STAAR Surgical Company (NASDAQ:STAA) Receives $18.00 Consensus Target Price from Analysts

Key Points

• STAAR Surgical Company (NASDAQ:STAA) has an average rating of "Hold" from ten research firms, with an average 1-year price target set at $18.00.
• Hedge funds and institutional investors own 96.70% of STAAR Surgical's stock, with significant increases in holdings by firms like US Bancorp and Brooklyn Investment Group during recent quarters.
• The company has initiated a $30 million share buyback program, indicating confidence in its stock value amidst a recent trading range of $13.50 to $42.17.

Shares of STAAR Surgical Company (NASDAQ:STAA - Get Free Report) have earned an average rating of "Hold" from the ten research firms that are presently covering the company, Marketbeat Ratings reports. Nine analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $18.00.

A number of brokerages recently issued reports on STAA. Piper Sandler upgraded shares of STAAR Surgical to a "hold" rating in a research note on Wednesday, June 18th. Wells Fargo & Company started coverage on STAAR Surgical in a report on Monday, April 21st. They issued an "equal weight" rating and a $17.00 target price on the stock. Mizuho raised their price objective on STAAR Surgical from $17.00 to $18.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Canaccord Genuity Group reiterated a "hold" rating and set a $20.00 price objective on shares of STAAR Surgical in a research note on Tuesday, May 27th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of STAAR Surgical in a research note on Wednesday, May 21st.

STAAR Surgical Stock Performance

Shares of NASDAQ STAA traded up $0.24 during mid-day trading on Friday, hitting $19.44. 69,864 shares of the stock traded hands, compared to its average volume of 943,285. STAAR Surgical has a 52 week low of $13.50 and a 52 week high of $42.17. The company has a market cap of $962.62 million, a price-to-earnings ratio of -13.44 and a beta of 0.58. The stock has a fifty day moving average price of $17.59 and a 200-day moving average price of $18.42.

STAAR Surgical declared that its Board of Directors has approved a stock repurchase plan 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 reacquire up to 3.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On STAAR Surgical

Several institutional investors have recently made changes to their positions in the company. CWM LLC grew its stake 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 last quarter. State of Alaska Department of Revenue grew its stake in shares of STAAR Surgical by 8.0% during the second quarter. State of Alaska Department of Revenue now owns 29,476 shares of the medical instruments supplier's stock worth $493,000 after acquiring an additional 2,181 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of STAAR Surgical by 213.1% during the second quarter. Assenagon Asset Management S.A. now owns 164,088 shares of the medical instruments supplier's stock worth $2,753,000 after acquiring an additional 111,686 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake 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 worth $396,000 after acquiring an additional 934 shares during the last quarter. Finally, Pinnacle Investment Management Ltd acquired a new stake in shares of STAAR Surgical during the first quarter worth about $1,155,000. Hedge funds and other institutional investors own 96.70% of the company's stock.

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.