Wedbush Reaffirms Outperform Rating for STAAR Surgical (NASDAQ:STAA)

STAAR Surgical (NASDAQ:STAA)‘s stock had its “outperform” rating reaffirmed by Wedbush in a report released on Thursday,Benzinga reports. They presently have a $40.00 target price on the medical instruments supplier’s stock. Wedbush’s target price would suggest a potential upside of 51.29% from the company’s previous close.

Several other brokerages also recently issued reports on STAA. Wall Street Zen raised shares of STAAR Surgical from a “hold” rating to a “buy” rating in a research note on Sunday, July 5th. Canaccord Genuity Group lifted their target price on shares of STAAR Surgical from $27.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Stifel Nicolaus boosted their price target on STAAR Surgical from $18.00 to $31.00 and gave the company a “hold” rating in a report on Thursday, May 14th. Weiss Ratings raised STAAR Surgical from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 25th. Finally, Piper Sandler raised their price objective on STAAR Surgical from $16.00 to $33.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $27.81.

STAAR Surgical Trading Down 8.8%

Shares of STAA stock opened at $26.44 on Thursday. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of -61.49 and a beta of 1.23. The company has a current ratio of 5.12, a quick ratio of 4.31 and a debt-to-equity ratio of 0.09. The firm has a 50-day moving average price of $29.43 and a 200 day moving average price of $23.82. STAAR Surgical has a twelve month low of $15.59 and a twelve month high of $35.87.

STAAR Surgical (NASDAQ:STAA) last released its quarterly earnings results on Wednesday, May 13th. The medical instruments supplier reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.05. The company had revenue of $93.52 million for the quarter, compared to analysts’ expectations of $78.72 million. STAAR Surgical had a negative net margin of 7.24% and a positive return on equity of 3.31%. The firm’s revenue for the quarter was up 119.6% compared to the same quarter last year. During the same period last year, the company earned ($1.10) EPS. Research analysts forecast that STAAR Surgical will post 0.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On STAAR Surgical

A number of institutional investors have recently bought and sold shares of STAA. Balyasny Asset Management L.P. acquired a new stake in shares of STAAR Surgical during the 3rd quarter worth $48,729,000. Broadwood Capital Inc. raised its position in shares of STAAR Surgical by 11.1% in the 4th quarter. Broadwood Capital Inc. now owns 15,019,491 shares of the medical instruments supplier’s stock worth $346,800,000 after buying an additional 1,500,000 shares during the period. Magnetar Financial LLC boosted its holdings in STAAR Surgical by 105.3% in the fourth quarter. Magnetar Financial LLC now owns 2,472,390 shares of the medical instruments supplier’s stock valued at $57,087,000 after acquiring an additional 1,268,019 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in STAAR Surgical by 112.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,076,743 shares of the medical instruments supplier’s stock valued at $47,952,000 after acquiring an additional 1,100,484 shares during the last quarter. Finally, Defender Capital LLC. purchased a new stake in STAAR Surgical during the fourth quarter valued at about $15,429,000. 96.70% of the stock is currently owned by hedge funds and other institutional investors.

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. 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.