IRIDEX Co. (NASDAQ:IRIX) Short Interest Up 9.9% in October

IRIDEX Co. (NASDAQ:IRIX) was the recipient of a large growth in short interest during the month of October. As of October 15th, there was short interest totalling 336,800 shares, a growth of 9.9% from the September 30th total of 306,500 shares. Based on an average daily volume of 24,800 shares, the days-to-cover ratio is currently 13.6 days. Currently, 2.7% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

Separately, StockNews.com assumed coverage on IRIDEX in a research note on Thursday, October 24th. They issued a “hold” rating for the company.

Hedge Funds Weigh In On IRIDEX

A hedge fund recently raised its stake in IRIDEX stock. AMH Equity Ltd raised its stake in IRIDEX Co. (NASDAQ:IRIX) by 15.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 456,400 shares of the medical equipment provider’s stock after buying an additional 60,400 shares during the period. IRIDEX comprises about 1.3% of AMH Equity Ltd’s portfolio, making the stock its 20th biggest position. AMH Equity Ltd owned 2.81% of IRIDEX worth $1,360,000 as of its most recent filing with the Securities and Exchange Commission. 20.10% of the stock is owned by institutional investors and hedge funds.

IRIDEX Stock Down 4.4 %

Shares of NASDAQ:IRIX traded down $0.07 during trading on Thursday, reaching $1.53. 24,132 shares of the company traded hands, compared to its average volume of 29,922. The company’s 50 day moving average is $1.78 and its two-hundred day moving average is $2.14. The firm has a market capitalization of $24.87 million, a PE ratio of -2.28 and a beta of 0.78. IRIDEX has a 52 week low of $1.45 and a 52 week high of $3.65.

IRIDEX (NASDAQ:IRIX) last posted its quarterly earnings results on Thursday, August 8th. The medical equipment provider reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). IRIDEX had a negative return on equity of 134.37% and a negative net margin of 21.84%. The business had revenue of $12.63 million for the quarter, compared to analyst estimates of $12.80 million. During the same period last year, the firm posted ($0.17) EPS.

About IRIDEX

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 systems, which are used for the treatment of retinal disorders; 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.