Sidoti Reaffirms “Neutral” Rating for STAAR Surgical (NASDAQ:STAA)

STAAR Surgical (NASDAQ:STAA)‘s stock had its “neutral” rating reiterated by stock analysts at Sidoti in a research report issued on Tuesday,Benzinga reports. They currently have a $28.00 price objective on the medical instruments supplier’s stock, up from their previous price objective of $27.00. Sidoti’s price target points to a potential upside of 4.09% from the company’s current price.

STAA has been the subject of a number of other research reports. Canaccord Genuity Group reissued a “hold” rating and issued a $20.00 price objective on shares of STAAR Surgical in a report on Tuesday, May 27th. Mizuho lifted their price target on shares of STAAR Surgical from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Wednesday, July 16th. Needham & Company LLC reiterated a “hold” rating on shares of STAAR Surgical in a research note on Wednesday, May 21st. Wells Fargo & Company started coverage on STAAR Surgical in a research report on Monday, April 21st. They set an “equal weight” rating and a $17.00 price target on the stock. Finally, Piper Sandler raised STAAR Surgical to a “hold” rating in a report on Wednesday, June 18th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $21.71.

STAAR Surgical Stock Performance

STAA stock opened at $26.90 on Tuesday. STAAR Surgical has a 52 week low of $13.50 and a 52 week high of $41.00. The company has a market capitalization of $1.33 billion, a PE ratio of -18.68 and a beta of 0.61. The company’s 50-day simple moving average is $17.87 and its 200 day simple moving average is $18.38.

STAAR Surgical declared that its Board of Directors has initiated a stock buyback plan on Friday, May 16th that allows the company to repurchase $30.00 million in outstanding shares. This repurchase authorization allows the medical instruments supplier to buy up to 3.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On STAAR Surgical

Institutional investors have recently modified their holdings of the business. Broadwood Capital Inc. grew its position in STAAR Surgical by 14.8% in the first quarter. Broadwood Capital Inc. now owns 12,455,264 shares of the medical instruments supplier’s stock valued at $219,586,000 after acquiring an additional 1,606,633 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of STAAR Surgical by 5.8% in the fourth quarter. Vanguard Group Inc. now owns 5,855,570 shares of the medical instruments supplier’s stock worth $142,232,000 after acquiring an additional 319,441 shares during the last quarter. Armistice Capital LLC lifted its holdings in shares of STAAR Surgical by 244.0% in the first quarter. Armistice Capital LLC now owns 3,000,000 shares of the medical instruments supplier’s stock worth $52,890,000 after acquiring an additional 2,128,000 shares during the last quarter. Resona Asset Management Co. Ltd. boosted its stake in shares of STAAR Surgical by 11.6% in the 2nd quarter. Resona Asset Management Co. Ltd. now owns 2,421,836 shares of the medical instruments supplier’s stock valued at $40,746,000 after purchasing an additional 252,218 shares in the last quarter. Finally, Yunqi Capital Ltd grew its holdings in shares of STAAR Surgical by 152.5% during the 1st quarter. Yunqi Capital Ltd now owns 1,937,589 shares of the medical instruments supplier’s stock valued at $34,160,000 after purchasing an additional 1,170,176 shares during the last quarter. Institutional investors and hedge funds own 96.70% of the company’s stock.

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.