IRIDEX (NASDAQ:IRIX) Major Shareholder Buys $40,114.00 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin purchased 40,114 shares of IRIDEX stock in a transaction dated Monday, June 2nd. The shares were bought at an average price of $1.00 per share, for a total transaction of $40,114.00. Following the acquisition, the insider owned 520,184 shares in the company, valued at approximately $520,184. This trade represents a 8.36% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

IRIDEX Trading Down 0.9%

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

IRIDEX (NASDAQ:IRIX) last released its quarterly earnings data on Tuesday, August 18th. The medical equipment provider reported ($0.07) earnings per share (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 analysts’ expectations of $13.59 million. As a group, equities research analysts predict that IRIDEX Corporation will post -0.12 EPS for the current year.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On IRIDEX

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