IRIDEX (NASDAQ:IRIX) Major Shareholder Acquires $44,400.00 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin purchased 30,000 shares of IRIDEX stock in a transaction dated Friday, January 23rd. The shares were bought at an average price of $1.48 per share, with a total value of $44,400.00. Following the completion of the transaction, the insider owned 1,001,299 shares in the company, valued at approximately $1,481,922.52. This trade represents a 3.09% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

IRIDEX Price Performance

Shares of NASDAQ:IRIX opened at $0.89 on Friday. The firm has a market capitalization of $15.64 million, a price-to-earnings ratio of -4.45 and a beta of 0.67. The business’s 50 day simple moving average is $0.73 and its 200-day simple moving average is $0.95. IRIDEX Corporation has a 12 month low of $0.61 and a 12 month high of $1.65.

IRIDEX (NASDAQ:IRIX) last released its quarterly earnings data on Tuesday, August 18th. The medical equipment provider reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.06). The company had revenue of $12.57 million during the quarter, compared to analysts’ expectations of $13.59 million. On average, equities analysts anticipate that IRIDEX Corporation will post -0.12 earnings per share for the current year.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Weber Capital Management LLC ADV acquired a new stake in IRIDEX during the 2nd quarter valued at $206,616. United Capital Financial Advisors LLC acquired a new position in shares of IRIDEX in the second quarter worth $41,000. Diversify Wealth Management LLC acquired a new position in shares of IRIDEX in the first quarter worth $35,000. Diversify Advisory Services LLC purchased a new stake in shares of IRIDEX in the second quarter valued at $30,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of IRIDEX in the second quarter valued at $29,000. 20.10% of the stock is currently owned by institutional investors and hedge funds.

About IRIDEX

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.