Short Interest in STAAR Surgical Company (NASDAQ:STAA) Expands By 43.2%

STAAR Surgical Company (NASDAQ:STAA) was the target of a large growth in short interest in February. As of February 13th, there was short interest totaling 5,735,019 shares, a growth of 43.2% from the January 29th total of 4,005,845 shares. Currently, 11.6% of the company’s stock are sold short. Based on an average trading volume of 1,276,282 shares, the days-to-cover ratio is currently 4.5 days. Based on an average trading volume of 1,276,282 shares, the days-to-cover ratio is currently 4.5 days. Currently, 11.6% of the company’s stock are sold short.

Insiders Place Their Bets

In related news, major shareholder Broadwood Partners, L.P. purchased 27,485 shares of the stock in a transaction that occurred on Friday, January 9th. The stock was purchased at an average cost of $22.05 per share, for a total transaction of $606,044.25. Following the acquisition, the insider owned 15,453,629 shares in the company, valued at approximately $340,752,519.45. This trade represents a 0.18% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders have acquired 434,138 shares of company stock worth $9,424,176. 0.59% of the stock is currently owned by corporate insiders.

Institutional Trading of STAAR Surgical

Several hedge funds have recently bought and sold shares of the company. New York Life Investment Management LLC acquired a new stake in shares of STAAR Surgical during the 3rd quarter valued at about $2,243,000. Alpine Associates Management Inc. acquired a new position in shares of STAAR Surgical during the 3rd quarter worth $24,535,000. Versor Investments LP bought a new position in shares of STAAR Surgical during the 3rd quarter valued at $5,708,000. Credit Industriel ET Commercial acquired a new stake in shares of STAAR Surgical in the 3rd quarter valued at $3,258,000. Finally, ABC Arbitrage SA bought a new stake in STAAR Surgical in the third quarter worth $6,632,000. 96.70% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on STAA shares. Wells Fargo & Company increased their price objective on shares of STAAR Surgical from $28.00 to $30.75 and gave the company an “equal weight” rating in a research report on Wednesday, December 10th. Morgan Stanley assumed coverage on STAAR Surgical in a research report on Friday, January 16th. They set an “underweight” rating and a $13.00 target price on the stock. Jefferies Financial Group cut their target price on STAAR Surgical from $28.00 to $21.50 and set a “buy” rating on the stock in a research report on Wednesday, January 28th. Stifel Nicolaus dropped their price target on shares of STAAR Surgical from $28.00 to $19.00 and set a “hold” rating for the company in a research note on Monday, February 9th. Finally, Wedbush initiated coverage on shares of STAAR Surgical in a research report on Tuesday, February 3rd. They issued a “neutral” rating and a $26.00 target price for the company. One equities research analyst has rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, STAAR Surgical currently has a consensus rating of “Reduce” and an average target price of $20.91.

STAAR Surgical Trading Down 4.1%

NASDAQ STAA traded down $0.82 during trading hours on Monday, reaching $19.08. The company’s stock had a trading volume of 415,290 shares, compared to its average volume of 1,611,051. The business has a 50-day simple moving average of $20.17 and a 200 day simple moving average of $24.32. STAAR Surgical has a 52 week low of $14.69 and a 52 week high of $30.81. The stock has a market cap of $948.99 million, a PE ratio of -9.78 and a beta of 1.04.

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.