STAAR Surgical Company (NASDAQ:STAA) Given Average Recommendation of “Hold” by Brokerages

STAAR Surgical Company (NASDAQ:STAA) has earned a consensus recommendation of “Hold” from the ten brokerages that are currently covering the company, MarketBeat reports. Ten investment analysts have rated the stock with a hold recommendation. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $20.6667.

Several brokerages recently commented on STAA. Canaccord Genuity Group raised their price objective on STAAR Surgical from $20.00 to $28.00 and gave the stock a “hold” rating in a research note on Wednesday, August 6th. Mizuho boosted their price target on STAAR Surgical from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday, July 16th. Wells Fargo & Company started coverage on STAAR Surgical in a report on Monday, April 21st. They set an “equal weight” rating and a $17.00 price objective for the company. Needham & Company LLC reissued a “hold” rating on shares of STAAR Surgical in a research report on Wednesday, May 21st. Finally, Stifel Nicolaus set a $28.00 price target on STAAR Surgical and gave the stock a “hold” rating in a research report on Thursday, August 7th.

STAAR Surgical Trading Down 1.3%

Shares of STAAR Surgical stock opened at $27.99 on Tuesday. The company has a market capitalization of $1.39 billion, a PE ratio of -14.50 and a beta of 0.61. STAAR Surgical has a 12 month low of $13.50 and a 12 month high of $38.60. The stock’s fifty day simple moving average is $19.53 and its 200 day simple moving average is $18.52.

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. CWM LLC increased its position in shares of STAAR Surgical by 74.1% during the 2nd quarter. CWM LLC now owns 1,563 shares of the medical instruments supplier’s stock worth $26,000 after purchasing an additional 665 shares during the last quarter. US Bancorp DE increased its position in shares of STAAR Surgical by 1,693.0% during the 1st quarter. US Bancorp DE now owns 2,044 shares of the medical instruments supplier’s stock worth $36,000 after purchasing an additional 1,930 shares during the last quarter. Brooklyn Investment Group increased its position in shares of STAAR Surgical by 1,564.0% during the 1st quarter. Brooklyn Investment Group now owns 2,679 shares of the medical instruments supplier’s stock worth $47,000 after purchasing an additional 2,518 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of STAAR Surgical by 691.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,607 shares of the medical instruments supplier’s stock worth $61,000 after purchasing an additional 3,151 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its position in shares of STAAR Surgical by 375.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,919 shares of the medical instruments supplier’s stock worth $99,000 after purchasing an additional 4,673 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.