Short Interest in IRIDEX Corporation (NASDAQ:IRIX) Drops By 37.3%

IRIDEX Corporation (NASDAQ:IRIX) was the recipient of a large decline in short interest during the month of February. As of February 27th, there was short interest totaling 45,880 shares, a decline of 37.3% from the February 12th total of 73,137 shares. Based on an average daily trading volume, of 44,175 shares, the short-interest ratio is presently 1.0 days. Approximately 0.3% of the company’s stock are sold short. Approximately 0.3% of the company’s stock are sold short. Based on an average daily trading volume, of 44,175 shares, the short-interest ratio is presently 1.0 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Weber Capital Management LLC ADV acquired a new position in shares of IRIDEX during the 4th quarter worth about $296,000. Thompson Davis & CO. Inc. acquired a new stake in IRIDEX in the 2nd quarter valued at about $50,000. Citadel Advisors LLC lifted its stake in IRIDEX by 62.7% in the 3rd quarter. Citadel Advisors LLC now owns 109,473 shares of the medical equipment provider’s stock valued at $126,000 after purchasing an additional 42,202 shares during the last quarter. Apexium Financial LP grew its holdings in IRIDEX by 53.0% during the third quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock worth $116,000 after purchasing an additional 34,834 shares during the period. Finally, Susquehanna International Group LLP grew its holdings in IRIDEX by 46.2% during the third quarter. Susquehanna International Group LLP now owns 56,470 shares of the medical equipment provider’s stock worth $65,000 after purchasing an additional 17,834 shares during the period. Institutional investors own 20.10% of the company’s stock.

IRIDEX Stock Down 2.3%

Shares of NASDAQ:IRIX traded down $0.03 during midday trading on Friday, hitting $1.30. The stock had a trading volume of 7,557 shares, compared to its average volume of 36,660. The company has a market cap of $22.35 million, a P/E ratio of -4.33 and a beta of 0.67. IRIDEX has a 12 month low of $0.78 and a 12 month high of $1.65. The business’s 50-day simple moving average is $1.40 and its 200-day simple moving average is $1.20. The company has a quick ratio of 1.35, a current ratio of 1.94 and a debt-to-equity ratio of 62.29.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on IRIX. Alliance Global Partners started coverage on shares of IRIDEX in a research note on Thursday, February 5th. They set a “buy” rating for the company. iA Financial set a $3.00 target price on IRIDEX in a research report on Thursday, February 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of IRIDEX in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $3.00.

About IRIDEX

IRIDEX Corporation (NASDAQ: IRIX) is a medical technology company specializing in the development, manufacturing and commercialization of innovative ophthalmic laser and imaging systems. The company’s offerings focus on energy-based therapies designed to treat retinal vascular disorders, glaucoma and other ocular conditions. IRIDEX’s portfolio includes laser photocoagulation platforms, micro-pulse laser technology, and related consumable devices for use by ophthalmologists and retina specialists.

The company’s flagship products include the Cyclo G6 Glaucoma Laser System, which delivers precise, controlled micro-pulse laser therapy for patients with refractory glaucoma, and the IQ 532 Retina Laser System, designed to support minimally invasive laser treatments for diabetic retinopathy and age-related macular degeneration.