STAAR Surgical (NASDAQ:STAA) Stock Price Down 3.1% - Time to Sell?

STAAR Surgical (NASDAQ:STAA - Get Free Report) shares were down 3.1% during mid-day trading on Wednesday . The company traded as low as $17.91 and last traded at $17.61. Approximately 17,795 shares changed hands during trading, a decline of 98% from the average daily volume of 847,323 shares. The stock had previously closed at $18.17.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on STAA shares. Canaccord Genuity Group reiterated a "hold" rating and set a $20.00 price objective on shares of STAAR Surgical in a report on Tuesday, May 27th. Stephens reiterated an "equal weight" rating and set a $17.00 price objective on shares of STAAR Surgical in a report on Tuesday, March 18th. Wells Fargo & Company began coverage on STAAR Surgical in a report on Monday, April 21st. They set an "equal weight" rating and a $17.00 price objective on the stock. Finally, Needham & Company LLC reissued a "hold" rating on shares of STAAR Surgical in a research report on Wednesday, May 21st. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, STAAR Surgical has an average rating of "Hold" and an average price target of $24.63.

STAAR Surgical Stock Down 2.1%

The firm has a 50 day moving average price of $17.84 and a two-hundred day moving average price of $20.08. The company has a market cap of $845.90 million, a price-to-earnings ratio of -41.66 and a beta of 0.63.

STAAR Surgical announced that its Board of Directors has approved a share buyback program on Friday, May 16th that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the medical instruments supplier to repurchase up to 3.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling

In other news, major shareholder Broadwood Partners, L.P. purchased 108,720 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were purchased at an average price of $17.96 per share, with a total value of $1,952,611.20. Following the transaction, the insider now directly owns 12,182,995 shares of the company's stock, valued at approximately $218,806,590.20. This represents a 0.90% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have acquired 937,614 shares of company stock worth $15,384,739. 1.00% of the stock is owned by company insiders.

Institutional Trading of STAAR Surgical

A number of institutional investors have recently added to or reduced their stakes in STAA. Linden Thomas Advisory Services LLC increased its stake in STAAR Surgical by 3.0% in the 1st quarter. Linden Thomas Advisory Services LLC now owns 20,978 shares of the medical instruments supplier's stock worth $370,000 after acquiring an additional 603 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in STAAR Surgical by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,123 shares of the medical instruments supplier's stock worth $683,000 after acquiring an additional 1,044 shares during the last quarter. MetLife Investment Management LLC grew its position in shares of STAAR Surgical by 6.3% in the 4th quarter. MetLife Investment Management LLC now owns 30,396 shares of the medical instruments supplier's stock worth $738,000 after buying an additional 1,796 shares during the last quarter. US Bancorp DE grew its position in shares of 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 worth $36,000 after buying an additional 1,930 shares during the last quarter. Finally, Bridgefront Capital LLC lifted its stake in shares of STAAR Surgical by 27.2% in the 4th quarter. Bridgefront Capital LLC now owns 10,792 shares of the medical instruments supplier's stock valued at $262,000 after purchasing an additional 2,306 shares during the period. Hedge funds and other 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.