Canaccord Genuity Group Raises STAAR Surgical (NASDAQ:STAA) Price Target to $28.00

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 - Free Report) had its price objective upped by Canaccord Genuity Group from $20.00 to $28.00 in a report published on Wednesday,Benzinga reports. The firm currently has a hold rating on the medical instruments supplier's stock.

STAA has been the subject of several other research reports. Piper Sandler raised shares of STAAR Surgical to a "hold" rating in a research report on Wednesday, June 18th. Mizuho raised their price objective on shares of STAAR Surgical from $17.00 to $18.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Wells Fargo & Company initiated coverage on shares of STAAR Surgical in a report on Monday, April 21st. They issued an "equal weight" rating and a $17.00 price objective for the company. Finally, Needham & Company LLC reissued a "hold" rating on shares of STAAR Surgical in a research report on Wednesday, May 21st. One analyst has rated the stock with a sell rating and ten have given a hold rating to the stock. Based on data from MarketBeat, STAAR Surgical currently has an average rating of "Hold" and a consensus target price of $20.67.

STAAR Surgical Stock Performance

Shares of STAA stock traded up $0.31 on Wednesday, hitting $27.26. The company's stock had a trading volume of 2,412,737 shares, compared to its average volume of 3,121,900. STAAR Surgical has a fifty-two week low of $13.50 and a fifty-two week high of $40.81. The stock's 50 day moving average is $18.23 and its 200-day moving average is $18.37. The company has a market capitalization of $1.35 billion, a PE ratio of -14.12 and a beta of 0.61.

STAAR Surgical declared that its Board of Directors has initiated a share repurchase program on Friday, May 16th that permits the company to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the medical instruments supplier to purchase up to 3.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On STAAR Surgical

A number of large investors have recently modified their holdings of STAA. American Century Companies Inc. lifted its holdings in shares of STAAR Surgical by 70.0% in the 4th quarter. American Century Companies Inc. now owns 13,256 shares of the medical instruments supplier's stock worth $322,000 after purchasing an additional 5,457 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in STAAR Surgical during the 4th quarter valued at $180,000. LPL Financial LLC lifted its stake in STAAR Surgical by 45.3% during the 4th quarter. LPL Financial LLC now owns 15,994 shares of the medical instruments supplier's stock valued at $388,000 after acquiring an additional 4,989 shares in the last quarter. Wells Fargo & Company MN lifted its stake in STAAR Surgical by 27.2% during the 4th quarter. Wells Fargo & Company MN now owns 26,081 shares of the medical instruments supplier's stock valued at $634,000 after acquiring an additional 5,572 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in STAAR Surgical by 7.2% during the 4th quarter. Invesco Ltd. now owns 202,981 shares of the medical instruments supplier's stock valued at $4,930,000 after acquiring an additional 13,714 shares in the last quarter. 96.70% of the stock is currently owned by 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.