STAAR Surgical Company (NASDAQ:STAA) Given Average Recommendation of “Reduce” by Brokerages

STAAR Surgical Company (NASDAQ:STAA) has been given an average recommendation of “Reduce” by the eleven analysts that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation and ten have given a hold recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $23.4167.

Several brokerages have issued reports on STAA. Wells Fargo & Company lifted their target price on shares of STAAR Surgical from $28.00 to $30.75 and gave the stock an “equal weight” rating in a research note on Wednesday, December 10th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of STAAR Surgical in a research note on Wednesday, October 8th. Piper Sandler reiterated a “neutral” rating on shares of STAAR Surgical in a report on Monday, October 27th. Finally, Canaccord Genuity Group raised their target price on shares of STAAR Surgical from $28.00 to $30.75 and gave the stock a “hold” rating in a research note on Tuesday, December 9th.

Insiders Place Their Bets

In related news, major shareholder Broadwood Partners, L.P. bought 797,486 shares of the company’s stock in a transaction on Friday, November 21st. The stock was bought at an average cost of $27.86 per share, for a total transaction of $22,217,959.96. Following the acquisition, the insider directly owned 15,019,491 shares in the company, valued at $418,443,019.26. This represents a 5.61% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders acquired a total of 1,500,000 shares of company stock worth $41,061,615 over the last quarter. Insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On STAAR Surgical

Several hedge funds and other institutional investors have recently bought and sold shares of STAA. Invesco Ltd. boosted its holdings in STAAR Surgical by 12.0% in the 1st quarter. Invesco Ltd. now owns 227,320 shares of the medical instruments supplier’s stock valued at $4,008,000 after purchasing an additional 24,339 shares during the last quarter. Nuveen LLC purchased a new stake in shares of STAAR Surgical during the 1st quarter valued at approximately $2,763,000. Brooklyn Investment Group lifted its holdings in STAAR Surgical by 1,564.0% in the first 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 last quarter. Northern Trust Corp grew its position in STAAR Surgical by 1.2% in the first quarter. Northern Trust Corp now owns 528,314 shares of the medical instruments supplier’s stock worth $9,314,000 after acquiring an additional 6,373 shares during the period. Finally, EntryPoint Capital LLC acquired a new stake in STAAR Surgical during the first quarter worth $189,000. 96.70% of the stock is currently owned by institutional investors and hedge funds.

STAAR Surgical Price Performance

Shares of STAAR Surgical stock opened at $23.35 on Monday. The business has a 50 day simple moving average of $25.71 and a two-hundred day simple moving average of $24.08. The stock has a market capitalization of $1.16 billion, a P/E ratio of -11.97 and a beta of 1.01. STAAR Surgical has a 12 month low of $13.50 and a 12 month high of $30.81.

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. 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.