Shares of IRIDEX Co. (NASDAQ:IRIX) have been given an average broker rating score of 1.00 (Strong Buy) from the one brokers that cover the stock, Zacks Investment Research reports. One research analyst has rated the stock with a strong buy rating.
Brokerages have set a 12-month consensus price objective of $11.00 for the company and are forecasting that the company will post ($0.30) earnings per share for the current quarter, according to Zacks. Zacks has also given IRIDEX an industry rank of 216 out of 255 based on the ratings given to related companies.
Separately, Zacks Investment Research upgraded shares of IRIDEX from a “hold” rating to a “buy” rating and set a $8.50 price objective on the stock in a research report on Thursday, August 9th.
Shares of IRIX opened at $6.69 on Friday. IRIDEX has a twelve month low of $4.28 and a twelve month high of $10.98.
IRIDEX (NASDAQ:IRIX) last posted its quarterly earnings data on Thursday, August 2nd. The medical equipment provider reported ($0.28) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.32) by $0.04. The company had revenue of $10.30 million for the quarter, compared to analysts’ expectations of $9.21 million. IRIDEX had a negative net margin of 36.98% and a negative return on equity of 51.61%. equities analysts anticipate that IRIDEX will post -1.14 earnings per share for the current year.
A number of institutional investors and hedge funds have recently modified their holdings of IRIX. Eidelman Virant Capital purchased a new stake in IRIDEX in the second quarter worth approximately $760,000. First Light Asset Management LLC boosted its stake in IRIDEX by 22.0% in the first quarter. First Light Asset Management LLC now owns 387,687 shares of the medical equipment provider’s stock worth $2,218,000 after buying an additional 69,888 shares in the last quarter. Blair William & Co. IL purchased a new stake in IRIDEX in the first quarter worth approximately $249,000. Renaissance Technologies LLC boosted its stake in IRIDEX by 9.9% in the second quarter. Renaissance Technologies LLC now owns 321,400 shares of the medical equipment provider’s stock worth $2,237,000 after buying an additional 28,900 shares in the last quarter. Finally, Perkins Capital Management Inc. boosted its stake in IRIDEX by 23.1% in the second quarter. Perkins Capital Management Inc. now owns 71,950 shares of the medical equipment provider’s stock worth $501,000 after buying an additional 13,500 shares in the last quarter. 47.53% of the stock is owned by institutional investors and hedge funds.
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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