STAAR Surgical (NASDAQ:STAA) Shares Gap Down - Should You Sell?

Key Points

• STAAR Surgical shares gapped down at the open, falling from a prior close of $28.98 to an opening price of $26.75 and last trading near $26.33.
• Analyst sentiment is mixed but cautious: the stock has an average “Hold” rating, with an average price target of $27.81 despite several recent target increases.
• The company recently reported better-than-expected quarterly results, posting $0.10 EPS versus $0.05 expected and revenue of $93.52 million, up 119.6% year over year.

Shares of STAAR Surgical Company (NASDAQ:STAA - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $28.98, but opened at $26.75. STAAR Surgical shares last traded at $26.3250, with a volume of 402,801 shares changing hands.

Analyst Ratings Changes

Several research firms recently issued reports on STAA. Weiss Ratings upgraded shares of STAAR Surgical from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, June 25th. Wells Fargo & Company increased their price target on shares of STAAR Surgical from $16.00 to $25.00 and gave the company an "equal weight" rating in a research note on Friday, May 15th. Canaccord Genuity Group increased their price target on shares of STAAR Surgical from $27.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday, May 14th. Wedbush restated an "outperform" rating and set a $40.00 price target on shares of STAAR Surgical in a report on Thursday. Finally, Stifel Nicolaus upped their price objective on STAAR Surgical from $18.00 to $31.00 and gave the company a "hold" rating in a report on Thursday, May 14th. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $27.81.

STAAR Surgical Price Performance

The company has a market cap of $1.26 billion, a price-to-earnings ratio of -59.34 and a beta of 1.23. The stock's 50-day simple moving average is $29.43 and its 200 day simple moving average is $23.80. The company has a quick ratio of 4.31, a current ratio of 5.12 and a debt-to-equity ratio of 0.09.

STAAR Surgical (NASDAQ:STAA - Get Free Report) last issued its quarterly earnings data on Wednesday, May 13th. The medical instruments supplier reported $0.10 EPS for the quarter, topping the consensus estimate of $0.05 by $0.05. STAAR Surgical had a negative net margin of 7.24% and a positive return on equity of 3.31%. The firm had revenue of $93.52 million for the quarter, compared to analyst estimates of $78.72 million. During the same period in the prior year, the business posted ($1.10) EPS. The business's revenue for the quarter was up 119.6% compared to the same quarter last year. On average, equities research analysts anticipate that STAAR Surgical Company will post 0.13 EPS for the current fiscal year.

Institutional Trading of STAAR Surgical

Hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of STAAR Surgical by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,390 shares of the medical instruments supplier's stock valued at $518,000 after purchasing an additional 1,267 shares during the period. Goldman Sachs Group Inc. increased its stake in STAAR Surgical by 33.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 544,843 shares of the medical instruments supplier's stock worth $9,606,000 after buying an additional 136,390 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in STAAR Surgical by 11.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 123,347 shares of the medical instruments supplier's stock worth $2,175,000 after buying an additional 12,841 shares during the period. Creative Planning lifted its holdings in STAAR Surgical by 19.9% during the 2nd quarter. Creative Planning now owns 15,695 shares of the medical instruments supplier's stock worth $263,000 after buying an additional 2,606 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in STAAR Surgical by 183.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 153,371 shares of the medical instruments supplier's stock worth $2,574,000 after buying an additional 99,218 shares in the last quarter. Institutional investors and hedge funds own 96.70% of the company's stock.

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. It markets its products to health care providers, including ophthalmic surgeons, vision and surgical centers, hospitals, government facilities, and distributors, as well as products are primarily used by ophthalmologists.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.