IRIDEX (NASDAQ:IRIX) Major Shareholder Purchases $30,833.96 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin bought 26,581 shares of the firm’s stock in a transaction dated Wednesday, May 7th. The stock was purchased at an average price of $1.16 per share, with a total value of $30,833.96. Following the transaction, the insider owned 177,497 shares in the company, valued at approximately $205,896.52. This represents a 17.61% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

IRIDEX Trading Down 0.9%

Shares of NASDAQ IRIX opened at $0.89 on Friday. The business has a 50 day simple moving average of $0.73 and a 200-day simple moving average of $0.95. IRIDEX Corporation has a twelve month low of $0.61 and a twelve month high of $1.65. The company has a market capitalization 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) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). The business had revenue of $12.57 million for the quarter, compared to analysts’ expectations of $13.59 million. As a group, equities analysts predict that IRIDEX Corporation will post -0.12 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of 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 issued a Sell rating to the company. Based on data from MarketBeat, IRIDEX currently has an average rating of “Hold” and a consensus price target of $3.00.

Institutional Trading of IRIDEX

Hedge funds and other institutional investors have recently modified their holdings of the company. Perkins Capital Management Inc. raised its holdings in shares of IRIDEX by 33.9% in the 1st quarter. Perkins Capital Management Inc. now owns 55,300 shares of the medical equipment provider’s stock worth $56,000 after purchasing an additional 14,000 shares in the last quarter. Thompson Davis & CO. Inc. lifted its holdings in shares of 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 in the last quarter. Renaissance Technologies LLC lifted its stake in IRIDEX by 6.7% in the 1st quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock worth $401,000 after acquiring an additional 25,067 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of IRIDEX during the second quarter worth approximately $29,000. Finally, Diversify Wealth Management LLC acquired a new stake in shares of IRIDEX during the 1st quarter valued at $35,000. Institutional investors own 20.10% of the company’s stock.

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.