Pinnacle Investment Management Ltd Acquires Shares of 65,500 STAAR Surgical Company $STAA

Key Points

• Pinnacle Investment Management Ltd has acquired 65,500 shares of STAAR Surgical Company, valued at approximately $1,155,000, making it the investor's 3rd largest position.
• Several hedge funds, including US Bancorp DE and Brooklyn Investment Group, have significantly increased their stakes in STAAR Surgical in the first quarter of 2023.
• STAAR Surgical's stock has been rated as a "hold" by multiple brokerages, with an average target price increase to $20.67 according to recent analyst reports.

Pinnacle Investment Management Ltd acquired a new position in STAAR Surgical Company (NASDAQ:STAA - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 65,500 shares of the medical instruments supplier's stock, valued at approximately $1,155,000. STAAR Surgical comprises approximately 12.4% of Pinnacle Investment Management Ltd's holdings, making the stock its 3rd largest position. Pinnacle Investment Management Ltd owned 0.13% of STAAR Surgical at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE increased its holdings in STAAR Surgical by 1,693.0% in the first quarter. US Bancorp DE now owns 2,044 shares of the medical instruments supplier's stock worth $36,000 after buying an additional 1,930 shares during the last quarter. Brooklyn Investment Group increased its holdings in STAAR Surgical by 1,564.0% in the first quarter. Brooklyn Investment Group now owns 2,679 shares of the medical instruments supplier's stock worth $47,000 after buying an additional 2,518 shares during the last quarter. EntryPoint Capital LLC acquired a new position in STAAR Surgical during the first quarter valued at approximately $189,000. Strs Ohio acquired a new position in STAAR Surgical during the first quarter valued at approximately $190,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in STAAR Surgical by 29.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,076 shares of the medical instruments supplier's stock valued at $248,000 after purchasing an additional 3,217 shares during the last quarter. Institutional investors and hedge funds own 96.70% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on STAA. Piper Sandler upgraded STAAR Surgical to a "hold" rating in a report on Wednesday, June 18th. Mizuho increased their price target on STAAR Surgical from $17.00 to $18.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Canaccord Genuity Group increased their price target on 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 price target on STAAR Surgical and gave the company a "hold" rating in a report on Thursday, August 7th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of STAAR Surgical in a report on Wednesday, May 21st. Ten equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $20.67.

STAAR Surgical Trading Up 1.5%

Shares of STAAR Surgical stock opened at $28.08 on Friday. The company's fifty day simple moving average is $23.34 and its 200-day simple moving average is $19.58. The company has a market cap of $1.39 billion, a price-to-earnings ratio of -14.55 and a beta of 0.74. STAAR Surgical Company has a 1 year low of $13.50 and a 1 year high of $38.60.

STAAR Surgical announced that its Board of Directors has initiated a stock repurchase program 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 stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is undervalued.

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.

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