Millennium Management LLC Reduces Stake in STAAR Surgical (NASDAQ:STAA)

Millennium Management LLC trimmed its stake in shares of STAAR Surgical (NASDAQ:STAA - Free Report) by 18.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 759,141 shares of the medical instruments supplier's stock after selling 173,179 shares during the quarter. Millennium Management LLC owned 1.54% of STAAR Surgical worth $18,440,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in STAAR Surgical by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,123 shares of the medical instruments supplier's stock worth $683,000 after purchasing an additional 1,044 shares in the last quarter. MetLife Investment Management LLC boosted its position in shares of STAAR Surgical by 6.3% during the 4th quarter. MetLife Investment Management LLC now owns 30,396 shares of the medical instruments supplier's stock worth $738,000 after acquiring an additional 1,796 shares in the last quarter. Bridgefront Capital LLC boosted its position 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 in the last quarter. Illinois Municipal Retirement Fund boosted its position in shares of STAAR Surgical by 8.3% during the 4th quarter. Illinois Municipal Retirement Fund now owns 30,144 shares of the medical instruments supplier's stock worth $732,000 after acquiring an additional 2,318 shares in the last quarter. Finally, Deutsche Bank AG boosted its position in shares of STAAR Surgical by 6.9% during the 4th quarter. Deutsche Bank AG now owns 45,193 shares of the medical instruments supplier's stock worth $1,098,000 after acquiring an additional 2,932 shares in the last quarter. 96.70% of the stock is owned by institutional investors and hedge funds.

STAAR Surgical Price Performance

Shares of STAA stock traded up $0.24 during midday trading on Tuesday, hitting $18.92. The company had a trading volume of 603,442 shares, compared to its average volume of 826,902. The company's 50 day simple moving average is $17.75 and its 200 day simple moving average is $20.99. STAAR Surgical has a 52-week low of $13.50 and a 52-week high of $49.86. The stock has a market cap of $937.03 million, a price-to-earnings ratio of -46.15 and a beta of 0.65.

STAAR Surgical declared that its board has initiated a stock buyback program on Friday, May 16th that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the medical instruments supplier to reacquire up to 3.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling at STAAR Surgical

In other STAAR Surgical news, major shareholder Broadwood Partners, L.P. bought 8,200 shares of the company's stock in a transaction on Wednesday, April 9th. The shares were bought at an average price of $15.08 per share, for a total transaction of $123,656.00. Following the transaction, the insider now owns 13,518,591 shares of the company's stock, valued at approximately $203,860,352.28. This trade represents a 0.06% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last ninety days, insiders have purchased 1,446,433 shares of company stock worth $23,957,807. 1.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

STAA has been the subject of several analyst reports. Canaccord Genuity Group reaffirmed a "hold" rating and set a $20.00 price objective on shares of STAAR Surgical in a research report on Tuesday. Wall Street Zen cut STAAR Surgical from a "hold" rating to a "sell" rating in a research report on Thursday, February 13th. BTIG Research downgraded STAAR Surgical from a "buy" rating to a "neutral" rating in a report on Wednesday, February 12th. Stifel Nicolaus reduced their target price on STAAR Surgical from $38.00 to $20.00 and set a "buy" rating for the company in a report on Wednesday, February 12th. Finally, Piper Sandler reduced their target price on STAAR Surgical from $40.00 to $16.00 and set a "neutral" rating for the company in a report on Wednesday, February 12th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $24.63.

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.