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

STAAR Surgical (NASDAQ:STAA - Get Free Report)'s share price fell 3.1% on Wednesday . The stock traded as low as $17.91 and last traded at $17.61. 17,795 shares traded hands during trading, a decline of 98% from the average session volume of 847,323 shares. The stock had previously closed at $18.17.

Analysts Set New Price Targets

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

STAAR Surgical Price Performance

The stock has a market capitalization of $845.90 million, a price-to-earnings ratio of -41.66 and a beta of 0.63. The stock has a 50-day moving average of $17.84 and a 200 day moving average of $20.13.

STAAR Surgical declared that its board has initiated a stock buyback program on Friday, May 16th that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the medical instruments supplier to purchase up to 3.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its shares are undervalued.

Insider Transactions at STAAR Surgical

In other STAAR Surgical news, major shareholder Broadwood Partners, L.P. acquired 108,720 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average price of $17.96 per share, with a total value of $1,952,611.20. Following the purchase, the insider now owns 12,182,995 shares of the company's stock, valued at $218,806,590.20. This represents a 0.90% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders purchased 937,614 shares of company stock worth $15,384,739. 1.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On STAAR Surgical

A number of hedge funds have recently modified their holdings of the business. Raymond James Financial Inc. bought a new stake in STAAR Surgical during the 4th quarter worth approximately $923,000. Hsbc Holdings PLC increased its position in shares of STAAR Surgical by 21.3% during the fourth quarter. Hsbc Holdings PLC now owns 21,160 shares of the medical instruments supplier's stock worth $513,000 after acquiring an additional 3,714 shares in the last quarter. Integral Health Asset Management LLC raised its holdings in shares of STAAR Surgical by 100.0% during the fourth quarter. Integral Health Asset Management LLC now owns 100,000 shares of the medical instruments supplier's stock worth $2,429,000 after acquiring an additional 50,000 shares during the period. Amundi raised its holdings in shares of STAAR Surgical by 174.7% during the fourth quarter. Amundi now owns 23,785 shares of the medical instruments supplier's stock worth $550,000 after acquiring an additional 15,128 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in STAAR Surgical by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 444,290 shares of the medical instruments supplier's stock valued at $10,792,000 after acquiring an additional 18,168 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.