Vanguard Group Inc. Sells 439,860 Shares of STAAR Surgical Company $STAA

Key Points

• Vanguard Group Inc. reduced its holdings in STAAR Surgical Company by 7.5% during the first quarter, now owning approximately 10.94% of the company valued at around $95 million.
• Several institutional investors significantly increased their stakes in STAAR Surgical, with US Bancorp DE growing its holdings by 1,693% in the same quarter.
• Analysts generally have a "Hold" rating on STAAR Surgical, with target prices ranging from $17.00 to $28.00, reflecting a consensus average target of $20.67.

Vanguard Group Inc. lowered its stake in STAAR Surgical Company (NASDAQ:STAA - Free Report) by 7.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,415,710 shares of the medical instruments supplier's stock after selling 439,860 shares during the quarter. Vanguard Group Inc. owned about 10.94% of STAAR Surgical worth $95,479,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. US Bancorp DE lifted its position in shares of 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 valued at $36,000 after buying an additional 1,930 shares in the last quarter. Bridgefront Capital LLC lifted its position in shares of STAAR Surgical by 27.2% during the 4th quarter. Bridgefront Capital LLC now owns 10,792 shares of the medical instruments supplier's stock valued at $262,000 after buying an additional 2,306 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of STAAR Surgical by 29.6% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,076 shares of the medical instruments supplier's stock valued at $248,000 after buying an additional 3,217 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of STAAR Surgical by 4,086.0% during the 1st quarter. GAMMA Investing LLC now owns 14,651 shares of the medical instruments supplier's stock valued at $258,000 after buying an additional 14,301 shares in the last quarter. Finally, ProShare Advisors LLC lifted its position in shares of STAAR Surgical by 44.5% during the 4th quarter. ProShare Advisors LLC now owns 14,906 shares of the medical instruments supplier's stock valued at $362,000 after buying an additional 4,590 shares in the last quarter. 96.70% of the stock is owned by hedge funds and other institutional investors.

STAAR Surgical Price Performance

Shares of NASDAQ:STAA traded down $0.11 during trading on Thursday, hitting $27.40. The company had a trading volume of 678,055 shares, compared to its average volume of 3,407,431. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of -14.20 and a beta of 0.61. STAAR Surgical Company has a one year low of $13.50 and a one year high of $38.60. The company has a fifty day simple moving average of $21.21 and a two-hundred day simple moving average of $18.84.

STAAR Surgical announced that its Board of Directors has initiated a share buyback program on Friday, May 16th that allows the company to buyback $30.00 million in shares. This buyback authorization allows the medical instruments supplier to repurchase up to 3.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Stifel Nicolaus set a $28.00 price objective on STAAR Surgical and gave the company a "hold" rating in a research report on Thursday, August 7th. Needham & Company LLC reaffirmed a "hold" rating on shares of STAAR Surgical in a research note on Wednesday, May 21st. Mizuho increased their price target on STAAR Surgical from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Piper Sandler raised STAAR Surgical to a "hold" rating in a research note on Wednesday, June 18th. Finally, Canaccord Genuity Group increased their price target on STAAR Surgical from $20.00 to $28.00 and gave the company a "hold" rating in a research note on Wednesday, August 6th. Ten equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $20.67.

STAAR Surgical Profile

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.