Hedges Asset Management LLC Makes New Investment in STAAR Surgical Company (NASDAQ:STAA)

Hedges Asset Management LLC purchased a new stake in STAAR Surgical Company (NASDAQ:STAA - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 20,000 shares of the medical instruments supplier's stock, valued at approximately $353,000.

Other hedge funds have also recently bought and sold shares of the company. KLP Kapitalforvaltning AS bought a new stake in STAAR Surgical in the 4th quarter valued at $180,000. GAMMA Investing LLC lifted its holdings in shares of STAAR Surgical by 4,086.0% during the 1st quarter. GAMMA Investing LLC now owns 14,651 shares of the medical instruments supplier's stock worth $258,000 after acquiring an additional 14,301 shares during the period. Bridgefront Capital LLC lifted its holdings in shares of STAAR Surgical by 27.2% during the 4th quarter. Bridgefront Capital LLC now owns 10,792 shares of the medical instruments supplier's stock worth $262,000 after acquiring an additional 2,306 shares during the period. Quantbot Technologies LP bought a new position in shares of STAAR Surgical during the 4th quarter worth about $278,000. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of STAAR Surgical during the 4th quarter worth about $292,000. 96.70% of the stock is owned by institutional investors.

STAAR Surgical Stock Down 0.8%

NASDAQ STAA traded down $0.14 during trading on Monday, reaching $16.78. 910,367 shares of the stock traded hands, compared to its average volume of 856,723. The firm has a market cap of $831.11 million, a price-to-earnings ratio of -11.65 and a beta of 0.63. The stock's 50-day moving average price is $17.94 and its 200 day moving average price is $19.30. STAAR Surgical Company has a fifty-two week low of $13.50 and a fifty-two week high of $49.86.

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

Insiders Place Their Bets

In related news, major shareholder Broadwood Partners, L.P. purchased 497,631 shares of the business's stock in a transaction on Friday, April 4th. The shares were purchased at an average price of $15.91 per share, with a total value of $7,917,309.21. Following the completion of the purchase, the insider owned 13,194,210 shares in the company, valued at $209,919,881.10. This represents a 3.92% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have purchased a total of 675,665 shares of company stock valued at $10,749,914 over the last 90 days. Insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on STAA. Canaccord Genuity Group reaffirmed a "hold" rating and set a $20.00 price objective on shares of STAAR Surgical in a report on Tuesday, May 27th. Needham & Company LLC reaffirmed a "hold" rating on shares of STAAR Surgical in a report on Wednesday, May 21st. Piper Sandler upgraded shares of STAAR Surgical to a "hold" rating in a research report on Wednesday, June 18th. Wells Fargo & Company assumed coverage on shares of STAAR Surgical in a report on Monday, April 21st. They set an "equal weight" rating and a $17.00 price target for the company. Finally, Stephens reissued an "equal weight" rating and set a $17.00 price target on shares of STAAR Surgical in a report on Tuesday, March 18th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $24.63.

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.