STAAR Surgical (NASDAQ:STAA) Stock Price Down 7.3% – Here’s What Happened

Shares of STAAR Surgical Company (NASDAQ:STAA) dropped 7.3% during trading on Monday . The stock traded as low as $24.53 and last traded at $24.5070. Approximately 557,349 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 1,192,334 shares. The stock had previously closed at $26.44.

Wall Street Analyst Weigh In

Several research analysts have issued reports on STAA shares. Weiss Ratings upgraded shares of STAAR Surgical from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 25th. 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 research note on Thursday, May 14th. Mizuho increased their price objective on shares of STAAR Surgical from $22.00 to $27.00 and gave the stock a “neutral” rating in a research report on Thursday, May 14th. Canaccord Genuity Group lifted their target price on shares of STAAR Surgical from $27.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Finally, Piper Sandler boosted their target price 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 issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, STAAR Surgical presently has an average rating of “Hold” and an average target price of $27.81.

STAAR Surgical Price Performance

The stock has a market capitalization of $1.19 billion, a P/E ratio of -55.67 and a beta of 1.23. The company has a debt-to-equity ratio of 0.09, a quick ratio of 4.31 and a current ratio of 5.12. The business has a fifty day simple moving average of $29.43 and a 200-day simple moving average of $23.82.

STAAR Surgical (NASDAQ:STAA) last released its quarterly earnings data on Wednesday, May 13th. The medical instruments supplier reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.05. The company had revenue of $93.52 million during the quarter, compared to analyst estimates of $78.72 million. STAAR Surgical had a negative net margin of 7.24% and a positive return on equity of 3.31%. STAAR Surgical’s revenue for the quarter was up 119.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.10) EPS. Sell-side analysts expect that STAAR Surgical Company will post 0.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On STAAR Surgical

Several institutional investors have recently made changes to their positions in the stock. Amundi bought a new position in shares of STAAR Surgical during the 1st quarter worth about $305,000. American Capital Management Inc. raised its stake in STAAR Surgical by 18.7% during the 1st quarter. American Capital Management Inc. now owns 878,035 shares of the medical instruments supplier’s stock worth $16,419,000 after buying an additional 138,499 shares during the period. Quantinno Capital Management LP bought a new position in STAAR Surgical in the first quarter worth approximately $1,109,000. Renaissance Technologies LLC boosted its holdings in STAAR Surgical by 257.7% in the first quarter. Renaissance Technologies LLC now owns 135,200 shares of the medical instruments supplier’s stock worth $2,528,000 after acquiring an additional 97,400 shares in the last quarter. Finally, Gamco Investors INC. ET AL boosted its holdings in STAAR Surgical by 33.3% in the first quarter. Gamco Investors INC. ET AL now owns 20,000 shares of the medical instruments supplier’s stock worth $374,000 after acquiring an additional 5,000 shares in the last quarter. Institutional investors and hedge funds own 96.70% of the company’s stock.

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.