STAAR Surgical (NASDAQ:STAA) Receives "Hold" Rating from Canaccord Genuity Group

STAAR Surgical (NASDAQ:STAA - Get Free Report)'s stock had its "hold" rating restated by investment analysts at Canaccord Genuity Group in a note issued to investors on Tuesday,Benzinga reports. They currently have a $20.00 price target on the medical instruments supplier's stock. Canaccord Genuity Group's price target indicates a potential upside of 11.98% from the company's previous close.

Several other equities research analysts have also issued reports on the company. Mizuho lowered STAAR Surgical from an "outperform" rating to a "neutral" rating and lowered their price objective for the company from $45.00 to $17.00 in a research note on Wednesday, February 12th. Wall Street Zen cut shares of STAAR Surgical from a "hold" rating to a "sell" rating in a research report on Thursday, February 13th. Wells Fargo & Company assumed coverage on shares of STAAR Surgical in a report on Monday, April 21st. They issued an "equal weight" rating and a $17.00 target price for the company. Needham & Company LLC reissued a "hold" rating on shares of STAAR Surgical in a research note on Wednesday, May 21st. Finally, Stephens reiterated an "equal weight" rating and set a $17.00 target price on shares of STAAR Surgical in a research report on Tuesday, March 18th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, STAAR Surgical presently has an average rating of "Hold" and a consensus target price of $24.63.

STAAR Surgical Price Performance

Shares of NASDAQ STAA traded down $0.47 during mid-day trading on Tuesday, hitting $17.86. 752,069 shares of the company's stock traded hands, compared to its average volume of 830,513. STAAR Surgical has a 1 year low of $13.50 and a 1 year high of $49.86. The company's 50-day moving average is $17.78 and its two-hundred day moving average is $20.81. The company has a market capitalization of $884.53 million, a P/E ratio of -43.56 and a beta of 0.65.

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.

Insider Activity

In other STAAR Surgical news, major shareholder Broadwood Partners, L.P. acquired 249,503 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were purchased at an average cost of $16.64 per share, for a total transaction of $4,151,729.92. Following the completion of the purchase, the insider now owns 11,953,198 shares in the company, valued at approximately $198,901,214.72. This trade represents a 2.13% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last 90 days, insiders have bought 1,187,117 shares of company stock worth $19,536,469. Company insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in STAA. US Bancorp DE boosted its position in STAAR Surgical by 1,693.0% during 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 in the last quarter. Brooklyn Investment Group lifted its position 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 valued at $47,000 after buying an additional 2,518 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of STAAR Surgical in the 4th quarter valued at about $180,000. EntryPoint Capital LLC purchased a new position in shares of STAAR Surgical in the 1st quarter worth approximately $189,000. Finally, Strs Ohio purchased a new position in shares of STAAR Surgical in the 1st quarter worth approximately $190,000. 96.70% of the stock is currently owned by hedge funds and other institutional investors.

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.