STAAR Surgical Company $STAA Holdings Lifted by Two Seas Capital LP

Key Points

• Two Seas Capital increased its STAAR Surgical stake by 22.6% in the third quarter, owning 1.30 million shares worth approximately $29.5 million. Institutional investors collectively hold 96.7% of the company.
• STAAR Surgical reported quarterly earnings of $0.39 per share, exceeding the $0.22 consensus estimate, while revenue reached $93.53 million and grew 111.1% year over year.
• The company authorized a $50 million share-repurchase program, covering up to 5.2% of outstanding shares. Despite this, analysts’ consensus rating remains “Hold,” with a $28.45 target price versus a recent share price of $22.15.

Two Seas Capital LP increased its position in STAAR Surgical Company (NASDAQ:STAA - Free Report) by 22.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,304,957 shares of the medical instruments supplier's stock after buying an additional 240,568 shares during the period. STAAR Surgical comprises 0.3% of Two Seas Capital LP's portfolio, making the stock its 26th largest holding. Two Seas Capital LP owned approximately 2.60% of STAAR Surgical worth $29,505,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Tidal Investments LLC acquired a new stake in STAAR Surgical during the second quarter worth approximately $952,000. Engineers Gate Manager LP acquired a new position in STAAR Surgical in the 2nd quarter valued at $618,000. Arizona State Retirement System purchased a new position in shares of STAAR Surgical during the 2nd quarter worth $235,000. Corient Private Wealth LP lifted its stake in shares of STAAR Surgical by 1.6% during the 2nd quarter. Corient Private Wealth LP now owns 48,968 shares of the medical instruments supplier's stock worth $1,405,000 after purchasing an additional 771 shares during the period. Finally, Angeles Wealth Management LLC acquired a new stake in shares of STAAR Surgical during the second quarter worth $209,000. Hedge funds and other institutional investors own 96.70% of the company's stock.

STAAR Surgical Price Performance

STAA stock traded down $0.42 during trading on Tuesday, reaching $22.15. 637,465 shares of the stock traded hands, compared to its average volume of 1,151,720. The firm has a market capitalization of $1.11 billion, a PE ratio of 316.47 and a beta of 1.17. The business's 50 day moving average price is $23.03 and its 200-day moving average price is $25.28. STAAR Surgical Company has a 52-week low of $15.59 and a 52-week high of $35.87.

STAAR Surgical (NASDAQ:STAA - Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The medical instruments supplier reported $0.39 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.17. The company had revenue of $93.53 million for the quarter, compared to the consensus estimate of $90.60 million. STAAR Surgical had a return on equity of 9.05% and a net margin of 1.13%.The company's quarterly revenue was up 111.1% compared to the same quarter last year. During the same period last year, the business posted ($0.34) EPS. On average, equities research analysts predict that STAAR Surgical Company will post 0.39 earnings per share for the current year.

STAAR Surgical announced that its board has initiated a stock repurchase program on Thursday, September 24th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the medical instruments supplier to reacquire up to 5.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts recently commented on STAA shares. Zacks Research lowered STAAR Surgical from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 2nd. Veritas Investment Research set a $31.00 price target on STAAR Surgical in a report on Tuesday, September 29th. Wall Street Zen downgraded shares of STAAR Surgical from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Weiss Ratings upgraded shares of STAAR Surgical from a "sell (d-)" rating to a "sell (d+)" rating in a report on Thursday, August 13th. Finally, Wedbush decreased their target price on shares of STAAR Surgical from $40.00 to $37.00 and set an "outperform" rating on the stock in a research report on Thursday, August 13th. Four equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, STAAR Surgical currently has an average rating of "Hold" and a consensus target price of $28.45.

STAAR Surgical Company Profile

STAAR Surgical is a medical device company focused on ophthalmic surgery and vision correction. The company develops, manufactures and markets implantable lenses and related products designed to reduce or eliminate dependence on glasses or contact lenses.

Its principal product line is the EVO Visian Implantable Collamer Lens (ICL), a lens implanted inside the eye to correct myopia, with or without astigmatism. Unlike procedures that remove corneal tissue, ICL surgery preserves the eye's natural lens and is designed to be removable.

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