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 holdings in STAAR Surgical Company (NASDAQ:STAA - Free Report) by 81.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,333 shares of the medical instruments supplier's stock after selling 155,065 shares during the period. Algert Global LLC owned 0.07% of STAAR Surgical worth $641,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. boosted its holdings in 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 purchasing an additional 669,430 shares in the last quarter. Public Sector Pension Investment Board raised its position in STAAR Surgical by 26.8% in the 1st quarter. Public Sector Pension Investment Board now owns 156,225 shares of the medical instruments supplier's stock worth $2,754,000 after purchasing an additional 33,037 shares during the last quarter. Nuveen LLC bought a new stake in shares of STAAR Surgical during the 1st quarter valued at $2,763,000. Invesco Ltd. raised its position in shares of STAAR Surgical by 12.0% during the 1st quarter. Invesco Ltd. now owns 227,320 shares of the medical instruments supplier's stock valued at $4,008,000 after acquiring an additional 24,339 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of STAAR Surgical by 40.3% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 91,800 shares of the medical instruments supplier's stock valued at $1,618,000 after acquiring an additional 26,364 shares during the last quarter. 96.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

STAAR Surgical Stock Performance

STAAR Surgical stock traded down $0.06 during midday trading on Thursday, reaching $27.46. 417,294 shares of the stock were exchanged, compared to its average volume of 1,238,154. The company's fifty day moving average is $21.00 and its 200-day moving average is $18.81. The firm has a market cap of $1.36 billion, a PE ratio of -14.22 and a beta of 0.61. STAAR Surgical Company has a 52 week low of $13.50 and a 52 week high of $38.60.

STAAR Surgical announced that its Board of Directors has authorized a stock buyback plan on Friday, May 16th that permits the company to buyback $30.00 million in shares. This buyback authorization permits the medical instruments supplier to buy up to 3.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its stock is undervalued.

STAAR Surgical 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.