IRIDEX (IRIX) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of IRIDEX (NASDAQ:IRIX) from a sell rating to a hold rating in a report released on Thursday.

According to Zacks, “IRIDEX Corporation is the leading worldwide provider of semiconductor-based laser systems used to treat eye diseases in ophthalmology and skin lesions in dermatology. The products are sold in the United States predominantly through a direct sales force and internationally through independent distributors. The company markets the products using three brand names: IRIS Medical to the ophthalmology market, IRIDERM to the dermatology market, and Light Solutions to the research market. “

Shares of IRIDEX traded down $0.14, hitting $7.08, during trading on Thursday, Marketbeat.com reports. 15,100 shares of the company’s stock traded hands, compared to its average volume of 22,240. IRIDEX has a 1 year low of $4.28 and a 1 year high of $10.98. The stock has a market capitalization of $80.88 million, a PE ratio of -6.38 and a beta of 1.38.

IRIDEX (NASDAQ:IRIX) last released its quarterly earnings data on Thursday, May 3rd. The medical equipment provider reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.02. IRIDEX had a negative return on equity of 44.78% and a negative net margin of 35.95%. The company had revenue of $9.51 million for the quarter, compared to analysts’ expectations of $8.80 million. research analysts anticipate that IRIDEX will post -1.16 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the stock. Isthmus Partners LLC boosted its position in shares of IRIDEX by 10.0% during the first quarter. Isthmus Partners LLC now owns 88,464 shares of the medical equipment provider’s stock valued at $506,000 after buying an additional 8,056 shares during the last quarter. Deutsche Bank AG boosted its position in shares of IRIDEX by 31.6% during the fourth quarter. Deutsche Bank AG now owns 35,430 shares of the medical equipment provider’s stock valued at $269,000 after buying an additional 8,509 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of IRIDEX by 12.8% during the fourth quarter. Renaissance Technologies LLC now owns 272,900 shares of the medical equipment provider’s stock valued at $2,079,000 after buying an additional 31,000 shares during the last quarter. Finally, Lyon Street Capital LLC boosted its position in shares of IRIDEX by 9.3% during the fourth quarter. Lyon Street Capital LLC now owns 483,760 shares of the medical equipment provider’s stock valued at $3,686,000 after buying an additional 41,113 shares during the last quarter. 48.09% of the stock is currently owned by institutional investors.

IRIDEX Company Profile

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. The company 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 diabetic macular edema and other retinal diseases; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser systems, which are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.

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