STAAR Surgical (NASDAQ:STAA) Shares Down 6.9%

STAAR Surgical (NASDAQ:STAA) was down 6.9% on Tuesday . The company traded as low as $43.36 and last traded at $44.16. Approximately 1,065,434 shares were traded during mid-day trading, an increase of 59% from the average daily volume of 668,673 shares. The stock had previously closed at $47.42.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on STAA shares. William Blair upgraded shares of STAAR Surgical from a “market perform” rating to an “outperform” rating in a report on Thursday, April 4th. Piper Sandler boosted their price objective on shares of STAAR Surgical from $33.00 to $40.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Canaccord Genuity Group decreased their price objective on shares of STAAR Surgical from $46.00 to $43.00 and set a “hold” rating for the company in a report on Wednesday, May 8th. BTIG Research upgraded shares of STAAR Surgical from a “neutral” rating to a “buy” rating and set a $46.00 price objective for the company in a report on Tuesday, June 11th. Finally, Mizuho upped their price objective on STAAR Surgical from $53.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, STAAR Surgical presently has a consensus rating of “Hold” and an average target price of $47.00.

STAAR Surgical Stock Performance

The firm’s fifty day simple moving average is $42.91 and its 200 day simple moving average is $37.73. The firm has a market cap of $2.19 billion, a P/E ratio of 143.52 and a beta of 0.65.

STAAR Surgical (NASDAQ:STAA) last announced its earnings results on Tuesday, May 7th. The medical instruments supplier reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.12). The business had revenue of $77.40 million for the quarter, compared to analysts’ expectations of $75.34 million. STAAR Surgical had a net margin of 4.69% and a return on equity of 6.83%. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.05 earnings per share. On average, equities research analysts predict that STAAR Surgical will post 0.08 earnings per share for the current year.

Institutional Trading of STAAR Surgical

Hedge funds have recently made changes to their positions in the business. Cape Investment Advisory Inc. purchased a new stake in shares of STAAR Surgical during the 4th quarter valued at about $42,000. GAMMA Investing LLC raised its position in shares of STAAR Surgical by 313.9% during the 1st quarter. GAMMA Investing LLC now owns 1,308 shares of the medical instruments supplier’s stock valued at $50,000 after buying an additional 992 shares in the last quarter. Covestor Ltd raised its position in STAAR Surgical by 38.9% in the 1st quarter. Covestor Ltd now owns 2,690 shares of the medical instruments supplier’s stock worth $103,000 after purchasing an additional 754 shares during the period. Quest Partners LLC bought a new stake in STAAR Surgical in the fourth quarter worth about $146,000. Finally, PNC Financial Services Group Inc. lifted its stake in STAAR Surgical by 171.5% in the third quarter. PNC Financial Services Group Inc. now owns 3,755 shares of the medical instruments supplier’s stock worth $151,000 after purchasing an additional 2,372 shares during the last quarter. 96.70% of the stock is currently owned by hedge funds and other institutional investors.

About STAAR Surgical

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.