STAAR Surgical’s (STAA) Outperform Rating Reaffirmed at Wedbush

Wedbush reiterated their outperform rating on shares of STAAR Surgical (NASDAQ:STAA) in a report published on Wednesday,Benzinga reports. They currently have a $40.00 price objective on the medical instruments supplier’s stock.

Several other brokerages have also recently weighed in on STAA. Piper Sandler upped their price objective on shares of STAAR Surgical from $16.00 to $33.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Canaccord Genuity Group lifted their target price on shares of STAAR Surgical from $27.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Mizuho boosted their target price on STAAR Surgical from $22.00 to $27.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Weiss Ratings upgraded STAAR Surgical from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, June 25th. Finally, Wall Street Zen raised STAAR Surgical from a “hold” rating to a “buy” rating in a report on Sunday, July 5th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $27.81.

STAAR Surgical Stock Performance

Shares of NASDAQ:STAA opened at $24.71 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 5.12 and a quick ratio of 4.31. The business’s fifty day moving average price is $29.18 and its two-hundred day moving average price is $23.84. STAAR Surgical has a fifty-two week low of $15.59 and a fifty-two week high of $35.87. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of -57.46 and a beta of 1.23.

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

Hedge Funds Weigh In On STAAR Surgical

Several hedge funds have recently added to or reduced their stakes in STAA. Balyasny Asset Management L.P. bought a new stake in STAAR Surgical during the 3rd quarter worth about $48,729,000. Broadwood Capital Inc. grew its position in shares of STAAR Surgical by 11.1% during 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 grew its position in shares of STAAR Surgical by 105.3% during the 4th quarter. Magnetar Financial LLC now owns 2,472,390 shares of the medical instruments supplier’s stock worth $57,087,000 after buying an additional 1,268,019 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of STAAR Surgical by 112.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,076,743 shares of the medical instruments supplier’s stock worth $47,952,000 after buying an additional 1,100,484 shares during the last quarter. Finally, Defender Capital LLC. bought a new stake in shares of STAAR Surgical during the fourth quarter worth approximately $15,429,000. 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.