STAAR Surgical (NASDAQ:STAA) Shares Up 5.3% - Here's What Happened

STAAR Surgical (NASDAQ:STAA - Get Free Report) shares traded up 5.3% during trading on Thursday . The company traded as high as $17.55 and last traded at $17.56. 84,390 shares traded hands during trading, a decline of 90% from the average session volume of 838,049 shares. The stock had previously closed at $16.67.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. BTIG Research cut shares of STAAR Surgical from a "buy" rating to a "neutral" rating in a research note on Wednesday, February 12th. Piper Sandler cut their target price on shares of STAAR Surgical from $40.00 to $16.00 and set a "neutral" rating for the company in a research note on Wednesday, February 12th. Jefferies Financial Group cut shares of STAAR Surgical from a "buy" rating to a "hold" rating in a research note on Wednesday, February 12th. 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. Finally, William Blair cut shares of STAAR Surgical from an "outperform" rating to a "market perform" rating in a research note on Wednesday, February 12th. Two 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. Based on data from MarketBeat.com, STAAR Surgical presently has an average rating of "Hold" and an average price target of $24.63.

STAAR Surgical Stock Performance

The firm's 50-day moving average is $17.73 and its two-hundred day moving average is $20.47. The stock has a market cap of $885.03 million, a P/E ratio of -43.59 and a beta of 0.63.

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

Insider Buying and Selling

In other STAAR Surgical news, major shareholder Broadwood Partners, L.P. bought 108,720 shares of the company's stock in a transaction on Thursday, March 20th. The stock was bought at an average price of $17.96 per share, for a total transaction of $1,952,611.20. Following the transaction, the insider now owns 12,182,995 shares of the company's stock, valued at approximately $218,806,590.20. The trade was a 0.90% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders purchased 937,614 shares of company stock worth $15,384,739 in the last quarter. Insiders own 1.00% of the company's stock.

Institutional Trading of STAAR Surgical

Institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James Financial Inc. bought a new stake in shares of STAAR Surgical during the 4th quarter valued at $923,000. Barclays PLC raised its position in shares of STAAR Surgical by 349.4% during the 3rd quarter. Barclays PLC now owns 91,707 shares of the medical instruments supplier's stock valued at $3,406,000 after acquiring an additional 71,301 shares during the last quarter. Hsbc Holdings PLC raised its position in shares of STAAR Surgical by 21.3% during the 4th quarter. Hsbc Holdings PLC now owns 21,160 shares of the medical instruments supplier's stock valued at $513,000 after acquiring an additional 3,714 shares during the last quarter. Integral Health Asset Management LLC raised its position in shares of STAAR Surgical by 100.0% during the 4th quarter. Integral Health Asset Management LLC now owns 100,000 shares of the medical instruments supplier's stock valued at $2,429,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Amundi raised its position in shares of STAAR Surgical by 174.7% during the 4th quarter. Amundi now owns 23,785 shares of the medical instruments supplier's stock valued at $550,000 after acquiring an additional 15,128 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.