IRIDEX (NASDAQ:IRIX) Major Shareholder Acquires $80,000.00 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin bought 80,000 shares of the business’s stock in a transaction that occurred on Friday, May 23rd. The stock was purchased at an average price of $1.00 per share, with a total value of $80,000.00. Following the completion of the purchase, the insider directly owned 452,825 shares in the company, valued at $452,825. The trade was a 21.46% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

IRIDEX Stock Down 0.9%

Shares of NASDAQ IRIX opened at $0.89 on Friday. The business’s 50 day moving average price is $0.73 and its two-hundred day moving average price is $0.95. The company has a market cap of $15.64 million, a PE ratio of -4.45 and a beta of 0.67. IRIDEX Corporation has a twelve month low of $0.61 and a twelve month high of $1.65.

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

Hedge Funds Weigh In On IRIDEX

Institutional investors and hedge funds have recently made changes to their positions in the company. Perkins Capital Management Inc. increased its stake in shares of IRIDEX by 33.9% during the first quarter. Perkins Capital Management Inc. now owns 55,300 shares of the medical equipment provider’s stock worth $56,000 after purchasing an additional 14,000 shares during the period. Thompson Davis & CO. Inc. lifted its holdings in shares of IRIDEX by 66.5% during the first quarter. Thompson Davis & CO. Inc. now owns 47,444 shares of the medical equipment provider’s stock worth $48,000 after buying an additional 18,944 shares in the last quarter. Renaissance Technologies LLC lifted its holdings 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 worth $401,000 after buying an additional 25,067 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of IRIDEX in the second quarter valued at about $29,000. Finally, Diversify Wealth Management LLC acquired a new position in shares of IRIDEX in the first quarter valued at about $35,000. Institutional investors and hedge funds own 20.10% of the company’s stock.

Analyst Ratings Changes

Separately, Weiss Ratings raised shares of IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, IRIDEX currently has an average rating of “Hold” and an average price target of $3.00.

About IRIDEX

IRIDEX Corporation (NASDAQ: IRIX) develops and sells ophthalmic laser systems and related delivery devices used in the treatment of eye diseases. Its products are designed primarily for ophthalmologists treating glaucoma and retinal disorders, including diabetic retinopathy and other conditions affecting the retina.

The company’s portfolio includes laser systems such as the Cyclo G6 glaucoma laser platform and the IQ series of retinal photocoagulation lasers. IRIDEX also offers specialized probes and other delivery devices, including MicroPulse and transscleral cyclophotocoagulation technologies, which are intended to provide targeted treatment while limiting exposure to surrounding tissue.

Founded in 1989 and headquartered in Mountain View, California, IRIDEX serves eye-care professionals through a combination of direct sales and distributor relationships in the United States and international markets.