Public Sector Pension Investment Board Has $2.75 Million Stake in STAAR Surgical Company $STAA

Key Points

• The Public Sector Pension Investment Board increased its stake in STAAR Surgical Company by 26.8%, acquiring an additional 33,037 shares, bringing its total ownership to 156,225 shares valued at approximately $2.75 million.
• STAAR Surgical's Board of Directors has approved a $30 million stock buyback program, allowing the company to repurchase up to 3.2% of its shares, indicating that management believes the stock is undervalued.
• Despite a recent surge in hedge fund activities, analyst ratings for STAAR Surgical remain mixed, with a consensus "Hold" rating and a target price of $20.67, reflecting overall cautious sentiment from market experts.

Public Sector Pension Investment Board grew its position in STAAR Surgical Company (NASDAQ:STAA - Free Report) by 26.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 156,225 shares of the medical instruments supplier's stock after acquiring an additional 33,037 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.32% of STAAR Surgical worth $2,754,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in STAA. Linden Thomas Advisory Services LLC grew its stake in STAAR Surgical by 3.0% during the 1st quarter. Linden Thomas Advisory Services LLC now owns 20,978 shares of the medical instruments supplier's stock worth $370,000 after buying an additional 603 shares during the last quarter. 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 buying an additional 1,044 shares during the last quarter. MetLife Investment Management LLC grew its stake in 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 buying an additional 1,796 shares during the last quarter. US Bancorp DE grew its stake in STAAR Surgical by 1,693.0% during the 1st 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. Finally, Bridgefront Capital LLC grew its stake in 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 buying an additional 2,306 shares during the last quarter. 96.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

STAAR Surgical Trading Down 1.1%

STAA traded down $0.2980 during midday trading on Monday, reaching $27.5520. The company's stock had a trading volume of 38,895 shares, compared to its average volume of 1,245,100. The stock has a market cap of $1.37 billion, a P/E ratio of -14.29 and a beta of 0.61. The company has a fifty day simple moving average of $20.36 and a 200 day simple moving average of $18.65. STAAR Surgical Company has a twelve month low of $13.50 and a twelve month high of $38.60.

STAAR Surgical announced that its board has authorized a share repurchase program on Friday, May 16th that permits the company to buyback $30.00 million in shares. This buyback authorization permits the medical instruments supplier to reacquire up to 3.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

About STAAR Surgical

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.