Jump Financial LLC Makes New $1.92 Million Investment in STAAR Surgical Company $STAA

Key Points

• Jump Financial LLC acquired a new stake in STAAR Surgical, purchasing 108,845 shares valued at approximately $1.9 million during the first quarter of 2023.
• STAAR Surgical has initiated a $30 million stock buyback program, indicating the company's belief that its stock is undervalued.
• Analysts maintain a consensus "Hold" rating for STAAR Surgical, with a target price averaging around $20.67.

Jump Financial LLC purchased a new stake in STAAR Surgical Company (NASDAQ:STAA - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 108,845 shares of the medical instruments supplier's stock, valued at approximately $1,919,000. Jump Financial LLC owned approximately 0.22% of STAAR Surgical at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its holdings in STAAR Surgical by 75.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 21,234 shares of the medical instruments supplier's stock valued at $374,000 after purchasing an additional 9,125 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in STAAR Surgical in the 4th quarter valued at $923,000. Principal Financial Group Inc. grew its stake in shares of STAAR Surgical by 3.3% during the first quarter. Principal Financial Group Inc. now owns 300,204 shares of the medical instruments supplier's stock valued at $5,293,000 after acquiring an additional 9,451 shares in the last quarter. Hsbc Holdings PLC grew its stake in shares of STAAR Surgical by 21.3% during the fourth quarter. Hsbc Holdings PLC now owns 21,160 shares of the medical instruments supplier's stock valued at $513,000 after acquiring an additional 3,714 shares in the last quarter. Finally, Integral Health Asset Management LLC grew its stake in shares of STAAR Surgical by 100.0% during the fourth quarter. Integral Health Asset Management LLC now owns 100,000 shares of the medical instruments supplier's stock valued at $2,429,000 after acquiring an additional 50,000 shares in the last quarter. 96.70% of the stock is currently owned by institutional investors and hedge funds.

STAAR Surgical Stock Performance

Shares of STAA stock traded down $0.04 during trading hours on Friday, hitting $27.36. 506,411 shares of the company were exchanged, compared to its average volume of 3,411,935. STAAR Surgical Company has a one year low of $13.50 and a one year high of $38.60. The business's 50-day simple moving average is $21.43 and its two-hundred day simple moving average is $18.90. The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of -14.18 and a beta of 0.61.

STAAR Surgical declared that its Board of Directors has approved a stock repurchase program 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 reacquire up to 3.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Analyst Ratings Changes

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

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.