Renaissance Technologies LLC Acquires 97,400 Shares of STAAR Surgical Company $STAA

Key Points

• Renaissance Technologies increased its STAAR Surgical stake by 257.7% in the first quarter, purchasing 97,400 additional shares for a total of 135,200 shares valued at approximately $2.53 million. Institutional investors collectively own 96.7% of the company.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $26.94. Recent target prices range from $20 to $33, while UBS initiated coverage with a “Sell” rating.
• STAAR Surgical reported stronger-than-expected quarterly results, including $0.10 in adjusted EPS versus a $0.05 consensus estimate and revenue of $93.52 million, up 119.6% year over year. Shares recently opened at $24.21, compared with a 52-week range of $15.59 to $35.87.

Renaissance Technologies LLC grew its holdings in shares of STAAR Surgical Company (NASDAQ:STAA - Free Report) by 257.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 135,200 shares of the medical instruments supplier's stock after purchasing an additional 97,400 shares during the period. Renaissance Technologies LLC owned about 0.27% of STAAR Surgical worth $2,528,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in STAA. Caitong International Asset Management Co. Ltd boosted its stake in shares of STAAR Surgical by 2,605.1% in the third quarter. Caitong International Asset Management Co. Ltd now owns 1,055 shares of the medical instruments supplier's stock valued at $28,000 after buying an additional 1,016 shares during the period. Ascentis Independent Advisors bought a new position in STAAR Surgical during the 1st quarter worth $77,000. Tower Research Capital LLC TRC increased its stake in STAAR Surgical by 375.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,919 shares of the medical instruments supplier's stock worth $99,000 after acquiring an additional 4,673 shares during the period. Russell Investments Group Ltd. raised its holdings in STAAR Surgical by 9,928.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,513 shares of the medical instruments supplier's stock valued at $121,000 after acquiring an additional 4,468 shares in the last quarter. Finally, Fifth Third Bancorp raised its holdings in STAAR Surgical by 2,867.1% in the 1st quarter. Fifth Third Bancorp now owns 11,008 shares of the medical instruments supplier's stock valued at $206,000 after acquiring an additional 10,637 shares in the last quarter. 96.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on STAA. Mizuho increased their target price on STAAR Surgical from $22.00 to $27.00 and gave the stock a "neutral" rating in a report on Thursday, May 14th. Stifel Nicolaus upped their price objective on shares of STAAR Surgical from $18.00 to $31.00 and gave the stock a "hold" rating in a research report on Thursday, May 14th. Piper Sandler increased their price objective on shares of STAAR Surgical from $16.00 to $33.00 and gave the stock a "neutral" rating in a research note on Thursday, May 14th. UBS Group started coverage on shares of STAAR Surgical in a report on Tuesday, July 28th. They issued a "sell" rating and a $20.00 target price on the stock. Finally, Weiss Ratings upgraded shares of STAAR Surgical from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $26.94.

STAAR Surgical Stock Performance

Shares of STAA opened at $24.21 on Monday. STAAR Surgical Company has a 52-week low of $15.59 and a 52-week high of $35.87. The business's fifty day moving average is $27.19 and its 200-day moving average is $23.98. The company has a debt-to-equity ratio of 0.09, a quick ratio of 4.31 and a current ratio of 5.12. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -56.30 and a beta of 1.26.

STAAR Surgical (NASDAQ:STAA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 13th. The medical instruments supplier reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.05. STAAR Surgical had a positive return on equity of 3.31% and a negative net margin of 7.24%.The business had revenue of $93.52 million during the quarter, compared to the consensus estimate of $78.72 million. During the same period in the prior year, the company earned ($1.10) EPS. STAAR Surgical's revenue for the quarter was up 119.6% on a year-over-year basis. Equities analysts anticipate that STAAR Surgical Company will post 0.13 EPS for the current fiscal year.

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. It markets its products to health care providers, including ophthalmic surgeons, vision and surgical centers, hospitals, government facilities, and distributors, as well as products are primarily used by ophthalmologists.

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