Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Purchases $22,455.29 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin bought 15,703 shares of the business’s stock in a transaction on Wednesday, February 11th. The shares were bought at an average cost of $1.43 per share, for a total transaction of $22,455.29. Following the completion of the acquisition, the insider directly owned 1,114,690 shares in the company, valued at approximately $1,594,006.70. This trade represents a 1.43% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

IRIDEX Trading Down 0.9%

Shares of IRIX stock opened at $0.89 on Friday. IRIDEX Corporation has a 1-year low of $0.61 and a 1-year high of $1.65. The stock has a market cap of $15.64 million, a price-to-earnings ratio of -4.45 and a beta of 0.67. The stock has a 50-day moving average of $0.73 and a 200-day moving average of $0.95.

IRIDEX (NASDAQ:IRIX) last posted its quarterly earnings data 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 company had revenue of $12.57 million during the quarter, compared to the consensus estimate of $13.59 million. Sell-side analysts forecast that IRIDEX Corporation will post -0.12 earnings per share for the current year.

Institutional Trading of IRIDEX

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its stake in IRIDEX by 6.7% during the 1st quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock worth $401,000 after buying an additional 25,067 shares during the period. Weber Capital Management LLC ADV acquired a new stake in IRIDEX in the second quarter valued at approximately $206,616. Perkins Capital Management Inc. grew its stake in IRIDEX by 33.9% in the first 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 during the period. Thompson Davis & CO. Inc. increased its holdings in shares of IRIDEX by 66.5% during the first 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 bought a new stake in shares of IRIDEX during the second quarter valued at approximately $41,000. 20.10% of the stock is owned by institutional investors.

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 report on Friday, October 2nd. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $3.00.

IRIDEX Company Profile

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.