IRIDEX (NASDAQ:IRIX) Shares Cross Above Two Hundred Day Moving Average of $2.71

Shares of IRIDEX Co. (NASDAQ:IRIX) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $2.71 and traded as high as $3.29. IRIDEX shares last traded at $3.18, with a volume of 22,152 shares traded.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on shares of IRIDEX in a research report on Thursday. They set a “hold” rating on the stock.

IRIDEX Stock Performance

The firm has a market cap of $46.65 million, a price-to-earnings ratio of -4.86 and a beta of 0.82. The business has a 50 day simple moving average of $2.77 and a 200-day simple moving average of $2.72.

IRIDEX (NASDAQ:IRIX) last released its quarterly earnings results on Tuesday, March 26th. The medical equipment provider reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.13). The company had revenue of $12.46 million for the quarter, compared to analyst estimates of $14.90 million. IRIDEX had a negative net margin of 18.45% and a negative return on equity of 75.18%. As a group, research analysts anticipate that IRIDEX Co. will post -0.37 earnings per share for the current year.

Hedge Funds Weigh In On IRIDEX

A number of hedge funds have recently added to or reduced their stakes in IRIX. Dimensional Fund Advisors LP lifted its position in shares of IRIDEX by 4.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 240,729 shares of the medical equipment provider’s stock worth $1,115,000 after buying an additional 9,361 shares in the last quarter. Mackenzie Financial Corp bought a new position in shares of IRIDEX during the 1st quarter worth approximately $56,000. State Street Corp lifted its position in shares of IRIDEX by 9.7% during the 1st quarter. State Street Corp now owns 44,718 shares of the medical equipment provider’s stock worth $207,000 after buying an additional 3,956 shares in the last quarter. Clayton Partners LLC bought a new position in shares of IRIDEX during the 1st quarter worth approximately $58,000. Finally, AMH Equity Ltd lifted its position in shares of IRIDEX by 92.6% during the 3rd quarter. AMH Equity Ltd now owns 637,103 shares of the medical equipment provider’s stock worth $1,618,000 after buying an additional 306,282 shares in the last quarter. Institutional investors and hedge funds own 20.10% of the company’s stock.

About IRIDEX

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. It 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 retinal disorders; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser photocoagulation systems that are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.