STAAR Surgical (NASDAQ:STAA) Given New $28.00 Price Target at Canaccord Genuity Group

Key Points

• Analysts at Canaccord Genuity Group have raised their price target for STAAR Surgical from $20.00 to $28.00, indicating a potential upside of 4.30% from the current stock price.
• As of recent reports, STAAR Surgical is rated as a "hold" by multiple analysts, with the consensus rating maintaining an average target price of $20.57.
• STAAR Surgical's board has authorized a $30 million share repurchase program, reflecting management's belief that the stock is undervalued.

STAAR Surgical (NASDAQ:STAA - Get Free Report) had its price target upped by analysts at Canaccord Genuity Group from $20.00 to $28.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "hold" rating on the medical instruments supplier's stock. Canaccord Genuity Group's price target points to a potential upside of 4.30% from the company's current price.

A number of other analysts have also issued reports on STAA. Sidoti reiterated a "neutral" rating and set a $28.00 price objective (up from $27.00) on shares of STAAR Surgical in a research note on Tuesday. Piper Sandler upgraded STAAR Surgical to a "hold" rating in a research report on Wednesday, June 18th. Mizuho lifted their price objective on STAAR Surgical from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. Needham & Company LLC reiterated a "hold" rating on shares of STAAR Surgical in a report on Wednesday, May 21st. Finally, 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. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, STAAR Surgical currently has a consensus rating of "Hold" and an average target price of $20.57.

STAAR Surgical Trading Down 0.6%

STAA stock traded down $0.18 during mid-day trading on Wednesday, reaching $26.85. The company's stock had a trading volume of 3,322,843 shares, compared to its average volume of 1,219,728. STAAR Surgical has a 12 month low of $13.50 and a 12 month high of $41.00. The business's 50 day moving average price is $17.70 and its 200 day moving average price is $18.32. The company has a market cap of $1.33 billion, a price-to-earnings ratio of -18.64 and a beta of 0.61.

STAAR Surgical declared that its board has authorized a share repurchase program on Friday, May 16th that allows the company to repurchase $30.00 million in shares. This repurchase authorization allows the medical instruments supplier to reacquire up to 3.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. CWM LLC raised its stake in shares of 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 acquiring an additional 665 shares in the last quarter. US Bancorp DE increased its position in STAAR Surgical by 1,693.0% in the 1st quarter. US Bancorp DE now owns 2,044 shares of the medical instruments supplier's stock valued at $36,000 after acquiring an additional 1,930 shares during the period. Brooklyn Investment Group increased its position in STAAR Surgical by 1,564.0% in the 1st quarter. Brooklyn Investment Group now owns 2,679 shares of the medical instruments supplier's stock valued at $47,000 after acquiring an additional 2,518 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in STAAR Surgical in the 4th quarter valued at approximately $180,000. Finally, AlphaQuest LLC lifted its position in shares of STAAR Surgical by 197.4% during the 2nd quarter. AlphaQuest LLC now owns 10,879 shares of the medical instruments supplier's stock valued at $183,000 after acquiring an additional 7,221 shares during the period. 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.

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