Second Sight Medical (EYES) Rating Increased to Buy at Zacks Investment Research

Second Sight Medical (NASDAQ:EYES) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm currently has a $2.25 target price on the medical device company’s stock. Zacks Investment Research‘s target price points to a potential upside of 7.14% from the stock’s previous close.

According to Zacks, “Second Sight Medical Products, Inc. is a medical device company. It develops, manufactures, and markets implantable prosthetic devices to restore some functional vision to blind patients. The Company provides Argus II system, an implantable neurostimulation device for the treatment of outer retinal degenerations, such as retinitis pigmentosa. Second Sight Medical Products, Inc. is headquartered in Sylmar, California. “

EYES has been the subject of a number of other reports. HC Wainwright set a $5.00 price objective on Second Sight Medical and gave the company a “buy” rating in a report on Monday, February 5th. ValuEngine upgraded Second Sight Medical from a “sell” rating to a “hold” rating in a report on Wednesday, May 2nd.

Second Sight Medical traded up $0.05, reaching $2.10, on Thursday, according to Marketbeat.com. The company had a trading volume of 376,497 shares, compared to its average volume of 550,736. The company has a market capitalization of $118.55 million, a price-to-earnings ratio of -3.56 and a beta of 3.05. Second Sight Medical has a fifty-two week low of $1.97 and a fifty-two week high of $2.09.

Second Sight Medical (NASDAQ:EYES) last posted its quarterly earnings data on Thursday, May 10th. The medical device company reported ($0.17) earnings per share for the quarter. The company had revenue of $0.98 million during the quarter. Second Sight Medical had a negative net margin of 387.35% and a negative return on equity of 251.37%. sell-side analysts anticipate that Second Sight Medical will post -0.58 earnings per share for the current year.

In related news, Director Gregg Williams acquired 6,756,757 shares of the firm’s stock in a transaction that occurred on Thursday, May 3rd. The stock was acquired at an average cost of $1.48 per share, for a total transaction of $10,000,000.36. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 34.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Glassman Wealth Services acquired a new stake in Second Sight Medical in the first quarter valued at $139,000. HBK Sorce Advisory LLC grew its holdings in Second Sight Medical by 278.5% during the 4th quarter. HBK Sorce Advisory LLC now owns 94,635 shares of the medical device company’s stock worth $181,000 after acquiring an additional 69,635 shares during the period. Virtu Financial LLC acquired a new stake in Second Sight Medical during the 4th quarter worth about $759,000. Finally, Sigma Planning Corp acquired a new stake in Second Sight Medical during the 4th quarter worth about $144,000. Institutional investors and hedge funds own 12.89% of the company’s stock.

About Second Sight Medical

Second Sight Medical Products, Inc, together with its subsidiaries, develops, manufactures, and markets prosthetic devices to restore functional vision of blind individuals in the United States, Canada, Europe, the Middle East, and Asia. It offers Argus II System, which treats outer retinal degenerations, such as retinitis pigmentosa.

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