PNC Financial Services Group Inc. Boosts Stake in STAAR Surgical Company $STAA

PNC Financial Services Group Inc. increased its holdings in shares of STAAR Surgical Company (NASDAQ:STAA) by 691.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,607 shares of the medical instruments supplier’s stock after acquiring an additional 3,151 shares during the quarter. PNC Financial Services Group Inc.’s holdings in STAAR Surgical were worth $61,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Pinnacle Investment Management Ltd purchased a new position in STAAR Surgical in the 1st quarter worth approximately $1,155,000. Strs Ohio purchased a new position in STAAR Surgical in the first quarter worth approximately $190,000. Assenagon Asset Management S.A. grew its holdings in shares of STAAR Surgical by 213.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 164,088 shares of the medical instruments supplier’s stock worth $2,753,000 after purchasing an additional 111,686 shares during the period. Caxton Associates LLP purchased a new position in STAAR Surgical during the first quarter worth about $1,051,000. Finally, Yunqi Capital Ltd increased its position in shares of STAAR Surgical by 24.4% during the second quarter. Yunqi Capital Ltd now owns 2,411,288 shares of the medical instruments supplier’s stock valued at $40,461,000 after acquiring an additional 473,699 shares during the last quarter. Hedge funds and other institutional investors own 96.70% of the company’s stock.

STAAR Surgical Price Performance

STAA opened at $25.91 on Tuesday. The business has a fifty day moving average price of $26.44 and a 200 day moving average price of $23.21. STAAR Surgical Company has a 12 month low of $13.50 and a 12 month high of $30.81. The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of -13.42 and a beta of 0.92.

Insider Activity at STAAR Surgical

In other news, major shareholder Broadwood Partners, L.P. bought 797,486 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The shares were purchased at an average cost of $27.86 per share, for a total transaction of $22,217,959.96. Following the completion of the purchase, the insider owned 15,019,491 shares of the company’s stock, valued at approximately $418,443,019.26. This represents a 5.61% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders bought 1,500,000 shares of company stock worth $41,061,615 over the last three months. Insiders own 0.59% of the company’s stock.

Analyst Upgrades and Downgrades

STAA has been the topic of several recent analyst reports. Weiss Ratings restated a “sell (d)” rating on shares of STAAR Surgical in a report on Wednesday, October 8th. Piper Sandler restated a “neutral” rating on shares of STAAR Surgical in a research note on Monday, October 27th. Canaccord Genuity Group restated a “hold” rating and set a $28.00 price target on shares of STAAR Surgical in a research report on Tuesday, October 21st. Finally, Stifel Nicolaus set a $28.00 price objective on STAAR Surgical and gave the company a “hold” rating in a research note on Thursday, August 7th. Ten investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $20.67.

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.