StockNews.com Initiates Coverage on IRIDEX (NASDAQ:IRIX)

Analysts at StockNews.com started coverage on shares of IRIDEX (NASDAQ:IRIX – Get Rating) in a research note issued to investors on Wednesday. The brokerage set a “buy” rating on the medical equipment provider’s stock.

IRIDEX Trading Down 4.9 %

IRIDEX stock opened at $2.31 on Wednesday. IRIDEX has a 1 year low of $1.96 and a 1 year high of $3.49. The company has a market cap of $36.98 million, a PE ratio of -5.13 and a beta of 1.25. The company’s 50-day moving average is $2.20 and its two-hundred day moving average is $2.20.

IRIDEX (NASDAQ:IRIX – Get Rating) last released its earnings results on Thursday, March 9th. The medical equipment provider reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. IRIDEX had a negative net margin of 12.65% and a negative return on equity of 41.04%. The company had revenue of $15.20 million for the quarter, compared to the consensus estimate of $15.17 million. Research analysts forecast that IRIDEX will post -0.36 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its position in IRIDEX by 4.0% during 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 during the period. State Street Corp increased its stake 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 acquiring an additional 3,956 shares during the last quarter. Clayton Partners LLC bought a new stake in shares of IRIDEX in the 1st quarter valued at about $58,000. Mackenzie Financial Corp bought a new stake in shares of IRIDEX in the 1st quarter valued at about $56,000. Finally, Isthmus Partners LLC increased its stake in shares of IRIDEX by 13.5% in the 1st quarter. Isthmus Partners LLC now owns 378,818 shares of the medical equipment provider’s stock valued at $769,000 after acquiring an additional 45,026 shares during the last quarter. 28.63% of the stock is currently owned by institutional investors and hedge funds.

About IRIDEX

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IRIDEX Corp. engages in developing, manufacturing, and marketing medical systems, delivery devices, and consumable instrumentation for the ophthalmology market. Its products include lasers, laser delivery and glaucoma devices, retinal surgical instruments, veterinary, and ENT. The company was founded by Eduardo Arias, Theodore A.