Zacks Investment Research Downgrades STAAR Surgical (STAA) to Sell

STAAR Surgical (NASDAQ:STAA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday.

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. “

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Separately, BidaskClub raised STAAR Surgical from a “strong sell” rating to a “sell” rating in a report on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company’s stock. STAAR Surgical currently has an average rating of “Hold” and an average target price of $17.67.

STAA opened at $14.10 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.13 and a current ratio of 2.82. STAAR Surgical has a 12 month low of $8.95 and a 12 month high of $17.60.

STAAR Surgical (NASDAQ:STAA) last posted its quarterly earnings results on Wednesday, February 28th. The medical instruments supplier reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.01). The business had revenue of $24.85 million during the quarter. STAAR Surgical had a negative net margin of 2.36% and a negative return on equity of 2.28%. analysts predict that STAAR Surgical will post 0.03 EPS for the current fiscal year.

In related news, CTO Keith Holliday sold 2,188 shares of STAAR Surgical stock in a transaction on Thursday, March 22nd. The stock was sold at an average price of $16.03, for a total transaction of $35,073.64. Following the completion of the transaction, the chief technology officer now directly owns 43,781 shares of the company’s stock, valued at $701,809.43. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Caren L. Mason sold 6,667 shares of STAAR Surgical stock in a transaction on Monday, March 19th. The stock was sold at an average price of $16.09, for a total value of $107,272.03. Following the transaction, the chief executive officer now directly owns 51,513 shares of the company’s stock, valued at $828,844.17. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,479 shares of company stock valued at $216,561. 5.60% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the stock. Prudential Financial Inc. acquired a new position in STAAR Surgical during the third quarter worth $138,000. Citadel Advisors LLC acquired a new position in STAAR Surgical during the third quarter worth $172,000. Macquarie Group Ltd. raised its holdings in STAAR Surgical by 138.2% during the fourth quarter. Macquarie Group Ltd. now owns 17,630 shares of the medical instruments supplier’s stock worth $273,000 after purchasing an additional 10,230 shares during the last quarter. Driehaus Capital Management LLC acquired a new position in shares of STAAR Surgical in the fourth quarter worth $292,000. Finally, MetLife Investment Advisors LLC acquired a new position in shares of STAAR Surgical in the fourth quarter worth $301,000. 78.95% of the stock is owned by hedge funds and other institutional investors.

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About STAAR Surgical

STAAR Surgical Company designs, develops, manufactures and sells implantable lenses for the eye and delivery systems used to deliver the lenses into the eye. It operates in the ophthalmic surgical market segment. Its principal products are intraocular lenses used in cataract surgery and implantable collamer lenses used in refractive surgery.

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