Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Acquires $19,200.00 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin bought 20,000 shares of the business’s stock in a transaction on Monday, December 1st. The stock was bought at an average cost of $0.96 per share, for a total transaction of $19,200.00. Following the purchase, the insider directly owned 836,252 shares of the company’s stock, valued at approximately $802,801.92. This trade represents a 2.45% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

IRIDEX Trading Down 0.9%

Shares of IRIX opened at $0.89 on Friday. The stock has a market cap of $15.64 million, a P/E ratio of -4.45 and a beta of 0.67. IRIDEX Corporation has a 1 year low of $0.61 and a 1 year high of $1.65. The stock’s 50-day moving average price is $0.73 and its two-hundred day moving average price is $0.95.

IRIDEX (NASDAQ:IRIX) last announced its quarterly earnings results on Tuesday, August 18th. The medical equipment provider reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). The firm had revenue of $12.57 million during the quarter, compared to the consensus estimate of $13.59 million. As a group, equities analysts forecast that IRIDEX Corporation will post -0.12 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised shares of IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $3.00.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of IRIX. Renaissance Technologies LLC boosted its holdings in shares of IRIDEX by 6.7% in the first quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock valued at $401,000 after buying an additional 25,067 shares during the period. Weber Capital Management LLC ADV acquired a new stake in shares of IRIDEX during the second quarter worth $206,616. Perkins Capital Management Inc. lifted its position in IRIDEX by 33.9% in the 1st quarter. Perkins Capital Management Inc. now owns 55,300 shares of the medical equipment provider’s stock valued at $56,000 after acquiring an additional 14,000 shares in the last quarter. Thompson Davis & CO. Inc. lifted its position in IRIDEX by 66.5% in the 1st quarter. Thompson Davis & CO. Inc. now owns 47,444 shares of the medical equipment provider’s stock valued at $48,000 after acquiring an additional 18,944 shares in the last quarter. Finally, United Capital Financial Advisors LLC acquired a new position in IRIDEX in the 2nd quarter worth $41,000. Institutional investors own 20.10% of the company’s stock.

About IRIDEX

IRIDEX Corporation (NASDAQ: IRIX) develops and sells ophthalmic laser systems and related delivery devices used in the treatment of eye diseases. Its products are designed primarily for ophthalmologists treating glaucoma and retinal disorders, including diabetic retinopathy and other conditions affecting the retina.

The company’s portfolio includes laser systems such as the Cyclo G6 glaucoma laser platform and the IQ series of retinal photocoagulation lasers. IRIDEX also offers specialized probes and other delivery devices, including MicroPulse and transscleral cyclophotocoagulation technologies, which are intended to provide targeted treatment while limiting exposure to surrounding tissue.

Founded in 1989 and headquartered in Mountain View, California, IRIDEX serves eye-care professionals through a combination of direct sales and distributor relationships in the United States and international markets.