STAAR Surgical (NASDAQ:STAA) Shares Cross Above Two Hundred Day Moving Average – Here’s What Happened

Shares of STAAR Surgical Company (NASDAQ:STAA) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $23.14 and traded as high as $30.55. STAAR Surgical shares last traded at $29.99, with a volume of 557,282 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have recently commented on STAA. Wells Fargo & Company upped their price objective on shares of STAAR Surgical from $16.00 to $25.00 and gave the company an “equal weight” rating in a report on Friday, May 15th. Mizuho upped their price objective on shares of STAAR Surgical from $22.00 to $27.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. Wedbush reaffirmed an “outperform” rating and issued a $40.00 price objective on shares of STAAR Surgical in a report on Friday, May 29th. Stifel Nicolaus upped their price objective on shares of STAAR Surgical from $18.00 to $31.00 and gave the company a “hold” rating in a report on Thursday, May 14th. Finally, Piper Sandler upped their price objective on shares of STAAR Surgical from $16.00 to $33.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $27.81.

STAAR Surgical Price Performance

The stock’s fifty day moving average is $26.58 and its 200-day moving average is $23.14. The stock has a market capitalization of $1.49 billion, a PE ratio of -69.74 and a beta of 1.23. The company has a debt-to-equity ratio of 0.09, a current ratio of 5.12 and a quick ratio of 4.31.

STAAR Surgical (NASDAQ:STAA) last announced its quarterly earnings results on Wednesday, May 13th. The medical instruments supplier reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.05. STAAR Surgical had a negative net margin of 7.24% and a positive return on equity of 3.31%. The firm had revenue of $93.52 million for the quarter, compared to the consensus estimate of $78.72 million. During the same period in the prior year, the firm posted ($1.10) earnings per share. The firm’s quarterly revenue was up 119.6% compared to the same quarter last year. As a group, equities analysts predict that STAAR Surgical Company will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at STAAR Surgical

In other news, Director Broadwood Partners, L.P. purchased 316,017 shares of the stock in a transaction that occurred on Friday, March 13th. The shares were purchased at an average cost of $18.61 per share, with a total value of $5,881,076.37. Following the completion of the acquisition, the director owned 16,123,842 shares of the company’s stock, valued at approximately $300,064,699.62. This represents a 2.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have acquired 670,213 shares of company stock worth $12,266,249 over the last quarter. Corporate insiders own 39.90% of the company’s stock.

Hedge Funds Weigh In On STAAR Surgical

Large investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd raised its position in STAAR Surgical by 2,605.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 1,055 shares of the medical instruments supplier’s stock worth $28,000 after acquiring an additional 1,016 shares during the period. Ascentis Independent Advisors acquired a new position in STAAR Surgical during the first quarter worth $77,000. Russell Investments Group Ltd. raised its position in STAAR Surgical by 9,928.9% during the third quarter. Russell Investments Group Ltd. now owns 4,513 shares of the medical instruments supplier’s stock worth $121,000 after acquiring an additional 4,468 shares during the period. Tower Research Capital LLC TRC raised its position in STAAR Surgical by 375.0% during the second quarter. Tower Research Capital LLC TRC now owns 5,919 shares of the medical instruments supplier’s stock worth $99,000 after acquiring an additional 4,673 shares during the period. Finally, CIBC Bancorp USA Inc. acquired a new position in STAAR Surgical during the third quarter worth $208,000. 96.70% of the stock is currently owned by institutional investors and hedge funds.

About STAAR Surgical

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia. It markets its products to health care providers, including ophthalmic surgeons, vision and surgical centers, hospitals, government facilities, and distributors, as well as products are primarily used by ophthalmologists.