STAAR Surgical (NASDAQ:STAA) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of STAAR Surgical (NASDAQ:STAA) from a hold rating to a buy rating in a research note issued to investors on Friday, Zacks.com reports. The firm currently has $34.00 price target on the medical instruments supplier’s stock.

According to Zacks, “Staar Surgical Company has evolved to become a developer, manufacturer and global distributor of products used by ophthalmologists and other eye care professionals to improve or correct vision in patients suffering from refractive conditions, cataracts and glaucoma. “

A number of other equities analysts also recently weighed in on the company. Canaccord Genuity dropped their target price on Jamieson Wellness from C$23.00 to C$20.00 in a report on Monday, May 6th. BidaskClub upgraded Zumiez from a sell rating to a hold rating in a report on Saturday, June 22nd. Finally, ValuEngine downgraded Zosano Pharma from a buy rating to a hold rating in a report on Wednesday, May 1st. Five equities research analysts have rated the stock with a buy rating, The company has a consensus rating of Buy and an average target price of $42.00.

Shares of STAA opened at $31.54 on Friday. The firm has a market cap of $1.36 billion, a P/E ratio of 112.64 and a beta of 2.32. STAAR Surgical has a fifty-two week low of $21.70 and a fifty-two week high of $54.00. The company has a quick ratio of 4.83, a current ratio of 5.41 and a debt-to-equity ratio of 0.04. The firm has a 50-day simple moving average of $27.70.

STAAR Surgical (NASDAQ:STAA) last issued its earnings results on Wednesday, May 1st. The medical instruments supplier reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.06. The company had revenue of $32.58 million for the quarter, compared to the consensus estimate of $32.40 million. STAAR Surgical had a return on equity of 13.22% and a net margin of 4.44%. During the same quarter in the prior year, the company earned $0.01 EPS. On average, equities analysts predict that STAAR Surgical will post 0.33 earnings per share for the current year.

In other news, major shareholder Broadwood Partners, L.P. acquired 100,000 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were purchased at an average price of $22.23 per share, for a total transaction of $2,223,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.90% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its holdings in STAAR Surgical by 1.4% in the fourth quarter. BlackRock Inc. now owns 3,111,085 shares of the medical instruments supplier’s stock worth $99,276,000 after buying an additional 42,395 shares during the last quarter. Baillie Gifford & Co. grew its holdings in STAAR Surgical by 4.0% during the first quarter. Baillie Gifford & Co. now owns 1,774,201 shares of the medical instruments supplier’s stock valued at $60,659,000 after purchasing an additional 68,680 shares during the last quarter. Defender Capital LLC. grew its holdings in STAAR Surgical by 10.2% during the first quarter. Defender Capital LLC. now owns 524,686 shares of the medical instruments supplier’s stock valued at $18,547,000 after purchasing an additional 48,400 shares during the last quarter. Geode Capital Management LLC grew its holdings in STAAR Surgical by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 407,917 shares of the medical instruments supplier’s stock valued at $13,016,000 after purchasing an additional 5,146 shares during the last quarter. Finally, Two Sigma Investments LP grew its holdings in STAAR Surgical by 21.8% during the fourth quarter. Two Sigma Investments LP now owns 393,603 shares of the medical instruments supplier’s stock valued at $12,560,000 after purchasing an additional 70,510 shares during the last quarter. Hedge funds and other institutional investors own 89.80% of the company’s stock.

STAAR Surgical Company Profile

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and delivery systems to deliver the lenses into the eye. The company provides Visian implantable collamer lenses (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia; and Hyperopic ICL, which treats far-sightedness.

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