STAAR Surgical Company $STAA Shares Acquired by Armistice Capital LLC

Key Points

• Armistice Capital LLC significantly increased its stake in STAAR Surgical Company by purchasing 2,128,000 shares, resulting in a total holding of 3,000,000 shares, valued at approximately $52.89 million.
• Institutional investors now own 96.70% of STAAR Surgical's shares, highlighting strong interest from hedge funds and investment firms.
• Analysts have set a target price range for STAAR Surgical, with recent evaluations indicating a potential price target increase from $17.00 to $28.00, reflecting a generally cautious outlook with multiple "hold" ratings.

Armistice Capital LLC grew its holdings in STAAR Surgical Company (NASDAQ:STAA - Free Report) by 244.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,000,000 shares of the medical instruments supplier's stock after purchasing an additional 2,128,000 shares during the period. STAAR Surgical comprises approximately 0.8% of Armistice Capital LLC's holdings, making the stock its 16th largest holding. Armistice Capital LLC owned approximately 6.06% of STAAR Surgical worth $52,890,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. US Bancorp DE increased its stake in STAAR Surgical by 1,693.0% in the first quarter. US Bancorp DE now owns 2,044 shares of the medical instruments supplier's stock worth $36,000 after purchasing an additional 1,930 shares during the period. Brooklyn Investment Group increased its stake in STAAR Surgical by 1,564.0% in the first quarter. Brooklyn Investment Group now owns 2,679 shares of the medical instruments supplier's stock worth $47,000 after purchasing an additional 2,518 shares during the period. EntryPoint Capital LLC purchased a new stake in STAAR Surgical in the first quarter worth $189,000. Bridgefront Capital LLC increased its stake in STAAR Surgical by 27.2% in the fourth quarter. Bridgefront Capital LLC now owns 10,792 shares of the medical instruments supplier's stock worth $262,000 after purchasing an additional 2,306 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in STAAR Surgical by 29.6% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,076 shares of the medical instruments supplier's stock worth $248,000 after purchasing an additional 3,217 shares during the period. Hedge funds and other institutional investors own 96.70% of the company's stock.

Wall Street Analyst Weigh In

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

STAAR Surgical Stock Performance

STAA stock traded up $0.46 during trading on Thursday, reaching $27.78. 875,109 shares of the company traded hands, compared to its average volume of 1,226,753. STAAR Surgical Company has a 12 month low of $13.50 and a 12 month high of $38.60. The business has a 50 day simple moving average of $22.07 and a 200 day simple moving average of $19.12. The company has a market capitalization of $1.38 billion, a price-to-earnings ratio of -14.39 and a beta of 0.74.

STAAR Surgical announced that its Board of Directors has authorized a share repurchase plan on Friday, May 16th that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the medical instruments supplier to buy up to 3.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's board of directors believes its shares are 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.