Canaccord Genuity Group Has Lowered Expectations for STAAR Surgical (NASDAQ:STAA) Stock Price

STAAR Surgical (NASDAQ:STAA - Free Report) had its target price cut by Canaccord Genuity Group from $41.00 to $31.00 in a research report released on Friday, Benzinga reports. They currently have a hold rating on the medical instruments supplier's stock.

Other equities research analysts also recently issued research reports about the stock. BTIG Research boosted their target price on shares of STAAR Surgical from $46.00 to $53.00 and gave the stock a "buy" rating in a research report on Monday, July 15th. Morgan Stanley lowered STAAR Surgical from an "equal weight" rating to an "underweight" rating and lowered their price objective for the company from $50.00 to $37.00 in a report on Monday, July 15th. Needham & Company LLC reaffirmed a "hold" rating on shares of STAAR Surgical in a report on Thursday. Finally, Stifel Nicolaus decreased their target price on STAAR Surgical from $50.00 to $44.00 and set a "buy" rating for the company in a research report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, STAAR Surgical presently has a consensus rating of "Hold" and a consensus price target of $44.14.

STAAR Surgical Stock Performance

Shares of NASDAQ STAA traded down $0.43 during midday trading on Friday, reaching $28.56. 633,010 shares of the company's stock were exchanged, compared to its average volume of 715,993. STAAR Surgical has a 52-week low of $26.66 and a 52-week high of $52.68. The business's fifty day moving average price is $31.86 and its two-hundred day moving average price is $38.57. The stock has a market capitalization of $1.40 billion, a PE ratio of 64.91 and a beta of 0.59.

STAAR Surgical (NASDAQ:STAA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The medical instruments supplier reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.09). The business had revenue of $99.01 million for the quarter, compared to analysts' expectations of $95.22 million. STAAR Surgical had a return on equity of 6.91% and a net margin of 6.38%. STAAR Surgical's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.23 earnings per share. Analysts predict that STAAR Surgical will post 0.16 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Arthur C. Butcher purchased 1,315 shares of the business's stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average price of $37.99 per share, with a total value of $49,956.85. Following the acquisition, the director now owns 4,208 shares in the company, valued at approximately $159,861.92. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.00% of the company's stock.

Institutional Trading of STAAR Surgical

Hedge funds have recently bought and sold shares of the company. Defender Capital LLC. lifted its holdings in STAAR Surgical by 1.1% in the first quarter. Defender Capital LLC. now owns 730,387 shares of the medical instruments supplier's stock worth $27,959,000 after purchasing an additional 7,855 shares during the period. Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of STAAR Surgical by 50.1% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 592,621 shares of the medical instruments supplier's stock valued at $28,215,000 after acquiring an additional 197,717 shares during the last quarter. Yunqi Capital Ltd raised its position in shares of STAAR Surgical by 162.0% during the first quarter. Yunqi Capital Ltd now owns 515,300 shares of the medical instruments supplier's stock worth $19,726,000 after purchasing an additional 318,600 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of STAAR Surgical by 25.9% during the second quarter. Dimensional Fund Advisors LP now owns 459,655 shares of the medical instruments supplier's stock valued at $21,884,000 after purchasing an additional 94,422 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of STAAR Surgical by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 405,222 shares of the medical instruments supplier's stock valued at $19,293,000 after purchasing an additional 5,712 shares during the period. 96.70% of the stock is currently owned by institutional investors.

STAAR Surgical Company Profile

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia.