STAAR Surgical (NASDAQ:STAA) Trading Down 3.1% – Here’s What Happened

STAAR Surgical (NASDAQ:STAA) shares fell 3.1% during mid-day trading on Wednesday . The stock traded as low as $17.91 and last traded at $17.61. 17,795 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 847,323 shares. The stock had previously closed at $18.17.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Stephens reiterated an “equal weight” rating and set a $17.00 price target on shares of STAAR Surgical in a research report on Tuesday, March 18th. Wall Street Zen cut STAAR Surgical from a “hold” rating to a “sell” rating in a research note on Thursday, February 13th. Canaccord Genuity Group restated a “hold” rating and issued a $20.00 price target on shares of STAAR Surgical in a research note on Tuesday, May 27th. Needham & Company LLC reiterated a “hold” rating on shares of STAAR Surgical in a report on Wednesday, May 21st. Finally, Wells Fargo & Company began coverage on STAAR Surgical in a research report on Monday, April 21st. They set an “equal weight” rating and a $17.00 target price on the stock. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, STAAR Surgical presently has a consensus rating of “Hold” and an average target price of $24.63.

STAAR Surgical Stock Down 1.3%

The stock has a market capitalization of $854.08 million, a price-to-earnings ratio of -41.39 and a beta of 0.63. The company has a fifty day moving average of $17.80 and a two-hundred day moving average of $20.21.

STAAR Surgical announced that its Board of Directors has approved a stock repurchase plan on Friday, May 16th that permits the company to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the medical instruments supplier to reacquire up to 3.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related news, major shareholder Broadwood Partners, L.P. purchased 108,720 shares of the company’s stock in a transaction on Thursday, March 20th. The shares were bought at an average cost of $17.96 per share, for a total transaction of $1,952,611.20. Following the transaction, the insider now owns 12,182,995 shares of the company’s stock, valued at $218,806,590.20. This represents a 0.90% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Over the last 90 days, insiders have acquired 937,614 shares of company stock valued at $15,384,739. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On STAAR Surgical

A number of hedge funds have recently modified their holdings of STAA. US Bancorp DE boosted its stake in shares of STAAR Surgical by 1,693.0% during the 1st quarter. US Bancorp DE now owns 2,044 shares of the medical instruments supplier’s stock worth $36,000 after acquiring an additional 1,930 shares in the last quarter. Brooklyn Investment Group grew its holdings in STAAR Surgical by 1,564.0% during the first quarter. Brooklyn Investment Group now owns 2,679 shares of the medical instruments supplier’s stock valued at $47,000 after purchasing an additional 2,518 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of STAAR Surgical in the fourth quarter valued at approximately $180,000. EntryPoint Capital LLC acquired a new stake in shares of STAAR Surgical in the first quarter worth $189,000. Finally, Strs Ohio bought a new stake in shares of STAAR Surgical during the 1st quarter worth $190,000. 96.70% of the stock is owned by institutional investors and hedge funds.

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.