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

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

IRIDEX Stock Up 0.8 %

IRIX stock opened at $2.42 on Wednesday. The stock has a market capitalization of $38.74 million, a P/E ratio of -5.38 and a beta of 1.25. The firm has a 50-day simple moving average of $2.19 and a 200-day simple moving average of $2.20. IRIDEX has a 52 week low of $1.96 and a 52 week high of $3.49.

IRIDEX (NASDAQ:IRIX – Get Rating) last released its earnings results on Thursday, March 9th. The medical equipment provider reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. IRIDEX had a negative net margin of 12.65% and a negative return on equity of 41.04%. The business had revenue of $15.20 million during the quarter, compared to analysts’ expectations of $15.17 million. On average, analysts expect that IRIDEX will post -0.36 earnings per share for the current year.

Hedge Funds Weigh In On IRIDEX

Several institutional investors and hedge funds have recently bought and sold shares of the company. AMH Equity Ltd acquired a new position in shares of IRIDEX in the 1st quarter worth approximately $55,000. Mackenzie Financial Corp acquired a new position in shares of IRIDEX in the 1st quarter worth approximately $56,000. Clayton Partners LLC acquired a new stake in IRIDEX during the 1st quarter worth approximately $58,000. State Street Corp lifted its holdings in IRIDEX by 9.7% during the 1st quarter. State Street Corp now owns 44,718 shares of the medical equipment provider’s stock worth $207,000 after buying an additional 3,956 shares in the last quarter. Finally, Isthmus Partners LLC lifted its holdings in IRIDEX by 5.0% during the 4th quarter. Isthmus Partners LLC now owns 333,792 shares of the medical equipment provider’s stock worth $671,000 after buying an additional 16,033 shares in the last quarter. 28.63% of the stock is currently owned by institutional investors and hedge funds.

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.