IRIDEX (NASDAQ:IRIX) Shares Cross Below Two Hundred Day Moving Average – Here’s What Happened

IRIDEX Corporation (NASDAQ:IRIX)’s share price passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.20 and traded as low as $0.9152. IRIDEX shares last traded at $0.9256, with a volume of 57,581 shares changing hands.

Analysts Set New Price Targets

Separately, Weiss Ratings cut IRIDEX from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $3.00.

IRIDEX Price Performance

The stock’s 50-day moving average price is $1.09 and its 200-day moving average price is $1.20. The company has a market cap of $16.11 million, a P/E ratio of -4.87 and a beta of 0.63.

IRIDEX (NASDAQ:IRIX) last released its quarterly earnings results on Tuesday, May 19th. The medical equipment provider reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.04. The business had revenue of $11.80 million during the quarter, compared to analyst estimates of $11.91 million.

Institutional Investors Weigh In On IRIDEX

Large investors have recently added to or reduced their stakes in the stock. Thompson Davis & CO. Inc. acquired a new position in IRIDEX in the 4th quarter valued at $32,000. Jane Street Group LLC grew its holdings in shares of IRIDEX by 93.9% during the 4th quarter. Jane Street Group LLC now owns 31,758 shares of the medical equipment provider’s stock worth $36,000 after purchasing an additional 15,377 shares in the last quarter. Diversify Wealth Management LLC acquired a new stake in shares of IRIDEX during the 1st quarter worth $35,000. Perkins Capital Management Inc. increased its position in shares of IRIDEX by 33.9% in the first quarter. Perkins Capital Management Inc. now owns 55,300 shares of the medical equipment provider’s stock worth $56,000 after purchasing an additional 14,000 shares during the period. Finally, Susquehanna International Group LLP increased its position 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 purchasing an additional 17,834 shares during the period. Institutional investors and hedge funds own 20.10% of the company’s stock.

About IRIDEX

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.