STAAR Surgical (NASDAQ:STAA) Shares Up 6.7% - Here's Why

Key Points

• STAAR Surgical shares rose 6.7% to $24.1750 in Wednesday trading, although volume was 63% below the average session level.
• Analyst views remain mixed: the stock has a consensus “Hold” rating and an average price target of $26.94, with targets ranging from $20 to $40.
• The company reported stronger-than-expected quarterly results, including $0.10 in adjusted earnings per share versus estimates of $0.05 and revenue of $93.52 million, up 119.6% year over year.

STAAR Surgical Company (NASDAQ:STAA - Get Free Report)'s share price traded up 6.7% on Wednesday . The company traded as high as $24.20 and last traded at $24.1750. 444,377 shares were traded during mid-day trading, a decline of 63% from the average session volume of 1,194,839 shares. The stock had previously closed at $22.66.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Weiss Ratings upgraded STAAR Surgical from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, June 25th. Canaccord Genuity Group lifted their price target on STAAR Surgical from $27.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday, May 14th. UBS Group began coverage on STAAR Surgical in a research report on Tuesday. They set a "sell" rating and a $20.00 price target for the company. Wedbush reissued an "outperform" rating and issued a $40.00 price objective on shares of STAAR Surgical in a research note on Wednesday, July 22nd. Finally, Stifel Nicolaus increased their price objective on STAAR Surgical from $18.00 to $31.00 and gave the company a "hold" rating in a research note on Thursday, May 14th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $26.94.

STAAR Surgical Stock Performance

The company has a current ratio of 5.12, a quick ratio of 4.31 and a debt-to-equity ratio of 0.09. The stock's fifty day simple moving average is $28.46 and its 200 day simple moving average is $23.85. The company has a market cap of $1.20 billion, a price-to-earnings ratio of -56.15 and a beta of 1.23.

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

Institutional Trading of STAAR Surgical

Several large investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd increased its position in STAAR Surgical by 2,605.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 1,055 shares of the medical instruments supplier's stock worth $28,000 after purchasing an additional 1,016 shares during the last quarter. Ascentis Independent Advisors purchased a new stake in shares of STAAR Surgical during the 1st quarter valued at approximately $77,000. Tower Research Capital LLC TRC lifted its holdings in STAAR Surgical by 375.0% in the second quarter. Tower Research Capital LLC TRC now owns 5,919 shares of the medical instruments supplier's stock valued at $99,000 after acquiring an additional 4,673 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in STAAR Surgical by 9,928.9% in the third quarter. Russell Investments Group Ltd. now owns 4,513 shares of the medical instruments supplier's stock valued at $121,000 after acquiring an additional 4,468 shares during the last quarter. Finally, Fifth Third Bancorp lifted its holdings in STAAR Surgical by 2,867.1% in the first quarter. Fifth Third Bancorp now owns 11,008 shares of the medical instruments supplier's stock valued at $206,000 after acquiring an additional 10,637 shares during the last quarter. 96.70% of the stock is currently owned by hedge funds and other institutional investors.

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. 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.

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