Short Interest in IRIDEX Co. (NASDAQ:IRIX) Decreases By 14.3%

IRIDEX Co. (NASDAQ:IRIXGet Rating) was the recipient of a large drop in short interest in April. As of April 30th, there was short interest totalling 69,700 shares, a drop of 14.3% from the April 15th total of 81,300 shares. Based on an average daily trading volume, of 40,500 shares, the days-to-cover ratio is presently 1.7 days. Currently, 0.5% of the shares of the company are short sold.

Several brokerages have recently issued reports on IRIX. Zacks Investment Research lowered shares of IRIDEX from a “hold” rating to a “sell” rating in a research note on Wednesday. StockNews.com began coverage on shares of IRIDEX in a research note on Friday, May 13th. They set a “buy” rating for the company.

Institutional investors have recently added to or reduced their stakes in the stock. Morgan Stanley purchased a new position in IRIDEX in the 1st quarter valued at approximately $40,000. Mackenzie Financial Corp purchased a new position in IRIDEX in the 1st quarter valued at approximately $56,000. State Street Corp grew its stake in IRIDEX by 9.7% in the 1st quarter. State Street Corp now owns 44,718 shares of the medical equipment provider’s stock valued at $207,000 after buying an additional 3,956 shares in the last quarter. Northern Trust Corp grew its stake in IRIDEX by 6.4% in the 4th quarter. Northern Trust Corp now owns 38,889 shares of the medical equipment provider’s stock valued at $237,000 after buying an additional 2,347 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in IRIDEX in the 3rd quarter valued at approximately $266,000. Institutional investors and hedge funds own 22.10% of the company’s stock.

Shares of IRIX stock opened at $3.09 on Wednesday. The company has a 50 day moving average of $4.12 and a 200-day moving average of $5.33. IRIDEX has a 12-month low of $2.88 and a 12-month high of $9.46. The firm has a market cap of $49.09 million, a P/E ratio of -8.83 and a beta of 1.23.

IRIDEX (NASDAQ:IRIXGet Rating) last issued its quarterly earnings results on Thursday, March 10th. The medical equipment provider reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.04). IRIDEX had a negative return on equity of 35.55% and a negative net margin of 10.13%. The company had revenue of $15.25 million for the quarter, compared to analysts’ expectations of $15.18 million. During the same quarter in the previous year, the business earned ($0.01) EPS. Equities research analysts anticipate that IRIDEX will post -0.5 earnings per share for the current fiscal year.

About IRIDEX (Get Rating)

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 photocoagulation systems, which are used for the treatment of diabetic macular edema and other retinal diseases; 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.

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