STAAR Surgical (NASDAQ:STAA) Shares Gap Up - Here's What Happened

Key Points

• STAAR Surgical's shares experienced a significant gap up, opening at $26.77 after closing at $18.49, with over 16 million shares traded.
• Multiple analysts have provided updated ratings and price targets, with a consensus rating of "Hold" and an average price target of $19.43.
• The company has approved a stock buyback program of $30 million, allowing it to repurchase up to 3.2% of its outstanding shares, indicating that the board believes the stock is undervalued.

Shares of STAAR Surgical Company (NASDAQ:STAA - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $18.49, but opened at $26.77. STAAR Surgical shares last traded at $26.77, with a volume of 16,490,247 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Stifel Nicolaus set a $28.00 target price on STAAR Surgical and gave the company a "hold" rating in a report on Thursday. Canaccord Genuity Group lifted their price objective on STAAR Surgical from $20.00 to $28.00 and gave the stock a "hold" rating in a research report on Wednesday. Mizuho raised their target price on STAAR Surgical from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Needham & Company LLC restated a "hold" rating on shares of STAAR Surgical in a research note on Wednesday, May 21st. Finally, Piper Sandler upgraded STAAR Surgical to a "hold" rating in a research note on Wednesday, June 18th. One investment analyst has rated the stock with a sell rating and eleven have given a hold rating to the company's stock. According to MarketBeat.com, STAAR Surgical currently has a consensus rating of "Hold" and a consensus price target of $21.71.

STAAR Surgical Trading Up 0.1%

The business's fifty day simple moving average is $17.87 and its 200-day simple moving average is $18.38. The firm has a market cap of $1.33 billion, a P/E ratio of -18.70 and a beta of 0.61.

STAAR Surgical declared that its board has authorized a stock 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 buy up to 3.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in STAA. Yunqi Capital Ltd increased its stake in STAAR Surgical by 24.4% in the second quarter. Yunqi Capital Ltd now owns 2,411,288 shares of the medical instruments supplier's stock valued at $40,461,000 after acquiring an additional 473,699 shares during the last quarter. Resona Asset Management Co. Ltd. raised its position in STAAR Surgical by 11.6% during the second quarter. Resona Asset Management Co. Ltd. now owns 2,421,836 shares of the medical instruments supplier's stock valued at $40,746,000 after purchasing an additional 252,218 shares in the last quarter. AlphaQuest LLC raised its position in STAAR Surgical by 197.4% during the second quarter. AlphaQuest LLC now owns 10,879 shares of the medical instruments supplier's stock valued at $183,000 after purchasing an additional 7,221 shares in the last quarter. CWM LLC raised its position in STAAR Surgical by 74.1% during 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 in the last quarter. Finally, 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 valued at $493,000 after buying an additional 2,181 shares during the last quarter. 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.