IRIDEX Corporation (NASDAQ:IRIX) Short Interest Up 291.8% in August

IRIDEX Corporation (NASDAQ:IRIX) saw a significant growth in short interest in August. As of August 31st, there was short interest totaling 148,311 shares, a growth of 291.8% from the August 15th total of 37,854 shares. Based on an average trading volume of 150,642 shares, the short-interest ratio is presently 1.0 days. Approximately 0.9% of the company’s shares are short sold.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, September 4th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $3.00.

Institutional Investors Weigh In On IRIDEX

A number of large investors have recently added to or reduced their stakes in the company. United Capital Financial Advisors LLC purchased a new stake in IRIDEX during the 2nd quarter worth $41,000. Weber Capital Management LLC ADV purchased a new position in IRIDEX in the 2nd quarter valued at about $206,616. Diversify Advisory Services LLC purchased a new position in IRIDEX in the 2nd quarter valued at about $30,000. Bank of New York Mellon Corp acquired a new stake in shares of IRIDEX during the second quarter valued at about $29,000. Finally, Renaissance Technologies LLC grew its stake in shares of IRIDEX by 6.7% during the first quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock valued at $401,000 after acquiring an additional 25,067 shares in the last quarter. 20.10% of the stock is owned by institutional investors and hedge funds.

IRIDEX Stock Performance

Shares of NASDAQ:IRIX traded down $0.02 during mid-day trading on Friday, hitting $0.66. 70,417 shares of the company traded hands, compared to its average volume of 105,834. The firm has a market cap of $11.59 million, a P/E ratio of -3.30 and a beta of 0.62. IRIDEX has a 52-week low of $0.65 and a 52-week high of $1.65. The firm’s 50 day simple moving average is $0.85 and its 200 day simple moving average is $1.04.

IRIDEX (NASDAQ:IRIX) last released its quarterly earnings results on Tuesday, August 18th. The medical equipment provider reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). The business had revenue of $12.57 million during the quarter, compared to analysts’ expectations of $13.59 million.

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.