STAAR Surgical (NASDAQ:STAA) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded STAAR Surgical from “hold” to “buy,” though the broader analyst consensus remains “hold,” with a consensus price target of $28.45.
• STAAR Surgical shares opened at $21.67, down 3.2%, and have traded between $15.59 and $35.87 over the past year.
• The company exceeded quarterly expectations with $0.39 in EPS and $93.53 million in revenue, while also authorizing a $50 million stock buyback covering up to 5.2% of outstanding shares.

STAAR Surgical (NASDAQ:STAA - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday, Wall Street Zen reports.

Several other research analysts have also issued reports on the stock. Piper Sandler restated a "neutral" rating on shares of STAAR Surgical in a report on Thursday, August 13th. Jefferies Financial Group reduced their price objective on shares of STAAR Surgical from $28.00 to $23.00 and set a "buy" rating on the stock in a research note on Tuesday, September 22nd. UBS Group set a $28.00 price objective on shares of STAAR Surgical in a research report on Monday, August 17th. Veritas Investment Research set a $31.00 target price on shares of STAAR Surgical in a research note on Tuesday, September 29th. Finally, Zacks Research downgraded shares of STAAR Surgical from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 2nd. Four research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, STAAR Surgical currently has an average rating of "Hold" and a consensus price target of $28.45.

STAAR Surgical Trading Down 3.2%

NASDAQ STAA opened at $21.67 on Friday. The firm has a market capitalization of $1.09 billion, a PE ratio of 309.62 and a beta of 1.17. The business's 50-day moving average price is $22.90 and its two-hundred day moving average price is $25.35. STAAR Surgical has a 12 month low of $15.59 and a 12 month high of $35.87.

STAAR Surgical (NASDAQ:STAA - Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The medical instruments supplier reported $0.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.17. The company had revenue of $93.53 million during the quarter, compared to the consensus estimate of $90.60 million. STAAR Surgical had a return on equity of 9.05% and a net margin of 1.13%. The firm's revenue was up 111.1% compared to the same quarter last year. During the same period last year, the company earned ($0.34) earnings per share. As a group, analysts forecast that STAAR Surgical will post 0.39 earnings per share for the current fiscal year.

STAAR Surgical declared that its Board of Directors has initiated a stock buyback plan on Thursday, September 24th that allows the company to buy back $50.00 million in shares. This repurchase authorization allows the medical instruments supplier to reacquire up to 5.2% of its shares through open market purchases. Share repurchase plans are generally a sign that the company's management believes its shares are undervalued.

Institutional Trading of STAAR Surgical

Several large investors have recently modified their holdings of STAA. Caitong International Asset Management Co. Ltd lifted its position in shares of STAAR Surgical by 58.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,669 shares of the medical instruments supplier's stock valued at $39,000 after acquiring an additional 614 shares during the period. Ascentis Independent Advisors bought a new position in STAAR Surgical during the first quarter worth $77,000. Fifth Third Bancorp grew its holdings in STAAR Surgical by 2,867.1% in the first quarter. Fifth Third Bancorp now owns 11,008 shares of the medical instruments supplier's stock worth $206,000 after purchasing an additional 10,637 shares during the period. Angeles Wealth Management LLC acquired a new stake in STAAR Surgical in the second quarter worth $209,000. Finally, Arizona State Retirement System bought a new stake in STAAR Surgical in the second quarter valued at $235,000. Institutional investors and hedge funds own 96.70% of the company's stock.

About STAAR Surgical

STAAR Surgical is a medical device company focused on ophthalmic surgery and vision correction. The company develops, manufactures and markets implantable lenses and related products designed to reduce or eliminate dependence on glasses or contact lenses.

Its principal product line is the EVO Visian Implantable Collamer Lens (ICL), a lens implanted inside the eye to correct myopia, with or without astigmatism. Unlike procedures that remove corneal tissue, ICL surgery preserves the eye's natural lens and is designed to be removable.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.