IRIDEX (NASDAQ:IRIX) Major Shareholder Purchases $29,874.55 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin purchased 22,805 shares of IRIDEX stock in a transaction that occurred on Tuesday, March 17th. The shares were acquired at an average price of $1.31 per share, for a total transaction of $29,874.55. Following the acquisition, the insider owned 1,157,363 shares in the company, valued at $1,516,145.53. This trade represents a 2.01% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

IRIDEX Stock Performance

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

IRIDEX (NASDAQ:IRIX) last announced its quarterly earnings results 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 company had revenue of $12.57 million during the quarter, compared to the consensus estimate of $13.59 million. Sell-side analysts predict that IRIDEX Corporation will post -0.12 earnings per share for the current year.

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, October 2nd. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $3.00.

Institutional Trading of IRIDEX

A number of hedge funds have recently made changes to their positions in the stock. United Capital Financial Advisors LLC purchased a new stake in shares of IRIDEX in the 2nd quarter worth approximately $41,000. Bank of New York Mellon Corp purchased a new position in IRIDEX during the second quarter valued at $29,000. Weber Capital Management LLC ADV bought a new stake in shares of IRIDEX during the second quarter valued at approximately $206,616. Diversify Advisory Services LLC purchased a new position in IRIDEX in the 2nd quarter worth approximately $30,000. Finally, Renaissance Technologies LLC raised its holdings in IRIDEX by 6.7% in the 1st quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock worth $401,000 after acquiring an additional 25,067 shares during the last quarter. 20.10% of the stock is owned by institutional investors.

IRIDEX Company Profile

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.