STAAR Surgical (NASDAQ:STAA) Trading Up 5.4% - Here's What Happened

Key Points

• STAAR Surgical shares rose 5.4% to $23.3050, although trading volume was roughly 99% below the average session volume.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $28.40; recent targets ranged from $25 to $32.
• The company exceeded quarterly expectations, reporting $0.39 in earnings per share versus a $0.22 estimate and $93.53 million in revenue, up 111.1% year over year.

STAAR Surgical Company (NASDAQ:STAA - Get Free Report) rose 5.4% on Tuesday . The company traded as high as $22.75 and last traded at $23.3050. 11,044 shares changed hands during trading, a decline of 99% from the average session volume of 1,162,946 shares. The stock had previously closed at $22.11.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on STAA. Wells Fargo & Company upped their target price on STAAR Surgical from $16.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Friday, May 15th. Piper Sandler reissued a "neutral" rating on shares of STAAR Surgical in a research note on Thursday, August 13th. Stifel Nicolaus cut their price target on shares of STAAR Surgical from $31.00 to $28.00 and set a "hold" rating for the company in a research report on Monday, August 17th. Canaccord Genuity Group raised their price objective on STAAR Surgical from $27.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday, May 14th. Finally, Zacks Research upgraded STAAR Surgical from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, STAAR Surgical presently has a consensus rating of "Hold" and a consensus target price of $28.40.

STAAR Surgical Price Performance

The firm's 50 day moving average is $25.53 and its 200 day moving average is $24.58. The company has a market capitalization of $1.17 billion, a PE ratio of 332.35 and a beta of 1.26.

STAAR Surgical (NASDAQ:STAA - Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The medical instruments supplier reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.17. STAAR Surgical had a net margin of 1.13% and a return on equity of 9.05%. The business had revenue of $93.53 million during the quarter, compared to analysts' expectations of $90.60 million. During the same quarter in the prior year, the company posted ($0.34) EPS. The firm's revenue for the quarter was up 111.1% compared to the same quarter last year. As a group, analysts predict that STAAR Surgical Company will post 0.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of STAA. Corient Private Wealth LP lifted its holdings in STAAR Surgical by 1.6% in the 2nd quarter. Corient Private Wealth LP now owns 48,968 shares of the medical instruments supplier's stock worth $1,405,000 after buying an additional 771 shares during the period. California State Teachers Retirement System increased its stake in shares of STAAR Surgical by 2,943.5% during the second quarter. California State Teachers Retirement System now owns 968,402 shares of the medical instruments supplier's stock valued at $27,783,000 after buying an additional 936,583 shares during the period. Angeles Wealth Management LLC purchased a new position in shares of STAAR Surgical during the second quarter valued at approximately $209,000. Headlands Technologies LLC raised its holdings in shares of STAAR Surgical by 19.0% during the second quarter. Headlands Technologies LLC now owns 36,898 shares of the medical instruments supplier's stock valued at $1,059,000 after acquiring an additional 5,889 shares in the last quarter. Finally, American Capital Management Inc. bought a new position in shares of STAAR Surgical during the second quarter valued at approximately $24,291,000. Hedge funds and other institutional investors own 96.70% of the company's stock.

STAAR Surgical Company 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. 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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