IRIDEX (NASDAQ:IRIX) Major Shareholder Buys $49,500.00 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin bought 50,000 shares of the stock in a transaction on Thursday, June 5th. The shares were acquired at an average cost of $0.99 per share, for a total transaction of $49,500.00. Following the completion of the transaction, the insider directly owned 570,184 shares of the company’s stock, valued at approximately $564,482.16. The trade was a 9.61% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

IRIDEX Price Performance

Shares of NASDAQ:IRIX opened at $0.89 on Friday. IRIDEX Corporation has a fifty-two week low of $0.61 and a fifty-two week high of $1.65. The business has a 50-day moving average of $0.73 and a two-hundred day moving average of $0.95. The stock has a market capitalization of $15.64 million, a P/E ratio of -4.45 and a beta of 0.67.

IRIDEX (NASDAQ:IRIX) last issued its quarterly earnings data on Tuesday, August 18th. The medical equipment provider reported ($0.07) 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 analyst estimates of $13.59 million. As a group, research analysts expect that IRIDEX Corporation will post -0.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On IRIDEX

A number of hedge funds have recently bought and sold shares of IRIX. Renaissance Technologies LLC grew its position in shares of IRIDEX by 6.7% in the first quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock valued at $401,000 after purchasing an additional 25,067 shares during the last quarter. Weber Capital Management LLC ADV bought a new stake in IRIDEX during the 2nd quarter valued at approximately $206,616. Perkins Capital Management Inc. boosted its stake in IRIDEX by 33.9% during the 1st quarter. Perkins Capital Management Inc. now owns 55,300 shares of the medical equipment provider’s stock valued at $56,000 after purchasing an additional 14,000 shares during the period. Thompson Davis & CO. Inc. grew its holdings in IRIDEX by 66.5% in the 1st quarter. Thompson Davis & CO. Inc. now owns 47,444 shares of the medical equipment provider’s stock valued at $48,000 after buying an additional 18,944 shares during the last quarter. Finally, United Capital Financial Advisors LLC acquired a new stake in IRIDEX in the 2nd quarter valued at approximately $41,000. 20.10% of the stock is currently owned by institutional investors.

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.