STAAR Surgical Company $STAA is Broadwood Capital Inc.'s 3rd Largest Position

Key Points

• Broadwood Capital Inc. increased its ownership in STAAR Surgical Company by 14.8%, now holding 12.45 million shares which constitutes approximately 17.8% of its portfolio.
• STAAR Surgical's board has initiated a $30 million stock repurchase plan, indicating management's belief that the shares are undervalued.
• Wall Street analysts currently hold a consensus rating of "Hold" for STAA stock with multiple firms raising their target prices to around $28.00.

Broadwood Capital Inc. lifted its holdings in shares of STAAR Surgical Company (NASDAQ:STAA - Free Report) by 14.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,455,264 shares of the medical instruments supplier's stock after acquiring an additional 1,606,633 shares during the period. STAAR Surgical accounts for about 17.8% of Broadwood Capital Inc.'s holdings, making the stock its 3rd biggest position. Broadwood Capital Inc. owned approximately 25.15% of STAAR Surgical worth $219,586,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. US Bancorp DE lifted its holdings 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 worth $36,000 after purchasing an additional 1,930 shares during the period. Brooklyn Investment Group lifted its holdings in shares of STAAR Surgical by 1,564.0% during the first quarter. Brooklyn Investment Group now owns 2,679 shares of the medical instruments supplier's stock worth $47,000 after purchasing an additional 2,518 shares during the period. EntryPoint Capital LLC acquired a new stake in shares of STAAR Surgical during the first quarter worth $189,000. Bridgefront Capital LLC lifted its holdings in STAAR Surgical by 27.2% in the fourth quarter. Bridgefront Capital LLC now owns 10,792 shares of the medical instruments supplier's stock valued at $262,000 after acquiring an additional 2,306 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in STAAR Surgical by 29.6% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,076 shares of the medical instruments supplier's stock valued at $248,000 after acquiring an additional 3,217 shares during the period. 96.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on STAA. Canaccord Genuity Group raised their target price 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 target price on STAAR Surgical and gave the company a "hold" rating in a report on Thursday, August 7th. Mizuho raised their target price on STAAR Surgical from $17.00 to $18.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Piper Sandler raised STAAR Surgical to a "hold" rating in a report on Wednesday, June 18th. Finally, Needham & Company LLC reissued 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, the company presently has a consensus rating of "Hold" and a consensus target price of $20.67.

STAAR Surgical Trading Down 0.9%

Shares of NASDAQ:STAA traded down $0.26 during midday trading on Monday, hitting $27.69. 224,122 shares of the stock were exchanged, compared to its average volume of 1,219,485. The stock has a market cap of $1.37 billion, a P/E ratio of -14.30 and a beta of 0.74. STAAR Surgical Company has a twelve month low of $13.50 and a twelve month high of $38.60. The company has a 50 day moving average price of $22.51 and a 200-day moving average price of $19.31.

STAAR Surgical announced that its board has approved a share repurchase program on Friday, May 16th that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the medical instruments supplier to buy up to 3.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management 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.