Resona Asset Management Co. Ltd. Purchases 669,430 Shares of STAAR Surgical Company (NASDAQ:STAA)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in STAAR Surgical Company by 44.6%, owning approximately 4.38% of the company, with a total value of $38.36 million.
• Notable institutional investors like Yunqi Capital Ltd. and Broadwood Capital Inc. also raised their stakes, indicating a strong interest in STAAR Surgical.
• Wall Street analysts have predominantly rated the stock as a "hold," with a consensus price target of $20.67 per share, reflecting mixed sentiments regarding its future performance.

Resona Asset Management Co. Ltd. raised its holdings in STAAR Surgical Company (NASDAQ:STAA - Free Report) by 44.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,169,618 shares of the medical instruments supplier's stock after purchasing an additional 669,430 shares during the period. Resona Asset Management Co. Ltd. owned 4.38% of STAAR Surgical worth $38,358,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. US Bancorp DE lifted its stake in shares of STAAR Surgical by 1,693.0% during the first quarter. US Bancorp DE now owns 2,044 shares of the medical instruments supplier's stock valued at $36,000 after buying an additional 1,930 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position 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 worth $248,000 after purchasing an additional 3,217 shares during the last quarter. GAMMA Investing LLC increased its position in STAAR Surgical by 4,086.0% during the first quarter. GAMMA Investing LLC now owns 14,651 shares of the medical instruments supplier's stock worth $258,000 after purchasing an additional 14,301 shares during the last quarter. Bridgefront Capital LLC increased its position in STAAR Surgical by 27.2% during the fourth quarter. Bridgefront Capital LLC now owns 10,792 shares of the medical instruments supplier's stock worth $262,000 after purchasing an additional 2,306 shares during the last quarter. Finally, ORG Partners LLC acquired a new position in STAAR Surgical during the first quarter worth approximately $294,000. Hedge funds and other institutional investors own 96.70% of the company's stock.

STAAR Surgical Price Performance

STAA stock traded down $0.20 on Friday, reaching $28.37. 1,231,864 shares of the company were exchanged, compared to its average volume of 3,348,621. The firm has a market capitalization of $1.41 billion, a PE ratio of -14.70 and a beta of 0.61. The stock's fifty day moving average price is $19.31 and its 200 day moving average price is $18.57. STAAR Surgical Company has a 12 month low of $13.50 and a 12 month high of $38.60.

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

Analysts Set New Price Targets

Several equities analysts recently commented on STAA shares. Needham & Company LLC reaffirmed a "hold" rating on shares of STAAR Surgical in a research report on Wednesday, May 21st. Mizuho increased their price objective on shares of STAAR Surgical from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. Piper Sandler raised shares of STAAR Surgical to a "hold" rating in a research report on Wednesday, June 18th. Stifel Nicolaus set a $28.00 price objective on shares of STAAR Surgical and gave the stock a "hold" rating in a research report on Thursday, August 7th. Finally, Wells Fargo & Company initiated coverage on shares of STAAR Surgical in a research note on Monday, April 21st. They issued an "equal weight" rating and a $17.00 target price for the company. One equities research analyst has rated the stock with a sell rating and ten have issued a hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $20.67.

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.