STAAR Surgical (NASDAQ:STAA) Given Average Rating of “Hold” by Analysts

STAAR Surgical (NASDAQ:STAA) has been given an average recommendation of “Hold” by the eleven brokerages that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $24.63.

A number of research firms have recently weighed in on STAA. Stifel Nicolaus dropped their target price on STAAR Surgical from $38.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday, February 12th. William Blair cut STAAR Surgical from an “outperform” rating to a “market perform” rating in a research note on Wednesday, February 12th. Wells Fargo & Company assumed coverage on shares of STAAR Surgical in a research report on Monday, April 21st. They set an “equal weight” rating and a $17.00 price target on the stock. Jefferies Financial Group lowered shares of STAAR Surgical from a “buy” rating to a “hold” rating in a research report on Wednesday, February 12th. Finally, Needham & Company LLC reissued a “hold” rating on shares of STAAR Surgical in a research report on Wednesday, May 21st.

Insider Buying and Selling

In other news, major shareholder Broadwood Partners, L.P. bought 108,720 shares of the stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $17.96 per share, for a total transaction of $1,952,611.20. Following the completion of the purchase, the insider now directly owns 12,182,995 shares in the company, valued at $218,806,590.20. This represents a 0.90% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last quarter, insiders have purchased 937,614 shares of company stock valued at $15,384,739. 1.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On STAAR Surgical

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE raised its position in shares of STAAR Surgical by 1,693.0% in the first quarter. US Bancorp DE now owns 2,044 shares of the medical instruments supplier’s stock valued at $36,000 after purchasing an additional 1,930 shares during the period. Brooklyn Investment Group raised its holdings in STAAR Surgical by 1,564.0% during the 1st quarter. Brooklyn Investment Group now owns 2,679 shares of the medical instruments supplier’s stock valued at $47,000 after acquiring an additional 2,518 shares during the period. KLP Kapitalforvaltning AS bought a new stake in STAAR Surgical during the 4th quarter valued at $180,000. EntryPoint Capital LLC bought a new stake in STAAR Surgical during the 1st quarter valued at $189,000. Finally, Strs Ohio bought a new stake in STAAR Surgical during the 1st quarter valued at $190,000. 96.70% of the stock is currently owned by institutional investors.

STAAR Surgical Trading Down 3.9%

STAAR Surgical stock opened at $17.47 on Thursday. STAAR Surgical has a 1-year low of $13.50 and a 1-year high of $49.86. The firm has a market capitalization of $865.22 million, a price-to-earnings ratio of -42.61 and a beta of 0.63. The firm’s fifty day moving average price is $17.77 and its two-hundred day moving average price is $20.28.

STAAR Surgical announced that its Board of Directors has approved a stock repurchase program on Friday, May 16th that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the medical instruments supplier to reacquire up to 3.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

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.