IRIDEX (NASDAQ:IRIX) Major Shareholder Acquires $15,597.45 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin bought 15,755 shares of the business’s stock in a transaction that occurred on Monday, June 9th. The shares were bought at an average cost of $0.99 per share, with a total value of $15,597.45. Following the completion of the purchase, the insider directly owned 604,100 shares of the company’s stock, valued at $598,059. This represents a 2.68% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

IRIDEX Stock Down 0.9%

Shares of IRIX stock opened at $0.89 on Friday. The stock has a market cap of $15.64 million, a P/E ratio of -4.45 and a beta of 0.67. IRIDEX Corporation has a 52 week low of $0.61 and a 52 week high of $1.65. The company’s fifty day simple moving average is $0.73 and its two-hundred day simple moving average is $0.95.

IRIDEX (NASDAQ:IRIX) last released 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 business had revenue of $12.57 million for the quarter, compared to analyst estimates of $13.59 million. On average, analysts anticipate that IRIDEX Corporation will post -0.12 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $3.00.

Institutional Investors Weigh In On IRIDEX

A number of hedge funds have recently bought and sold shares of the business. United Capital Financial Advisors LLC purchased a new position in shares of IRIDEX in the 2nd quarter worth $41,000. Weber Capital Management LLC ADV purchased a new stake in shares of IRIDEX during the 2nd quarter valued at about $206,616. Diversify Advisory Services LLC purchased a new stake in shares of IRIDEX during the 2nd quarter valued at about $30,000. Bank of New York Mellon Corp bought a new position in shares of IRIDEX in the 2nd quarter valued at about $29,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of IRIDEX by 6.7% in the 1st quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock valued at $401,000 after acquiring an additional 25,067 shares during the last quarter. Hedge funds and other institutional investors own 20.10% of the company’s stock.

IRIDEX Company Profile

IRIDEX Corporation (NASDAQ: IRIX) develops and sells ophthalmic laser systems and related delivery devices used in the treatment of eye diseases. Its products are designed primarily for ophthalmologists treating glaucoma and retinal disorders, including diabetic retinopathy and other conditions affecting the retina.

The company’s portfolio includes laser systems such as the Cyclo G6 glaucoma laser platform and the IQ series of retinal photocoagulation lasers. IRIDEX also offers specialized probes and other delivery devices, including MicroPulse and transscleral cyclophotocoagulation technologies, which are intended to provide targeted treatment while limiting exposure to surrounding tissue.

Founded in 1989 and headquartered in Mountain View, California, IRIDEX serves eye-care professionals through a combination of direct sales and distributor relationships in the United States and international markets.