STAAR Surgical during the fourth quarter valued at approximately $36,411,000. Vanguard Group Inc. grew its holdings in shares of STAAR Surgical by 5.8% during the fourth quarter. Vanguard Group Inc. now owns 5,855,570 shares of the medical instruments supplier’s stock valued at $142,232,000 after purchasing an additional 319,441 shares during the last quarter. Yunqi Capital Ltd grew its holdings in shares of STAAR Surgical by 48.9% during the fourth quarter. Yunqi Capital Ltd now owns 767,413 shares of the medical instruments supplier’s stock valued at $18,640,000 after purchasing an additional 252,113 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of STAAR Surgical by 411.7% during the third quarter. JPMorgan Chase & Co. now owns 214,750 shares of the medical instruments supplier’s stock valued at $7,978,000 after purchasing an additional 172,779 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of STAAR Surgical by 25.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 853,370 shares of the medical instruments supplier’s stock valued at $20,728,000 after purchasing an additional 171,046 shares during the last quarter. 96.70% of the stock is owned by institutional investors.

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.