Algert Global LLC Sells 155,065 Shares of STAAR Surgical Company $STAA

Key Points

• Algert Global LLC significantly reduced its stake in STAAR Surgical Company, owning only 36,333 shares worth $641,000 after an 81% reduction in shares during the first quarter.
• STAAR Surgical has launched a $30 million share repurchase program, indicating management believes the stock is undervalued.
• The stock currently holds a consensus rating of "Hold" among analysts, with an average price target of $20.67.

Algert Global LLC cut its stake in STAAR Surgical Company (NASDAQ:STAA - Free Report) by 81.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 36,333 shares of the medical instruments supplier's stock after selling 155,065 shares during the quarter. Algert Global LLC owned 0.07% of STAAR Surgical worth $641,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Yunqi Capital Ltd increased its position in shares of STAAR Surgical by 152.5% during the first quarter. Yunqi Capital Ltd now owns 1,937,589 shares of the medical instruments supplier's stock valued at $34,160,000 after acquiring an additional 1,170,176 shares during the last quarter. Resona Asset Management Co. Ltd. increased its position in shares of STAAR Surgical by 44.6% during the first quarter. Resona Asset Management Co. Ltd. now owns 2,169,618 shares of the medical instruments supplier's stock valued at $38,358,000 after acquiring an additional 669,430 shares during the last quarter. Jupiter Asset Management Ltd. increased its position in shares of STAAR Surgical by 50.1% during the first quarter. Jupiter Asset Management Ltd. now owns 566,079 shares of the medical instruments supplier's stock valued at $9,980,000 after acquiring an additional 188,830 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of STAAR Surgical by 25.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 853,370 shares of the medical instruments supplier's stock valued at $20,728,000 after acquiring an additional 171,046 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of STAAR Surgical during the first quarter valued at approximately $2,763,000. 96.70% of the stock is owned by hedge funds and other institutional investors.

STAAR Surgical Price Performance

Shares of STAAR Surgical stock traded down $0.04 during trading hours on Friday, reaching $27.36. The company had a trading volume of 506,411 shares, compared to its average volume of 3,411,935. STAAR Surgical Company has a one year low of $13.50 and a one year high of $38.60. The business has a fifty day simple moving average of $21.43 and a 200 day simple moving average of $18.88. The firm has a market cap of $1.36 billion, a PE ratio of -14.18 and a beta of 0.61.

STAAR Surgical declared that its board has approved a share buyback program on Friday, May 16th that authorizes the company to repurchase $30.00 million in shares. This repurchase authorization authorizes the medical instruments supplier to repurchase up to 3.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages recently commented on STAA. Mizuho increased their price target on STAAR Surgical from $17.00 to $18.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Canaccord Genuity Group increased their price target on STAAR Surgical from $20.00 to $28.00 and gave the company a "hold" rating in a research report on Wednesday, August 6th. Piper Sandler raised STAAR Surgical to a "hold" rating in a research report on Wednesday, June 18th. Stifel Nicolaus set a $28.00 price target on STAAR Surgical and gave the company a "hold" rating in a research report on Thursday, August 7th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of STAAR Surgical in a research report on Wednesday, May 21st. Ten equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $20.67.

STAAR Surgical Company Profile

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia.