STAAR Surgical (NASDAQ:STAA) Receives "Neutral" Rating from Sidoti

Key Points

• Sidoti has reaffirmed a neutral rating for STAAR Surgical (NASDAQ:STAA), increasing its price target to $28.00, which suggests a potential upside of 4.34% from the current stock price.
• Institutional investors own 96.70% of STAAR Surgical's stock, with significant increases in holdings reported by firms like CWM LLC and US Bancorp DE.
• STAAR Surgical has authorized a $30 million stock buyback plan, indicating management's belief that the stock is currently undervalued.

Sidoti reiterated their neutral rating on shares of STAAR Surgical (NASDAQ:STAA - Free Report) in a research note released on Tuesday,Benzinga reports. Sidoti currently has a $28.00 price target on the medical instruments supplier's stock, up from their prior price target of $27.00.

Several other research firms have also issued reports on STAA. Piper Sandler raised STAAR Surgical to a "hold" rating in a report on Wednesday, June 18th. Wells Fargo & Company began coverage on STAAR Surgical in a report on Monday, April 21st. They set an "equal weight" rating and a $17.00 price objective on the stock. Canaccord Genuity Group restated a "hold" rating and issued a $20.00 target price on shares of STAAR Surgical in a report on Tuesday, May 27th. Needham & Company LLC reiterated a "hold" rating on shares of STAAR Surgical in a research report on Wednesday, May 21st. Finally, Mizuho lifted their target price on STAAR Surgical from $17.00 to $18.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. One research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $21.71.

STAAR Surgical Stock Performance

Shares of NASDAQ:STAA traded up $0.02 during midday trading on Tuesday, reaching $26.92. 1,787,341 shares of the company's stock traded hands, compared to its average volume of 1,238,367. STAAR Surgical has a one year low of $13.50 and a one year high of $41.00. The company has a market cap of $1.33 billion, a price-to-earnings ratio of -18.69 and a beta of 0.61. The stock has a 50 day moving average of $17.87 and a 200 day moving average of $18.38.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Armistice Capital LLC boosted its stake in STAAR Surgical by 244.0% in the first quarter. Armistice Capital LLC now owns 3,000,000 shares of the medical instruments supplier's stock valued at $52,890,000 after acquiring an additional 2,128,000 shares in the last quarter. Broadwood Capital Inc. boosted its holdings in STAAR Surgical by 14.8% during the first quarter. Broadwood Capital Inc. now owns 12,455,264 shares of the medical instruments supplier's stock worth $219,586,000 after buying an additional 1,606,633 shares in the last quarter. Yunqi Capital Ltd grew its holdings in STAAR Surgical by 152.5% in the first quarter. Yunqi Capital Ltd now owns 1,937,589 shares of the medical instruments supplier's stock valued at $34,160,000 after purchasing an additional 1,170,176 shares during the last quarter. Resona Asset Management Co. Ltd. grew its position in shares of STAAR Surgical by 44.6% in the first quarter. Resona Asset Management Co. Ltd. now owns 2,169,618 shares of the medical instruments supplier's stock valued at $38,358,000 after purchasing an additional 669,430 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in STAAR Surgical by 5.8% during the 4th quarter. Vanguard Group Inc. now owns 5,855,570 shares of the medical instruments supplier's stock worth $142,232,000 after purchasing an additional 319,441 shares in the last quarter. 96.70% of the stock is currently owned by institutional investors and hedge funds.

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.