STAAR Surgical (NASDAQ:STAA) Stock Rating Upgraded by Canaccord Genuity Group

Key Points

• Canaccord Genuity upgraded STAAR Surgical to a "Buy" and raised its price target to $27 (from $22), implying about a 29.3% upside from the prior close.
• STAAR missed quarterly expectations, reporting EPS of ($0.37) vs. a $0.14 consensus and revenue of $57.8M vs. a $75.5M estimate, though revenue grew 18% year-over-year; the stock trades around $20.88 with a one-year range of $14.69–$30.81 and a negative P/E.
• Large insider and institutional activity: Broadwood Partners bought 316,017 shares (~$5.88M) and insiders acquired 697,698 shares in the last 90 days, while institutional ownership is roughly 96.7%.

STAAR Surgical (NASDAQ:STAA - Get Free Report) was upgraded by Canaccord Genuity Group from a "hold" rating to a "buy" rating in a report issued on Thursday,Benzinga reports. The firm presently has a $27.00 price target on the medical instruments supplier's stock, up from their previous price target of $22.00. Canaccord Genuity Group's price objective suggests a potential upside of 29.31% from the company's previous close.

Several other research analysts have also recently issued reports on the company. Morgan Stanley started coverage on STAAR Surgical in a research note on Friday, January 16th. They issued an "underweight" rating and a $13.00 price target for the company. Jefferies Financial Group decreased their price target on STAAR Surgical from $28.00 to $21.50 and set a "buy" rating for the company in a research note on Wednesday, January 28th. Wells Fargo & Company decreased their price target on STAAR Surgical from $30.75 to $16.00 and set an "equal weight" rating for the company in a research note on Thursday, March 5th. Needham & Company LLC reissued a "hold" rating on shares of STAAR Surgical in a research note on Tuesday, January 6th. Finally, BTIG Research reissued a "neutral" rating on shares of STAAR Surgical in a research note on Tuesday, January 6th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $19.93.

STAAR Surgical Stock Performance

NASDAQ:STAA opened at $20.88 on Thursday. STAAR Surgical has a 1 year low of $14.69 and a 1 year high of $30.81. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of -12.81 and a beta of 1.04. The business has a fifty day moving average of $18.43 and a 200-day moving average of $22.61.

STAAR Surgical (NASDAQ:STAA - Get Free Report) last released its quarterly earnings results on Tuesday, March 3rd. The medical instruments supplier reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.51). STAAR Surgical had a negative return on equity of 10.03% and a negative net margin of 33.60%.The business had revenue of $57.80 million during the quarter, compared to the consensus estimate of $75.54 million. STAAR Surgical's revenue for the quarter was up 18.0% compared to the same quarter last year. On average, equities research analysts predict that STAAR Surgical will post -1.14 EPS for the current year.

Insider Buying and Selling at STAAR Surgical

In other news, Director Broadwood Partners, L.P. acquired 316,017 shares of the business's stock in a transaction dated Friday, March 13th. The stock was acquired at an average price of $18.61 per share, for a total transaction of $5,881,076.37. Following the completion of the acquisition, the director directly owned 16,123,842 shares in the company, valued at $300,064,699.62. This represents a 2.00% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Insiders acquired a total of 697,698 shares of company stock valued at $12,872,294 in the last ninety days. Corporate insiders own 0.59% of the company's stock.

Institutional Investors Weigh In On STAAR Surgical

Hedge funds have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd lifted its holdings in shares of 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 valued at $28,000 after purchasing an additional 1,016 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of STAAR Surgical by 61.4% during the third quarter. GAMMA Investing LLC now owns 1,856 shares of the medical instruments supplier's stock valued at $50,000 after purchasing an additional 706 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of STAAR Surgical by 9,928.9% during the third quarter. Russell Investments Group Ltd. now owns 4,513 shares of the medical instruments supplier's stock valued at $121,000 after purchasing an additional 4,468 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of STAAR Surgical by 375.0% during 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 purchasing an additional 4,673 shares during the last quarter. Finally, Wolverine Asset Management LLC purchased a new stake in shares of STAAR Surgical during the third quarter valued at $199,000. 96.70% of the stock is owned by hedge funds and other institutional investors.

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.

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