STAAR Surgical Company $STAA Shares Acquired by Invesco Ltd.

Key Points

• Invesco Ltd. increased its holdings in STAAR Surgical by 12% by acquiring an additional 24,339 shares, bringing its total to 227,320 shares worth approximately $4 million.
• STAAR Surgical's board has authorized a stock repurchase program allowing the company to buy back $30 million in shares, indicating a belief that the stock may be undervalued.
• The consensus rating for STAAR Surgical stock is "Hold," with an average price target of $20.67 from ten investment analysts.

Invesco Ltd. boosted its position in shares of STAAR Surgical Company (NASDAQ:STAA - Free Report) by 12.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 227,320 shares of the medical instruments supplier's stock after acquiring an additional 24,339 shares during the period. Invesco Ltd. owned about 0.46% of STAAR Surgical worth $4,008,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in STAA. Yunqi Capital Ltd grew its holdings in STAAR Surgical by 152.5% during the 1st quarter. Yunqi Capital Ltd now owns 1,937,589 shares of the medical instruments supplier's stock worth $34,160,000 after acquiring an additional 1,170,176 shares in the last quarter. Jupiter Asset Management Ltd. grew its holdings in STAAR Surgical by 50.1% during the 1st quarter. Jupiter Asset Management Ltd. now owns 566,079 shares of the medical instruments supplier's stock worth $9,980,000 after acquiring an additional 188,830 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in STAAR Surgical by 25.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 853,370 shares of the medical instruments supplier's stock worth $20,728,000 after acquiring an additional 171,046 shares in the last quarter. Algert Global LLC grew its holdings in STAAR Surgical by 134.8% during the 4th quarter. Algert Global LLC now owns 191,398 shares of the medical instruments supplier's stock worth $4,649,000 after acquiring an additional 109,870 shares in the last quarter. Finally, Broadwood Capital Inc. boosted its holdings in shares of STAAR Surgical by 0.7% in the 4th quarter. Broadwood Capital Inc. now owns 10,848,631 shares of the medical instruments supplier's stock valued at $263,513,000 after buying an additional 80,200 shares in the last quarter. Institutional investors and hedge funds own 96.70% of the company's stock.

STAAR Surgical Stock Performance

STAAR Surgical stock traded down $0.04 during trading hours on Wednesday, reaching $27.70. 51,039 shares of the stock were exchanged, compared to its average volume of 1,225,628. The stock has a market cap of $1.37 billion, a P/E ratio of -14.36 and a beta of 0.74. STAAR Surgical Company has a 52-week low of $13.50 and a 52-week high of $38.60. The firm's 50 day moving average is $21.85 and its 200 day moving average is $19.06.

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

Analyst Upgrades and Downgrades

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

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.