STAAR Surgical (NASDAQ:STAA) Price Target Raised to $18.00

STAAR Surgical (NASDAQ:STAA) had its price target raised by Mizuho from $17.00 to $18.00 in a report released on Wednesday,Benzinga reports. Mizuho currently has a neutral rating on the medical instruments supplier’s stock.

A number of other brokerages also recently issued reports on STAA. Needham & Company LLC reaffirmed a “hold” rating on shares of STAAR Surgical in a research report on Wednesday, May 21st. Piper Sandler raised shares of STAAR Surgical to a “hold” rating in a research report on Wednesday, June 18th. Stephens reaffirmed an “equal weight” rating and issued a $17.00 price objective on shares of STAAR Surgical in a research report on Tuesday, March 18th. Wells Fargo & Company initiated coverage on shares of STAAR Surgical in a research report on Monday, April 21st. They issued an “equal weight” rating and a $17.00 price objective on the stock. Finally, Canaccord Genuity Group reaffirmed a “hold” rating and issued a $20.00 price objective on shares of STAAR Surgical in a research report on Tuesday, May 27th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $18.00.

STAAR Surgical Price Performance

Shares of STAA opened at $17.36 on Wednesday. STAAR Surgical has a 1-year low of $13.50 and a 1-year high of $43.52. The company has a 50-day moving average of $17.61 and a 200 day moving average of $18.67. The firm has a market capitalization of $859.84 million, a price-to-earnings ratio of -12.06 and a beta of 0.58.

STAAR Surgical declared that its board has authorized a share buyback program on Friday, May 16th that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the medical instruments supplier to purchase up to 3.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On STAAR Surgical

Large investors have recently added to or reduced their stakes in the stock. US Bancorp DE grew its holdings in shares of STAAR Surgical by 1,693.0% during the first quarter. US Bancorp DE now owns 2,044 shares of the medical instruments supplier’s stock worth $36,000 after buying an additional 1,930 shares in the last quarter. Brooklyn Investment Group grew its holdings in shares of STAAR Surgical by 1,564.0% during the first quarter. Brooklyn Investment Group now owns 2,679 shares of the medical instruments supplier’s stock worth $47,000 after buying an additional 2,518 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of STAAR Surgical during the fourth quarter worth $180,000. EntryPoint Capital LLC purchased a new stake in shares of STAAR Surgical during the first quarter worth $189,000. Finally, Strs Ohio purchased a new stake in shares of STAAR Surgical during the first quarter worth $190,000. 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.