STAAR Surgical (NASDAQ:STAA) shares shot up 6.1% on Thursday following a stronger than expected earnings report. The company traded as high as $45.49 and last traded at $42.57. 1,597,050 shares were traded during trading, an increase of 324% from the average session volume of 377,059 shares. The stock had previously closed at $40.11.
The medical instruments supplier reported $0.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.06. STAAR Surgical had a net margin of 3.15% and a return on equity of 16.04%. The firm had revenue of $31.77 million for the quarter, compared to the consensus estimate of $30.10 million. During the same quarter in the prior year, the company posted $0.03 earnings per share.
Several research firms have weighed in on STAA. Zacks Investment Research upgraded shares of STAAR Surgical from a “hold” rating to a “strong-buy” rating and set a $46.00 price objective on the stock in a report on Thursday, August 9th. BidaskClub downgraded shares of STAAR Surgical from a “strong-buy” rating to a “buy” rating in a report on Saturday, September 22nd. Canaccord Genuity restated a “buy” rating and set a $43.00 price objective (up previously from $32.00) on shares of STAAR Surgical in a report on Thursday, August 2nd. Finally, Benchmark assumed coverage on shares of STAAR Surgical in a report on Monday, August 6th. They set a “buy” rating and a $45.00 price objective on the stock. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. STAAR Surgical currently has an average rating of “Buy” and an average price target of $43.75.
In other news, Director William P. Wall sold 5,000 shares of the stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $41.35, for a total value of $206,750.00. Following the completion of the sale, the director now owns 16,235 shares in the company, valued at $671,317.25. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.90% of the company’s stock.
Several hedge funds have recently made changes to their positions in STAA. Winslow Evans & Crocker Inc. purchased a new stake in shares of STAAR Surgical in the third quarter valued at about $142,000. Engineers Gate Manager LP purchased a new stake in shares of STAAR Surgical in the second quarter valued at about $208,000. Tower Research Capital LLC TRC raised its holdings in shares of STAAR Surgical by 367.2% in the second quarter. Tower Research Capital LLC TRC now owns 6,877 shares of the medical instruments supplier’s stock valued at $213,000 after purchasing an additional 5,405 shares during the last quarter. Alambic Investment Management L.P. purchased a new stake in shares of STAAR Surgical in the second quarter valued at about $214,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of STAAR Surgical in the third quarter valued at about $222,000. Institutional investors own 79.63% of the company’s stock.
The firm has a market cap of $1.69 billion, a P/E ratio of 4,396.00 and a beta of 1.88. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.68.
STAAR Surgical Company Profile (NASDAQ:STAA)
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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