Gabelli Funds LLC Buys Shares of 216,185 STAAR Surgical Company $STAA

Key Points

• Gabelli Funds LLC initiated a new position in STAAR Surgical, buying 216,185 shares (~$5.81M) and owning about 0.43% of the company, while several other managers (e.g., Alpine Associates) also added sizable Q3 stakes, leaving institutional investors with 96.7% ownership.
• STAAR missed its latest quarter, reporting EPS of -$0.37 vs. $0.14 expected and revenue of $57.8M vs. $75.5M expected, producing a -33.6% net margin; analysts' consensus is a "Reduce" with an average target of $18.94 and a market cap around $907M.
• Insider buying has been notable—insiders purchased 434,138 shares (~$9.42M) in the past three months (Broadwood Partners added 27,485 shares), though insiders still hold just 0.59% of the stock.

Gabelli Funds LLC bought a new position in STAAR Surgical Company (NASDAQ:STAA - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 216,185 shares of the medical instruments supplier's stock, valued at approximately $5,809,000. Gabelli Funds LLC owned approximately 0.43% of STAAR Surgical as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. New York Life Investment Management LLC bought a new stake in STAAR Surgical in the third quarter worth $2,243,000. Alpine Associates Management Inc. bought a new position in STAAR Surgical during the third quarter valued at about $24,535,000. Versor Investments LP bought a new position in STAAR Surgical during the third quarter valued at about $5,708,000. Credit Industriel ET Commercial acquired a new stake in shares of STAAR Surgical in the third quarter worth about $3,258,000. Finally, ABC Arbitrage SA acquired a new stake in shares of STAAR Surgical in the third quarter worth about $6,632,000. Institutional investors and hedge funds own 96.70% of the company's stock.

STAAR Surgical Stock Performance

STAAR Surgical stock opened at $18.32 on Tuesday. STAAR Surgical Company has a 52 week low of $14.69 and a 52 week high of $30.81. The firm has a market capitalization of $907.02 million, a PE ratio of -11.24 and a beta of 1.04. The business's 50-day simple moving average is $19.58 and its 200-day simple moving average is $23.93.

STAAR Surgical (NASDAQ:STAA - Get Free Report) last announced its earnings results on Tuesday, March 3rd. The medical instruments supplier reported ($0.37) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.51). The business had revenue of $57.80 million for the quarter, compared to the consensus estimate of $75.54 million. STAAR Surgical had a negative net margin of 33.60% and a negative return on equity of 10.03%. The business's revenue for the quarter was up 18.0% on a year-over-year basis. Research analysts forecast that STAAR Surgical Company will post -1.14 earnings per share for the current year.

Insider Buying and Selling at STAAR Surgical

In related news, major shareholder Broadwood Partners, L.P. acquired 27,485 shares of the stock in a transaction dated Friday, January 9th. The shares were acquired at an average price of $22.05 per share, for a total transaction of $606,044.25. Following the completion of the purchase, the insider owned 15,453,629 shares in the company, valued at approximately $340,752,519.45. The trade was a 0.18% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders purchased 434,138 shares of company stock valued at $9,424,176 over the last three months. 0.59% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on STAA shares. BTIG Research reissued a "neutral" rating on shares of STAAR Surgical in a report on Tuesday, January 6th. Needham & Company LLC restated a "hold" rating on shares of STAAR Surgical in a report on Tuesday, January 6th. Stifel Nicolaus decreased their target price on STAAR Surgical from $19.00 to $18.00 and set a "hold" rating for the company in a research report on Wednesday, March 4th. Jefferies Financial Group lowered their price target on STAAR Surgical from $28.00 to $21.50 and set a "buy" rating on the stock in a report on Wednesday, January 28th. Finally, Canaccord Genuity Group reduced their price objective on shares of STAAR Surgical from $30.75 to $22.00 and set a "hold" rating for the company in a research note on Thursday, January 15th. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, STAAR Surgical has an average rating of "Reduce" and a consensus target price of $18.94.

About STAAR Surgical

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. It markets its products to health care providers, including ophthalmic surgeons, vision and surgical centers, hospitals, government facilities, and distributors, as well as products are primarily used by ophthalmologists.

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