STAAR Surgical (NASDAQ:STAA) Receives $47.75 Average PT from Brokerages

STAAR Surgical (NASDAQ:STAA) has earned an average recommendation of “Hold” from the nine research firms that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, four have given a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $46.43.

Several brokerages have recently issued reports on STAA. Canaccord Genuity Group cut their price target on STAAR Surgical from $43.00 to $41.00 and set a “hold” rating on the stock in a research note on Thursday, August 8th. Needham & Company LLC reiterated a “hold” rating on shares of STAAR Surgical in a report on Thursday, August 8th. Morgan Stanley downgraded STAAR Surgical from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $50.00 to $37.00 in a report on Monday, July 15th. Piper Sandler upped their price objective on STAAR Surgical from $33.00 to $40.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Finally, Mizuho upped their price objective on STAAR Surgical from $53.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, May 8th.

STAAR Surgical Stock Up 3.8 %

Shares of STAA opened at $36.43 on Friday. STAAR Surgical has a 12-month low of $26.66 and a 12-month high of $52.68. The firm has a market capitalization of $1.79 billion, a PE ratio of 117.52 and a beta of 0.59. The stock’s fifty day simple moving average is $41.62 and its 200-day simple moving average is $40.01.

STAAR Surgical (NASDAQ:STAA) last issued its quarterly earnings results 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). STAAR Surgical had a net margin of 4.99% and a return on equity of 5.60%. The firm had revenue of $99.01 million for the quarter, compared to analyst estimates of $95.22 million. During the same period last year, the company earned $0.23 EPS. The company’s revenue was up 7.3% compared to the same quarter last year. Analysts anticipate that STAAR Surgical will post 0.08 EPS for the current year.

Institutional Trading of STAAR Surgical

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company lifted its position in shares of STAAR Surgical by 16.2% in the second quarter. The Manufacturers Life Insurance Company now owns 27,008 shares of the medical instruments supplier’s stock worth $1,286,000 after purchasing an additional 3,758 shares in the last quarter. Millennium Management LLC lifted its position in shares of STAAR Surgical by 84.2% in the second quarter. Millennium Management LLC now owns 178,772 shares of the medical instruments supplier’s stock worth $8,511,000 after purchasing an additional 81,738 shares in the last quarter. Deerfield Management Company L.P. Series C bought a new stake in shares of STAAR Surgical in the second quarter worth $423,000. Squarepoint Ops LLC lifted its position in shares of STAAR Surgical by 108.1% in the second quarter. Squarepoint Ops LLC now owns 62,772 shares of the medical instruments supplier’s stock worth $2,989,000 after purchasing an additional 32,602 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its position in shares of STAAR Surgical by 8.1% in the second quarter. Public Sector Pension Investment Board now owns 108,118 shares of the medical instruments supplier’s stock worth $5,147,000 after purchasing an additional 8,081 shares in the last quarter. 96.70% of the stock is currently owned by institutional investors and hedge funds.

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.