Canaccord Genuity Group Issues Pessimistic Forecast for STAAR Surgical (NASDAQ:STAA) Stock Price

STAAR Surgical (NASDAQ:STAA) had its price target decreased by Canaccord Genuity Group from $41.00 to $31.00 in a report published on Friday, Benzinga reports. Canaccord Genuity Group currently has a hold rating on the medical instruments supplier’s stock.

Other equities research analysts also recently issued research reports about the stock. BTIG Research lifted their target price on shares of STAAR Surgical from $46.00 to $53.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Morgan Stanley downgraded shares of STAAR Surgical from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $50.00 to $37.00 in a research report on Monday, July 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of STAAR Surgical in a research report on Thursday. Finally, Stifel Nicolaus cut their target price on shares of STAAR Surgical from $50.00 to $44.00 and set a “buy” rating for the company in a research report on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $44.14.

STAAR Surgical Stock Performance

Shares of STAA traded down $0.43 on Friday, hitting $28.56. 633,016 shares of the stock traded hands, compared to its average volume of 660,916. The company has a market capitalization of $1.41 billion, a PE ratio of 64.91 and a beta of 0.61. The business has a 50 day simple moving average of $31.86 and a 200 day simple moving average of $38.57. STAAR Surgical has a one year low of $26.66 and a one year high of $52.68.

STAAR Surgical (NASDAQ:STAA) last announced its quarterly earnings results on Wednesday, August 7th. The medical instruments supplier reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.09). The firm had revenue of $99.01 million for the quarter, compared to the consensus estimate of $95.22 million. STAAR Surgical had a net margin of 6.38% and a return on equity of 6.77%. STAAR Surgical’s revenue was up 7.3% on a year-over-year basis. During the same period last year, the business earned $0.23 EPS. On average, equities analysts expect that STAAR Surgical will post 0.16 earnings per share for the current year.

Insider Transactions at STAAR Surgical

In other STAAR Surgical news, Director Arthur C. Butcher purchased 1,315 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were acquired at an average price of $37.99 per share, for a total transaction of $49,956.85. Following the purchase, the director now directly owns 4,208 shares of the company’s stock, valued at $159,861.92. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of STAA. Granite Investment Partners LLC purchased a new position in shares of STAAR Surgical during the 2nd quarter valued at $17,237,000. Yunqi Capital Ltd lifted its stake in shares of STAAR Surgical by 162.0% during the 1st quarter. Yunqi Capital Ltd now owns 515,300 shares of the medical instruments supplier’s stock valued at $19,726,000 after buying an additional 318,600 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of STAAR Surgical by 50.1% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 592,621 shares of the medical instruments supplier’s stock valued at $28,215,000 after buying an additional 197,717 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of STAAR Surgical by 25.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 459,655 shares of the medical instruments supplier’s stock valued at $21,884,000 after buying an additional 94,422 shares in the last quarter. Finally, Roubaix Capital LLC purchased a new position in shares of STAAR Surgical during the 2nd quarter valued at $4,293,000. Hedge funds and other institutional investors own 96.70% of the company’s stock.

STAAR Surgical Company Profile

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.