STAAR Surgical (NASDAQ:STAA) PT Lowered to $41.00

STAAR Surgical (NASDAQ:STAA) had its price objective dropped by equities researchers at Canaccord Genuity Group from $43.00 to $41.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “hold” rating on the medical instruments supplier’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 6.83% from the company’s previous close.

Several other equities analysts have also commented on the stock. BTIG Research increased their target price on shares of STAAR Surgical from $46.00 to $53.00 and gave the company a “buy” rating in a report on Monday, July 15th. Piper Sandler increased their price target on shares of STAAR Surgical from $33.00 to $40.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Morgan Stanley cut shares of STAAR Surgical from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $50.00 to $37.00 in a research report on Monday, July 15th. Mizuho increased their price target on shares of STAAR Surgical from $53.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Finally, Needham & Company LLC reissued a “hold” rating on shares of STAAR Surgical in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, STAAR Surgical presently has an average rating of “Hold” and an average target price of $47.75.

STAAR Surgical Stock Performance

Shares of STAA stock traded down $1.98 on Thursday, hitting $38.38. 1,231,181 shares of the company’s stock traded hands, compared to its average volume of 703,919. STAAR Surgical has a one year low of $26.66 and a one year high of $52.68. The company’s fifty day simple moving average is $41.94 and its 200 day simple moving average is $39.83. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of 123.81 and a beta of 0.59.

STAAR Surgical (NASDAQ:STAA) last released its earnings results on Wednesday, August 7th. The medical instruments supplier reported $0.15 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.09). STAAR Surgical had a net margin of 4.69% and a return on equity of 6.83%. The business had revenue of $99.01 million for the quarter, compared to the consensus estimate of $95.22 million. During the same period in the prior year, the business posted $0.23 EPS. STAAR Surgical’s revenue for the quarter was up 7.3% on a year-over-year basis. As a group, sell-side analysts anticipate that STAAR Surgical will post 0.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On STAAR Surgical

Institutional investors and hedge funds have recently modified their holdings of the stock. Cape Investment Advisory Inc. purchased a new stake in shares of STAAR Surgical in the 4th quarter worth about $42,000. GAMMA Investing LLC increased its stake in 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 purchasing an additional 992 shares in the last quarter. Covestor Ltd increased its stake in STAAR Surgical by 38.9% during the 1st quarter. Covestor Ltd now owns 2,690 shares of the medical instruments supplier’s stock valued at $103,000 after purchasing an additional 754 shares in the last quarter. Larson Financial Group LLC bought a new stake in STAAR Surgical during the 2nd quarter valued at about $130,000. Finally, Quest Partners LLC bought a new stake in shares of STAAR Surgical in the fourth quarter worth approximately $146,000. 96.70% of the stock is 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.