STAAR Surgical (NASDAQ:STAA) Stock Price Down 6.1% – What’s Next?

STAAR Surgical (NASDAQ:STAA)’s share price dropped 6.1% on Tuesday . The company traded as low as $18.40 and last traded at $18.44. Approximately 171,372 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 1,108,150 shares. The stock had previously closed at $19.65.

Wall Street Analyst Weigh In

STAA has been the subject of a number of analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of STAAR Surgical in a report on Thursday, February 27th. Piper Sandler cut their price target on shares of STAAR Surgical from $40.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, February 12th. Mizuho downgraded STAAR Surgical from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $45.00 to $17.00 in a report on Wednesday, February 12th. Canaccord Genuity Group dropped their price objective on STAAR Surgical from $28.00 to $17.00 and set a “hold” rating for the company in a report on Thursday, February 13th. Finally, Stifel Nicolaus cut their price objective on STAAR Surgical from $38.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, February 12th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $26.86.

STAAR Surgical Stock Performance

The company has a market capitalization of $896.88 million, a P/E ratio of -44.40 and a beta of 0.66. The company’s fifty day simple moving average is $20.93 and its 200-day simple moving average is $26.55.

Insider Activity at STAAR Surgical

In related news, major shareholder Broadwood Partners, L.P. acquired 259,316 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The shares were bought at an average price of $17.05 per share, with a total value of $4,421,337.80. Following the completion of the transaction, the insider now directly owns 11,548,753 shares in the company, valued at $196,906,238.65. This trade represents a 2.30 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have acquired a total of 910,843 shares of company stock valued at $15,509,972 over the last ninety days. 1.00% of the stock is owned by company insiders.

Institutional Trading of STAAR Surgical

Hedge funds have recently modified their holdings of the company. Quarry LP purchased a new stake in STAAR Surgical during the third quarter valued at approximately $50,000. Quest Partners LLC purchased a new stake in shares of STAAR Surgical during the 3rd quarter valued at $128,000. Van ECK Associates Corp boosted its position in shares of STAAR Surgical by 12.7% in the 3rd quarter. Van ECK Associates Corp now owns 3,478 shares of the medical instruments supplier’s stock worth $129,000 after purchasing an additional 393 shares in the last quarter. Larson Financial Group LLC boosted its position in shares of STAAR Surgical by 78.3% in the 3rd quarter. Larson Financial Group LLC now owns 4,863 shares of the medical instruments supplier’s stock worth $181,000 after purchasing an additional 2,135 shares in the last quarter. Finally, Creative Planning grew its stake in STAAR Surgical by 8.0% during the 3rd quarter. Creative Planning now owns 5,524 shares of the medical instruments supplier’s stock worth $205,000 after buying an additional 408 shares during the last quarter. 96.70% of the stock is owned by hedge funds and other institutional investors.

STAAR Surgical Company Profile

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.