IRIDEX (NASDAQ:IRIX) Coverage Initiated by Analysts at StockNews.com

StockNews.com initiated coverage on shares of IRIDEX (NASDAQ:IRIXGet Rating) in a research note published on Monday. The brokerage issued a buy rating on the medical equipment provider’s stock.

Separately, Stifel Nicolaus cut shares of IRIDEX from a buy rating to a hold rating and cut their price objective for the stock from $5.00 to $3.00 in a report on Friday, August 26th.

IRIDEX Price Performance

Shares of IRIX stock opened at $2.16 on Monday. The company has a 50-day moving average of $2.31 and a two-hundred day moving average of $2.65. IRIDEX has a 1-year low of $1.96 and a 1-year high of $6.84. The firm has a market cap of $34.54 million, a PE ratio of -3.93 and a beta of 1.23.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Isthmus Partners LLC increased its stake in shares of IRIDEX by 5.6% during the 1st quarter. Isthmus Partners LLC now owns 227,119 shares of the medical equipment provider’s stock valued at $1,052,000 after acquiring an additional 12,018 shares during the last quarter. Essex Investment Management Co. LLC boosted its holdings in IRIDEX by 39.7% in the 1st quarter. Essex Investment Management Co. LLC now owns 306,993 shares of the medical equipment provider’s stock worth $1,421,000 after acquiring an additional 87,240 shares during the period. Dimensional Fund Advisors LP raised its position in shares of IRIDEX by 4.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 240,729 shares of the medical equipment provider’s stock valued at $1,115,000 after purchasing an additional 9,361 shares in the last quarter. Mackenzie Financial Corp acquired a new position in shares of IRIDEX in the 1st quarter valued at approximately $56,000. Finally, State Street Corp raised its position in shares of IRIDEX by 9.7% in the 1st quarter. State Street Corp now owns 44,718 shares of the medical equipment provider’s stock valued at $207,000 after purchasing an additional 3,956 shares in the last quarter. Institutional investors and hedge funds own 22.10% of the company’s stock.

About IRIDEX

(Get Rating)

IRIDEX Corporation, an ophthalmic medical technology company, provides therapeutic based laser systems, delivery devices, and consumable instrumentation to treat sight-threatening eye diseases in ophthalmology. It offers laser consoles, such as Cyclo G6 laser system for use in the treatment of glaucoma; IQ 532 and IQ 577 laser photocoagulation systems, which are used for the treatment of diabetic macular edema and other retinal diseases; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser photocoagulation systems that are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.

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