STAAR Surgical (NASDAQ:STAA) Shares Gap Down - Here's What Happened

STAAR Surgical (NASDAQ:STAA - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $17.62, but opened at $16.45. STAAR Surgical shares last traded at $17.76, with a volume of 96,771 shares traded.

Analysts Set New Price Targets

Several equities research analysts have issued reports on STAA shares. Piper Sandler dropped their price objective on STAAR Surgical from $40.00 to $16.00 and set a "neutral" rating on the stock in a report on Wednesday, February 12th. Canaccord Genuity Group lowered their price objective on STAAR Surgical from $28.00 to $17.00 and set a "hold" rating for the company in a report on Thursday, February 13th. BTIG Research downgraded STAAR Surgical from a "buy" rating to a "neutral" rating in a report on Wednesday, February 12th. Needham & Company LLC reiterated a "hold" rating on shares of STAAR Surgical in a research note on Thursday, February 27th. Finally, Stephens reissued an "equal weight" rating and set a $17.00 target price on shares of STAAR Surgical in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $25.29.

STAAR Surgical Price Performance

The stock has a market capitalization of $874.04 million, a price-to-earnings ratio of -43.22 and a beta of 0.66. The company has a 50-day simple moving average of $19.87 and a two-hundred day simple moving average of $25.66.

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Insider Buying and Selling at STAAR Surgical

In related news, major shareholder Broadwood Partners, L.P. bought 8,221 shares of the stock in a transaction on Thursday, January 16th. The shares were purchased at an average price of $21.50 per share, with a total value of $176,751.50. Following the purchase, the insider now owns 10,878,007 shares in the company, valued at approximately $233,877,150.50. This represents a 0.08 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders bought 1,036,187 shares of company stock valued at $17,239,548 in the last ninety days. Company insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On STAAR Surgical

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP acquired a new stake in shares of STAAR Surgical in the third quarter valued at $50,000. Quest Partners LLC bought a new position in shares of STAAR Surgical during the 3rd quarter valued at about $128,000. KLP Kapitalforvaltning AS acquired a new position in shares of STAAR Surgical in the 4th quarter worth approximately $180,000. Larson Financial Group LLC raised its holdings in shares of STAAR Surgical by 78.3% in the 3rd quarter. Larson Financial Group LLC now owns 4,863 shares of the medical instruments supplier's stock worth $181,000 after purchasing an additional 2,135 shares in the last quarter. Finally, Bridgefront Capital LLC boosted its holdings in STAAR Surgical by 27.2% during the fourth quarter. Bridgefront Capital LLC now owns 10,792 shares of the medical instruments supplier's stock worth $262,000 after buying an additional 2,306 shares in the last quarter. 96.70% of the stock is owned by institutional investors.

About STAAR Surgical

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.