IRIDEX Corporation (NASDAQ:IRIX) Sees Large Drop in Short Interest

IRIDEX Corporation (NASDAQ:IRIX) was the recipient of a large decrease in short interest in the month of May. As of May 15th, there was short interest totaling 28,508 shares, a decrease of 49.5% from the April 30th total of 56,463 shares. Based on an average daily volume of 48,115 shares, the short-interest ratio is currently 0.6 days. Approximately 0.2% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on IRIX shares. iA Financial set a $3.00 price objective on shares of IRIDEX in a report on Thursday, February 5th. Weiss Ratings lowered shares of IRIDEX from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, May 19th. Finally, Alliance Global Partners assumed coverage on shares of IRIDEX in a report on Thursday, February 5th. They set a “buy” rating for the company. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $3.00.

IRIDEX Stock Performance

NASDAQ IRIX traded up $0.06 on Tuesday, hitting $1.17. 200,878 shares of the stock were exchanged, compared to its average volume of 192,315. The stock has a fifty day moving average price of $1.06 and a two-hundred day moving average price of $1.17. The firm has a market capitalization of $20.37 million, a P/E ratio of -6.16 and a beta of 0.64. IRIDEX has a 52-week low of $0.87 and a 52-week high of $1.65.

IRIDEX (NASDAQ:IRIX) last posted its quarterly earnings data on Tuesday, May 19th. The medical equipment provider reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.04. The company had revenue of $11.80 million during the quarter, compared to analyst estimates of $11.91 million. IRIDEX had a negative net margin of 6.23% and a negative return on equity of 1,204.74%.

Institutional Trading of IRIDEX

Several institutional investors and hedge funds have recently made changes to their positions in the company. Citadel Advisors LLC raised its holdings in IRIDEX by 62.7% in the third quarter. Citadel Advisors LLC now owns 109,473 shares of the medical equipment provider’s stock worth $126,000 after purchasing an additional 42,202 shares in the last quarter. Susquehanna International Group LLP raised its holdings in IRIDEX by 46.2% in 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 in the last quarter. Apexium Financial LP increased its holdings in shares of IRIDEX by 53.0% during the third quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock valued at $116,000 after acquiring an additional 34,834 shares in the last quarter. Thompson Davis & CO. Inc. acquired a new position in shares of IRIDEX during the fourth quarter valued at about $32,000. Finally, Weber Capital Management LLC ADV acquired a new position in shares of IRIDEX during the fourth quarter valued at about $296,000. 20.10% of the stock is currently owned by institutional investors.

IRIDEX Company Profile

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.