IRIDEX Co. (IRIX) Receives Average Rating of “Strong Buy” from Analysts

IRIDEX Co. (NASDAQ:IRIX) has been given a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a strong buy recommendation.

Brokers have set a twelve-month consensus price objective of $11.00 for the company and are expecting that the company will post ($0.30) EPS for the current quarter, according to Zacks. Zacks has also given IRIDEX an industry rank of 245 out of 255 based on the ratings given to related companies.

Separately, Zacks Investment Research upgraded shares of IRIDEX from a “hold” rating to a “buy” rating and set a $8.50 target price on the stock in a report on Thursday, August 9th.

Shares of IRIDEX stock traded up $0.29 during trading hours on Monday, reaching $8.71. The company’s stock had a trading volume of 9,100 shares, compared to its average volume of 19,484. IRIDEX has a one year low of $4.28 and a one year high of $10.98. The company has a market cap of $98.21 million, a PE ratio of -7.85 and a beta of 1.51.

IRIDEX (NASDAQ:IRIX) last posted its earnings results on Thursday, August 2nd. The medical equipment provider reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.04. IRIDEX had a negative net margin of 36.98% and a negative return on equity of 51.61%. The firm had revenue of $10.30 million for the quarter, compared to the consensus estimate of $9.21 million. sell-side analysts forecast that IRIDEX will post -1.14 earnings per share for the current year.

A number of large investors have recently modified their holdings of the stock. First Light Asset Management LLC grew its holdings in IRIDEX by 22.0% during the 1st quarter. First Light Asset Management LLC now owns 387,687 shares of the medical equipment provider’s stock valued at $2,218,000 after purchasing an additional 69,888 shares during the last quarter. Renaissance Technologies LLC grew its holdings in IRIDEX by 9.9% during the 2nd quarter. Renaissance Technologies LLC now owns 321,400 shares of the medical equipment provider’s stock valued at $2,237,000 after purchasing an additional 28,900 shares during the last quarter. Eidelman Virant Capital bought a new position in IRIDEX during the 2nd quarter valued at about $760,000. Isthmus Partners LLC grew its holdings in IRIDEX by 10.0% during the 1st quarter. Isthmus Partners LLC now owns 88,464 shares of the medical equipment provider’s stock valued at $506,000 after purchasing an additional 8,056 shares during the last quarter. Finally, Perkins Capital Management Inc. grew its holdings in IRIDEX by 23.1% during the 2nd quarter. Perkins Capital Management Inc. now owns 71,950 shares of the medical equipment provider’s stock valued at $501,000 after purchasing an additional 13,500 shares during the last quarter. Institutional investors own 47.53% of the company’s stock.

About IRIDEX

IRIDEX Corporation, an ophthalmic medical technology company, provides therapeutic based laser systems, delivery devices, and consumable instrumentation to treat sight-threatening eye diseases in ophthalmology. The company offers laser consoles, such as Cyclo G6 laser system for use in the treatment of glaucoma; IQ 532 and IQ 577 laser systems, which are used for the treatment of diabetic macular edema and other retinal diseases; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser systems, which are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.

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