IRIDEX Corporation (NASDAQ:IRIX) Stock Short Interest Report for October

IRIDEX Corporation (NASDAQ:IRIX) was the target of a large decline in short interest in the month of October. As of October 15th, there was short interest totaling 76,195 shares, a decline of 42.1% from the September 30th total of 131,655 shares. Currently, 0.5% of the shares of the company are short sold. Based on an average trading volume of 1,950,126 shares, the days-to-cover ratio is currently 0.0 days.

Institutional Trading of IRIDEX

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp purchased a new position in IRIDEX during the second quarter worth about $29,000. Diversify Advisory Services LLC purchased a new stake in IRIDEX during the second quarter worth $30,000. Diversify Wealth Management LLC purchased a new stake in shares of IRIDEX in the 1st quarter worth about $35,000. United Capital Financial Advisors LLC purchased a new stake in shares of IRIDEX in the 2nd quarter worth about $41,000. Finally, Weber Capital Management LLC ADV acquired a new stake in IRIDEX in the 2nd quarter valued at about $206,616. Hedge funds and other institutional investors own 20.10% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded shares of IRIDEX from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, October 20th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, IRIDEX has a consensus rating of “Hold” and a consensus price target of $3.00.

IRIDEX Stock Performance

IRIDEX stock traded up $0.01 during mid-day trading on Monday, reaching $0.72. 19,021 shares of the company were exchanged, compared to its average volume of 224,883. The firm’s 50-day simple moving average is $0.72 and its two-hundred day simple moving average is $1.04. IRIDEX has a twelve month low of $0.61 and a twelve month high of $1.65. The firm has a market cap of $12.68 million, a PE ratio of -3.61 and a beta of 0.64.

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

IRIDEX Company Profile

IRIDEX Corporation (NASDAQ: IRIX) develops, manufactures and sells laser-based medical systems and disposable devices used in ophthalmic procedures. Its technologies are designed to help eye-care professionals treat glaucoma, retinal diseases and other conditions affecting vision.

The company’s product portfolio includes the Cyclo Glaucoma Laser System, which uses MicroPulse and continuous-wave laser technology for glaucoma treatment, as well as laser systems such as the IRIDEX IQ series for retinal and photocoagulation procedures.