StockNews.com Begins Coverage on IRIDEX (NASDAQ:IRIX)

StockNews.com began coverage on shares of IRIDEX (NASDAQ:IRIX) in a research report sent to investors on Wednesday. The brokerage issued a hold rating on the medical equipment provider’s stock.

Separately, Stifel Nicolaus restated a hold rating and issued a $2.00 price target on shares of IRIDEX in a research note on Wednesday, May 15th.

IRIDEX Stock Performance

Shares of IRIDEX stock opened at $2.16 on Wednesday. The business’s 50 day simple moving average is $2.51 and its 200 day simple moving average is $2.68. The firm has a market cap of $35.10 million, a PE ratio of -3.22 and a beta of 0.80. IRIDEX has a 52-week low of $1.31 and a 52-week high of $3.65.

IRIDEX (NASDAQ:IRIX) last posted its quarterly earnings results on Tuesday, May 14th. The medical equipment provider reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.09). The company had revenue of $11.76 million during the quarter, compared to the consensus estimate of $12.00 million. IRIDEX had a negative net margin of 21.92% and a negative return on equity of 105.42%. During the same quarter in the prior year, the business earned ($0.13) earnings per share. As a group, equities research analysts predict that IRIDEX will post -0.49 EPS for the current year.

Institutional Trading of IRIDEX

A hedge fund recently raised its stake in IRIDEX stock. Perkins Capital Management Inc. raised its position in shares of IRIDEX Co. (NASDAQ:IRIX) by 13.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 45,300 shares of the medical equipment provider’s stock after acquiring an additional 5,200 shares during the period. Perkins Capital Management Inc. owned approximately 0.28% of IRIDEX worth $135,000 at the end of the most recent quarter. 20.10% of the stock is currently owned by institutional investors.

About IRIDEX

IRIDEX Corporation, an ophthalmic medical technology company, provides therapeutic based laser systems, delivery devices, and consumable instrumentation to treat sight-threatening eye diseases in ophthalmology. It offers laser consoles, such as Cyclo G6 laser system for use in the treatment of glaucoma; IQ 532 and IQ 577 laser systems, which are used for the treatment of retinal disorders; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser photocoagulation systems that are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.