STAAR Surgical (NASDAQ:STAA) Shares Gap Down – Should You Sell?

Shares of STAAR Surgical Company (NASDAQ:STAA) gapped down before the market opened on Friday . The stock had previously closed at $28.98, but opened at $26.75. STAAR Surgical shares last traded at $26.3250, with a volume of 402,801 shares.

Wall Street Analysts Forecast Growth

STAA has been the topic of several research analyst reports. Wells Fargo & Company increased their price target on shares of STAAR Surgical from $16.00 to $25.00 and gave the company an “equal weight” rating in a research note on Friday, May 15th. Stifel Nicolaus increased their price objective on STAAR Surgical from $18.00 to $31.00 and gave the company a “hold” rating in a research report on Thursday, May 14th. Wall Street Zen upgraded STAAR Surgical from a “hold” rating to a “buy” rating in a research report on Sunday, July 5th. Piper Sandler upped their price target on STAAR Surgical from $16.00 to $33.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Finally, Weiss Ratings upgraded STAAR Surgical from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 25th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $27.81.

STAAR Surgical Stock Performance

The stock’s 50 day moving average is $29.43 and its two-hundred day moving average is $23.82. The firm has a market capitalization of $1.32 billion, a P/E ratio of -61.49 and a beta of 1.23. The company has a debt-to-equity ratio of 0.09, a current ratio of 5.12 and a quick ratio of 4.31.

STAAR Surgical (NASDAQ:STAA) last announced its quarterly earnings data on Wednesday, May 13th. The medical instruments supplier reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $93.52 million for the quarter, compared to analysts’ expectations of $78.72 million. During the same period last year, the firm earned ($1.10) earnings per share. The business’s revenue for the quarter was up 119.6% on a year-over-year basis. As a group, equities analysts anticipate that STAAR Surgical Company will post 0.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in STAA. Caitong International Asset Management Co. Ltd increased its holdings in STAAR Surgical by 2,605.1% in the third quarter. Caitong International Asset Management Co. Ltd now owns 1,055 shares of the medical instruments supplier’s stock valued at $28,000 after purchasing an additional 1,016 shares during the last quarter. Ascentis Independent Advisors acquired a new position in STAAR Surgical in the first quarter valued at about $77,000. Tower Research Capital LLC TRC boosted its holdings in STAAR Surgical by 375.0% during the second quarter. Tower Research Capital LLC TRC now owns 5,919 shares of the medical instruments supplier’s stock worth $99,000 after buying an additional 4,673 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in STAAR Surgical by 9,928.9% during the third quarter. Russell Investments Group Ltd. now owns 4,513 shares of the medical instruments supplier’s stock worth $121,000 after buying an additional 4,468 shares during the last quarter. Finally, Fifth Third Bancorp boosted its holdings in STAAR Surgical by 2,867.1% during the first quarter. Fifth Third Bancorp now owns 11,008 shares of the medical instruments supplier’s stock worth $206,000 after buying an additional 10,637 shares during the last quarter. 96.70% of the stock is currently owned by 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.