IRIDEX (NASDAQ:IRIX) Share Price Passes Below 200 Day Moving Average – Here’s Why

IRIDEX Corporation (NASDAQ:IRIX) shares passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.19 and traded as low as $0.95. IRIDEX shares last traded at $0.9803, with a volume of 60,577 shares trading hands.

Analysts Set New Price Targets

Several analysts have commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of IRIDEX in a research report on Monday, December 29th. iA Financial set a $3.00 price objective on shares of IRIDEX in a research note on Thursday, February 5th. Finally, Alliance Global Partners assumed coverage on shares of IRIDEX in a research report on Thursday, February 5th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, IRIDEX presently has a consensus rating of “Hold” and an average target price of $3.00.

IRIDEX Stock Performance

The company has a 50 day moving average of $1.36 and a two-hundred day moving average of $1.19. The stock has a market capitalization of $16.85 million, a PE ratio of -3.77 and a beta of 0.75.

IRIDEX (NASDAQ:IRIX) last released its quarterly earnings results on Thursday, March 26th. The medical equipment provider reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. The company had revenue of $14.72 million during the quarter, compared to analysts’ expectations of $14.74 million. IRIDEX had a negative return on equity of 1,204.74% and a negative net margin of 8.42%.

Institutional Trading of IRIDEX

A number of institutional investors have recently bought and sold shares of IRIX. Citadel Advisors LLC grew its position in IRIDEX by 62.7% during the 3rd quarter. Citadel Advisors LLC now owns 109,473 shares of the medical equipment provider’s stock worth $126,000 after purchasing an additional 42,202 shares during the last quarter. Apexium Financial LP raised its holdings in shares of IRIDEX by 53.0% in the third quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock worth $116,000 after buying an additional 34,834 shares during the last quarter. Susquehanna International Group LLP raised its holdings in shares of IRIDEX by 46.2% in the third quarter. Susquehanna International Group LLP now owns 56,470 shares of the medical equipment provider’s stock worth $65,000 after buying an additional 17,834 shares during the last quarter. Jane Street Group LLC lifted its stake in shares of IRIDEX by 93.9% during the fourth quarter. Jane Street Group LLC now owns 31,758 shares of the medical equipment provider’s stock worth $36,000 after buying an additional 15,377 shares during the period. Finally, Weber Capital Management LLC ADV acquired a new stake in shares of IRIDEX during the fourth quarter worth $296,000. 20.10% of the stock is currently owned by institutional investors and hedge funds.

IRIDEX Company Profile

IRIDEX Corporation (NASDAQ: IRIX) is a medical technology company specializing in the development, manufacturing and commercialization of innovative ophthalmic laser and imaging systems. The company’s offerings focus on energy-based therapies designed to treat retinal vascular disorders, glaucoma and other ocular conditions. IRIDEX’s portfolio includes laser photocoagulation platforms, micro-pulse laser technology, and related consumable devices for use by ophthalmologists and retina specialists.

The company’s flagship products include the Cyclo G6 Glaucoma Laser System, which delivers precise, controlled micro-pulse laser therapy for patients with refractory glaucoma, and the IQ 532 Retina Laser System, designed to support minimally invasive laser treatments for diabetic retinopathy and age-related macular degeneration.