Short Interest in STAAR Surgical Company (NASDAQ:STAA) Drops By 40.3%

Key Points

• Short interest in STAAR Surgical has declined by 40.3% in August, falling from 6,450,000 shares at the end of July to 3,850,000 shares by August 15th.
• STAAR Surgical has initiated a $30 million stock repurchase program, indicating that the company's leadership believes its shares may be undervalued.
• The stock currently has a consensus rating of "Hold" from analysts, with price targets ranging from $18.00 to $28.00.

STAAR Surgical Company (NASDAQ:STAA - Get Free Report) saw a large drop in short interest in August. As of August 15th, there was short interest totaling 3,850,000 shares, adropof40.3% from the July 31st total of 6,450,000 shares. Based on an average daily trading volume, of 1,570,000 shares, the days-to-cover ratio is currently 2.5 days. Based on an average daily trading volume, of 1,570,000 shares, the days-to-cover ratio is currently 2.5 days.

STAAR Surgical Stock Up 0.6%

STAA stock opened at $27.94 on Friday. The stock has a market cap of $1.38 billion, a P/E ratio of -14.48 and a beta of 0.74. STAAR Surgical has a twelve month low of $13.50 and a twelve month high of $38.60. The business's 50-day moving average price is $22.51 and its 200-day moving average price is $19.28.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on STAA shares. Needham & Company LLC restated a "hold" rating on shares of STAAR Surgical in a research note on Wednesday, May 21st. Stifel Nicolaus set a $28.00 price target on STAAR Surgical and gave the company a "hold" rating in a research note on Thursday, August 7th. Mizuho boosted 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. Canaccord Genuity Group boosted 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. Finally, Piper Sandler upgraded STAAR Surgical to a "hold" rating in a research note on Wednesday, June 18th. Ten investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $20.67.

Institutional Trading of STAAR Surgical

Hedge funds and other institutional investors have recently bought and sold shares of the stock. CWM LLC grew its holdings in STAAR Surgical by 74.1% in the second quarter. CWM LLC now owns 1,563 shares of the medical instruments supplier's stock valued at $26,000 after purchasing an additional 665 shares during the period. US Bancorp DE grew its holdings in STAAR Surgical by 1,693.0% in the first quarter. US Bancorp DE now owns 2,044 shares of the medical instruments supplier's stock valued at $36,000 after purchasing an additional 1,930 shares during the period. Brooklyn Investment Group grew its holdings in STAAR Surgical by 1,564.0% in the first quarter. Brooklyn Investment Group now owns 2,679 shares of the medical instruments supplier's stock valued at $47,000 after purchasing an additional 2,518 shares during the period. PNC Financial Services Group Inc. grew its holdings in STAAR Surgical by 691.0% in the second quarter. PNC Financial Services Group Inc. now owns 3,607 shares of the medical instruments supplier's stock valued at $61,000 after purchasing an additional 3,151 shares during the period. Finally, Tower Research Capital LLC TRC grew its holdings in STAAR Surgical by 375.0% in the second quarter. Tower Research Capital LLC TRC now owns 5,919 shares of the medical instruments supplier's stock valued at $99,000 after purchasing an additional 4,673 shares during the period. 96.70% of the stock is owned by institutional investors and hedge funds.

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.

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