IRIDEX (NASDAQ:IRIX) Stock Price Breaks Below 200-Day Moving Average – Time to Sell?

IRIDEX Corporation (NASDAQ:IRIX) shares crossed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $0.98 and traded as low as $0.6150. IRIDEX shares last traded at $0.6350, with a volume of 44,981 shares.

Analysts Set New Price Targets

Separately, Weiss Ratings cut IRIDEX from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, September 18th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $3.00.

IRIDEX Trading Up 0.3%

The company has a market capitalization of $11.10 million, a P/E ratio of -3.16 and a beta of 0.62. The company’s 50 day moving average is $0.75 and its 200-day moving average is $0.97.

IRIDEX (NASDAQ:IRIX) last posted its quarterly earnings data on Tuesday, August 18th. The medical equipment provider reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.06). The company had revenue of $12.57 million for the quarter, compared to analyst estimates of $13.59 million.

Institutional Trading of IRIDEX

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp bought a new position in IRIDEX during the 2nd quarter valued at approximately $29,000. Diversify Advisory Services LLC bought a new stake in IRIDEX in the second quarter worth $30,000. Diversify Wealth Management LLC purchased a new stake in shares of IRIDEX in the first quarter worth $35,000. United Capital Financial Advisors LLC bought a new position in shares of IRIDEX during the second quarter valued at $41,000. Finally, Thompson Davis & CO. Inc. increased its holdings in shares of IRIDEX by 66.5% during the first quarter. Thompson Davis & CO. Inc. now owns 47,444 shares of the medical equipment provider’s stock valued at $48,000 after acquiring an additional 18,944 shares in the last quarter. Hedge funds and other institutional investors own 20.10% of the company’s stock.

About IRIDEX

IRIDEX Corporation develops and markets ophthalmic laser systems and related delivery devices used by eye-care professionals. Its technologies are designed primarily to treat glaucoma and retinal diseases, including conditions that can lead to vision loss.

The company’s product portfolio includes laser systems, probes and treatment delivery devices that support procedures such as MicroPulse cyclophotocoagulation and retinal photocoagulation. Its Cyclo G6 platform is used in glaucoma treatments, while its retinal laser products are intended for procedures involving diseases of the retina.

Founded in 1989 and headquartered in Mountain View, California, IRIDEX serves ophthalmologists, hospitals, ambulatory surgery centers and other eye-care providers.