STAAR Surgical Company (NASDAQ:STAA) Stock Has Average Target Price of $28.45 According to Brokerages

Key Points

• Analysts hold a mixed view of STAAR Surgical: 13 analysts give the stock a consensus “Hold” rating, with three sells, six holds, and four buys. The average 12-month price target is $28.45, above the cited share price of $21.27.
• STAAR Surgical exceeded quarterly expectations, reporting $0.39 in EPS versus a $0.22 consensus estimate and $93.53 million in revenue versus $90.60 million expected. Revenue increased 111.1% year over year.
• The board authorized a $50 million share repurchase program, allowing the company to buy back up to 5.2% of outstanding shares; institutional investors currently own 96.7% of the stock.

Shares of STAAR Surgical Company (NASDAQ:STAA - Get Free Report) have earned a consensus recommendation of "Hold" from the thirteen analysts that are currently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and four have given a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $28.45.

Several research firms have recently weighed in on STAA. Stifel Nicolaus raised STAAR Surgical from a "hold" rating to a "buy" rating and increased their price objective for the company from $28.00 to $31.00 in a research report on Tuesday, September 29th. Piper Sandler reaffirmed a "neutral" rating on shares of STAAR Surgical in a research report on Thursday, August 13th. Wedbush dropped their target price on shares of STAAR Surgical from $40.00 to $37.00 and set an "outperform" rating on the stock in a research report on Thursday, August 13th. UBS Group set a $28.00 target price on shares of STAAR Surgical in a research note on Monday, August 17th. Finally, Jefferies Financial Group reduced their price target on shares of STAAR Surgical from $28.00 to $23.00 and set a "buy" rating for the company in a report on Tuesday, September 22nd.

STAAR Surgical Stock Performance

NASDAQ STAA opened at $21.27 on Friday. The stock has a 50-day simple moving average of $22.70 and a 200 day simple moving average of $25.46. STAAR Surgical has a twelve month low of $15.59 and a twelve month high of $35.87. The stock has a market capitalization of $1.07 billion, a PE ratio of 303.90 and a beta of 1.17.

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

STAAR Surgical announced that its board has authorized a share repurchase program on Thursday, September 24th that permits the company to buy back $50.00 million in shares. This buyback authorization permits the medical instruments supplier to buy up to 5.2% of its shares through open market purchases. Share buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On STAAR Surgical

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd lifted its position in shares of STAAR Surgical by 58.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,669 shares of the medical instruments supplier's stock worth $39,000 after acquiring an additional 614 shares during the period. Ascentis Independent Advisors acquired a new stake in shares of STAAR Surgical during the 1st quarter worth approximately $77,000. Angeles Wealth Management LLC acquired a new stake in shares of STAAR Surgical during the 2nd quarter worth approximately $209,000. Arizona State Retirement System acquired a new stake in shares of STAAR Surgical during the 2nd quarter worth approximately $235,000. Finally, Fifth Third Bancorp increased its position in shares of STAAR Surgical by 2,867.1% during the first quarter. Fifth Third Bancorp now owns 11,008 shares of the medical instruments supplier's stock valued at $206,000 after purchasing an additional 10,637 shares during the period. 96.70% of the stock is currently owned by institutional investors.

STAAR Surgical Company Profile

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.

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