IRIDEX (NASDAQ:IRIX) Major Shareholder Buys $60,000.00 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin acquired 50,000 shares of the stock in a transaction that occurred on Thursday, April 24th. The stock was purchased at an average price of $1.20 per share, for a total transaction of $60,000.00. Following the completion of the transaction, the insider owned 128,858 shares in the company, valued at $154,629.60. The trade was a 63.41% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

IRIDEX Stock Performance

Shares of IRIX opened at $0.89 on Friday. The stock has a market capitalization of $15.64 million, a P/E ratio of -4.45 and a beta of 0.67. IRIDEX Corporation has a 1 year low of $0.61 and a 1 year high of $1.65. The company’s fifty day moving average is $0.73 and its two-hundred day moving average is $0.95.

IRIDEX (NASDAQ:IRIX) last issued its earnings results 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 firm had revenue of $12.57 million for the quarter, compared to analyst estimates of $13.59 million. Sell-side analysts predict that IRIDEX Corporation will post -0.12 EPS for the current year.

Institutional Investors Weigh In On IRIDEX

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

Analyst Ratings Changes

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

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.