STAAR Surgical Company (NASDAQ:STAA) Given Average Rating of "Hold" by Analysts

Key Points

• STAAR Surgical Company has received an average rating of "Hold" from ten research firms, with a one-year price target averaging $20.67.
• Several analysts have adjusted their price targets for STAAR Surgical, with Canaccord Genuity Group raising their target from $20.00 to $28.00, while Mizuho increased theirs from $17.00 to $18.00.
• The company has initiated a share buyback program, allowing it to repurchase up to $30 million in outstanding shares, indicating a belief that the stock is currently undervalued.

STAAR Surgical Company (NASDAQ:STAA - Get Free Report) has received an average rating of "Hold" from the ten research firms that are presently covering the company, MarketBeat.com reports. Ten equities research analysts have rated the stock with a hold recommendation. The average 1-year target price among brokers that have issued a report on the stock in the last year is $20.6667.

Several equities analysts have recently weighed in on STAA shares. Mizuho raised their price target on shares of STAAR Surgical from $17.00 to $18.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Piper Sandler raised shares of STAAR Surgical to a "hold" rating in a research note on Wednesday, June 18th. Canaccord Genuity Group lifted their target price on shares of STAAR Surgical from $20.00 to $28.00 and gave the stock a "hold" rating in a research note on Wednesday, August 6th. Needham & Company LLC reaffirmed a "hold" rating on shares of STAAR Surgical in a research note on Wednesday, May 21st. Finally, Stifel Nicolaus set a $28.00 target price on shares of STAAR Surgical and gave the stock a "hold" rating in a research note on Thursday, August 7th.

Hedge Funds Weigh In On STAAR Surgical

A number of institutional investors have recently bought and sold shares of the company. Linden Thomas Advisory Services LLC increased its position in shares of STAAR Surgical by 3.0% during the first quarter. Linden Thomas Advisory Services LLC now owns 20,978 shares of the medical instruments supplier's stock valued at $370,000 after acquiring an additional 603 shares during the last quarter. CWM LLC increased its position in shares of STAAR Surgical by 74.1% during the second quarter. CWM LLC now owns 1,563 shares of the medical instruments supplier's stock valued at $26,000 after acquiring an additional 665 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of STAAR Surgical by 7.8% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 12,711 shares of the medical instruments supplier's stock valued at $213,000 after acquiring an additional 923 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of STAAR Surgical by 4.4% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 22,168 shares of the medical instruments supplier's stock valued at $396,000 after acquiring an additional 934 shares during the last quarter. Finally, Franklin Resources Inc. increased its position in shares of STAAR Surgical by 3.0% during the second quarter. Franklin Resources Inc. now owns 35,175 shares of the medical instruments supplier's stock valued at $590,000 after acquiring an additional 1,012 shares during the last quarter. 96.70% of the stock is owned by hedge funds and other institutional investors.

STAAR Surgical Trading Down 1.4%

NASDAQ:STAA opened at $27.70 on Friday. The company's 50-day moving average price is $23.54 and its 200-day moving average price is $19.66. The company has a market cap of $1.37 billion, a P/E ratio of -14.35 and a beta of 0.74. STAAR Surgical has a twelve month low of $13.50 and a twelve month high of $38.60.

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

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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