Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Acquires $21,000.00 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin bought 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 20th. The shares were purchased at an average cost of $1.05 per share, with a total value of $21,000.00. Following the acquisition, the insider directly owned 369,023 shares of the company’s stock, valued at approximately $387,474.15. This trade represents a 5.73% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s shares 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 company’s 50 day moving average is $0.73 and its 200 day moving average is $0.95. The company has a market cap of $15.64 million, a PE ratio of -4.45 and a beta of 0.67. IRIDEX Corporation has a twelve month low of $0.61 and a twelve month high of $1.65.

IRIDEX (NASDAQ:IRIX) last issued its earnings results 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. Equities research analysts predict that IRIDEX Corporation will post -0.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. One investment 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 presently has an average rating of “Hold” and a consensus price target of $3.00.

Hedge Funds Weigh In On IRIDEX

Several institutional investors have recently made changes to their positions in IRIX. Perkins Capital Management Inc. lifted its stake 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 valued at $56,000 after purchasing an additional 14,000 shares during the period. Thompson Davis & CO. Inc. grew its position in IRIDEX by 66.5% during the first quarter. Thompson Davis & CO. Inc. now owns 47,444 shares of the medical equipment provider’s stock valued at $48,000 after buying an additional 18,944 shares during the period. Renaissance Technologies LLC increased its holdings in IRIDEX by 6.7% in the first quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock valued at $401,000 after buying an additional 25,067 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in IRIDEX in the second quarter valued at $29,000. Finally, Diversify Wealth Management LLC acquired a new position in shares of IRIDEX in the first quarter worth about $35,000. 20.10% of the stock is owned by hedge funds and other institutional investors.

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.