STAAR Surgical (NASDAQ:STAA) Stock Price Down 5.2% - Here's What Happened

Key Points

• STAAR Surgical shares fell 5.2% to about $22.21 in mid-day trading, with volume down 71% from the average daily level.
• Analyst sentiment remains cautious: the stock has an average “Reduce” rating, with eight Holds and three Sells versus two Buys, and a consensus price target of $28.40.
• The company exceeded quarterly expectations, reporting $0.39 in EPS versus $0.22 expected and $93.53 million in revenue, up 111.1% year over year. Institutional investors own 96.7% of outstanding shares.

STAAR Surgical Company (NASDAQ:STAA - Get Free Report)'s share price dropped 5.2% during mid-day trading on Friday . The stock traded as low as $22.33 and last traded at $22.2130. 330,241 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 1,150,857 shares. The stock had previously closed at $23.42.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on STAA shares. Wall Street Zen cut STAAR Surgical from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Canaccord Genuity Group increased their price target on STAAR Surgical from $27.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday, May 14th. William Blair set a $33.00 price target on STAAR Surgical in a research report on Thursday, August 13th. Stifel Nicolaus lowered their price target on STAAR Surgical from $31.00 to $28.00 and set a "hold" rating on the stock in a research report on Monday, August 17th. Finally, Piper Sandler reissued a "neutral" rating on shares of STAAR Surgical in a research note on Thursday, August 13th. Two analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, STAAR Surgical currently has an average rating of "Reduce" and a consensus target price of $28.40.

STAAR Surgical Price Performance

The company has a market cap of $1.11 billion, a P/E ratio of 315.96 and a beta of 1.21. The company has a fifty day simple moving average of $24.66 and a 200-day simple moving average of $24.95.

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

Institutional Trading of STAAR Surgical

Several institutional investors and hedge funds have recently bought and sold shares of STAA. Caitong International Asset Management Co. Ltd grew its stake in STAAR Surgical by 58.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,669 shares of the medical instruments supplier's stock worth $39,000 after buying an additional 614 shares during the last quarter. Corient Private Wealth LP raised its stake in shares of STAAR Surgical by 1.6% in the second quarter. Corient Private Wealth LP now owns 48,968 shares of the medical instruments supplier's stock valued at $1,405,000 after acquiring an additional 771 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of STAAR Surgical by 0.6% in the 3rd quarter. Invesco Ltd. now owns 150,896 shares of the medical instruments supplier's stock worth $4,055,000 after acquiring an additional 956 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of STAAR Surgical by 2.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 52,535 shares of the medical instruments supplier's stock worth $1,214,000 after acquiring an additional 1,234 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in STAAR Surgical by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,390 shares of the medical instruments supplier's stock worth $518,000 after acquiring an additional 1,267 shares during the last quarter. Institutional investors and hedge funds own 96.70% of the company's stock.

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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