Wells Fargo & Company Cuts STAAR Surgical (NASDAQ:STAA) Price Target to $16.00

STAAR Surgical (NASDAQ:STAA) had its target price decreased by Wells Fargo & Company from $30.75 to $16.00 in a research note released on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the medical instruments supplier’s stock.

Several other research firms have also recently weighed in on STAA. Wedbush initiated coverage on shares of STAAR Surgical in a research report on Tuesday, February 3rd. They set a “neutral” rating and a $26.00 price objective on the stock. Canaccord Genuity Group cut their target price on shares of STAAR Surgical from $30.75 to $22.00 and set a “hold” rating for the company in a research report on Thursday, January 15th. Needham & Company LLC reissued a “hold” rating on shares of STAAR Surgical in a research note on Tuesday, January 6th. Jefferies Financial Group lowered their price target on STAAR Surgical from $28.00 to $21.50 and set a “buy” rating on the stock in a research report on Wednesday, January 28th. Finally, Stifel Nicolaus cut their price objective on STAAR Surgical from $19.00 to $18.00 and set a “hold” rating for the company in a report on Wednesday. One investment analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, STAAR Surgical currently has an average rating of “Reduce” and an average price target of $18.94.

STAAR Surgical Trading Down 0.6%

Shares of NASDAQ STAA opened at $18.46 on Thursday. The business has a 50-day moving average of $19.68 and a 200-day moving average of $24.02. The firm has a market capitalization of $913.95 million, a price-to-earnings ratio of -11.33 and a beta of 1.05. STAAR Surgical has a 12 month low of $14.69 and a 12 month high of $30.81.

STAAR Surgical (NASDAQ:STAA) last announced its earnings results on Tuesday, March 3rd. The medical instruments supplier reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.51). STAAR Surgical had a negative net margin of 33.60% and a negative return on equity of 10.03%. The company had revenue of $57.80 million during the quarter, compared to analysts’ expectations of $75.54 million. The firm’s quarterly revenue was up 18.0% compared to the same quarter last year. On average, analysts predict that STAAR Surgical will post -1.14 earnings per share for the current year.

Insider Buying and Selling at STAAR Surgical

In related news, major shareholder Broadwood Partners, L.P. bought 27,485 shares of the stock in a transaction dated Friday, January 9th. The stock was bought at an average price of $22.05 per share, with a total value of $606,044.25. Following the purchase, the insider owned 15,453,629 shares in the company, valued at approximately $340,752,519.45. The trade was a 0.18% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders bought 434,138 shares of company stock valued at $9,424,176. Insiders own 0.59% of the company’s stock.

Institutional Trading of STAAR Surgical

A number of institutional investors have recently made changes to their positions in STAA. Amalgamated Bank increased its stake in shares of STAAR Surgical by 3.6% in the third quarter. Amalgamated Bank now owns 14,609 shares of the medical instruments supplier’s stock worth $393,000 after buying an additional 514 shares during the period. Caitong International Asset Management Co. Ltd boosted its position in STAAR Surgical by 58.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,669 shares of the medical instruments supplier’s stock valued at $39,000 after buying an additional 614 shares during the period. CWM LLC grew its holdings in STAAR Surgical by 74.1% in the 2nd quarter. CWM LLC now owns 1,563 shares of the medical instruments supplier’s stock worth $26,000 after acquiring an additional 665 shares during the last quarter. GAMMA Investing LLC grew its holdings in STAAR Surgical by 61.4% in the 3rd quarter. GAMMA Investing LLC now owns 1,856 shares of the medical instruments supplier’s stock worth $50,000 after acquiring an additional 706 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of STAAR Surgical by 7.8% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 12,711 shares of the medical instruments supplier’s stock valued at $213,000 after acquiring an additional 923 shares during the period. Hedge funds and other institutional investors 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. It markets its products to health care providers, including ophthalmic surgeons, vision and surgical centers, hospitals, government facilities, and distributors, as well as products are primarily used by ophthalmologists.