STAAR Surgical Company (NASDAQ:STAA) Receives Consensus Rating of "Hold" from Analysts

STAAR Surgical Company (NASDAQ:STAA - Get Free Report) has received a consensus rating of "Hold" from the eleven research firms that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $24.63.

Several equities analysts have recently issued reports on STAA shares. Canaccord Genuity Group reiterated a "hold" rating and issued a $20.00 price objective on shares of STAAR Surgical in a research note on Tuesday, May 27th. Wells Fargo & Company initiated coverage on shares of STAAR Surgical in a research note on Monday, April 21st. They issued an "equal weight" rating and a $17.00 price target for the company. Stephens reissued an "equal weight" rating and issued a $17.00 price objective on shares of STAAR Surgical in a research report on Tuesday, March 18th. Piper Sandler upgraded shares of STAAR Surgical to a "hold" rating in a report on Wednesday, June 18th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of STAAR Surgical in a research report on Wednesday, May 21st.

Insider Buying and Selling

In related news, major shareholder Broadwood Partners, L.P. bought 497,631 shares of the stock in a transaction on Friday, April 4th. The shares were bought at an average cost of $15.91 per share, for a total transaction of $7,917,309.21. Following the purchase, the insider owned 13,194,210 shares of the company's stock, valued at $209,919,881.10. This trade represents a 3.92% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders purchased a total of 675,665 shares of company stock worth $10,749,914 over the last quarter. Insiders own 1.00% of the company's stock.

Institutional Investors Weigh In On STAAR Surgical

Several hedge funds have recently modified their holdings of STAA. US Bancorp DE raised its position in STAAR Surgical by 1,693.0% during the 1st quarter. US Bancorp DE now owns 2,044 shares of the medical instruments supplier's stock worth $36,000 after buying an additional 1,930 shares during the last quarter. Brooklyn Investment Group increased its stake in shares of STAAR Surgical by 1,564.0% during the first quarter. Brooklyn Investment Group now owns 2,679 shares of the medical instruments supplier's stock worth $47,000 after acquiring an additional 2,518 shares during the period. KLP Kapitalforvaltning AS purchased a new position in STAAR Surgical during the fourth quarter worth about $180,000. EntryPoint Capital LLC purchased a new position in STAAR Surgical during the first quarter worth about $189,000. Finally, Strs Ohio acquired a new stake in STAAR Surgical in the first quarter valued at about $190,000. 96.70% of the stock is owned by institutional investors and hedge funds.

STAAR Surgical Price Performance

Shares of NASDAQ STAA traded down $0.14 during mid-day trading on Monday, hitting $16.78. The company had a trading volume of 910,367 shares, compared to its average volume of 856,723. The company has a market capitalization of $831.11 million, a PE ratio of -11.65 and a beta of 0.63. The business's 50-day simple moving average is $17.94 and its 200 day simple moving average is $19.35. STAAR Surgical has a 1-year low of $13.50 and a 1-year high of $49.86.

STAAR Surgical declared that its board has initiated 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 buy up to 3.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is 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.