Stifel Nicolaus Lowers STAAR Surgical (NASDAQ:STAA) Price Target to $28.00

Key Points

• Stifel Nicolaus lowered STAAR Surgical’s price target to $28 from $31 while maintaining a “hold” rating, implying 6.95% upside from the prior close.
• Analyst sentiment remains mixed but averages “Hold,” with a consensus price target of $27.50; ratings include one Strong Buy, two Buys, seven Holds, and three Sells.
• STAAR Surgical reported quarterly earnings of $0.16 per share, below the $0.22 consensus estimate, while revenue of $93.53 million exceeded expectations and rose 111.1% year over year.

STAAR Surgical (NASDAQ:STAA - Get Free Report) had its price objective dropped by equities research analysts at Stifel Nicolaus from $31.00 to $28.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a "hold" rating on the medical instruments supplier's stock. Stifel Nicolaus' price objective suggests a potential upside of 6.95% from the stock's previous close.

A number of other analysts also recently issued reports on the stock. Zacks Research raised shares of STAAR Surgical from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 4th. Jefferies Financial Group reissued a "hold" rating and issued a $28.00 target price on shares of STAAR Surgical in a research note on Thursday. Canaccord Genuity Group increased their target price on STAAR Surgical from $27.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, May 14th. Weiss Ratings upgraded STAAR Surgical from a "sell (d-)" rating to a "sell (d+)" rating in a research report on Thursday. Finally, Piper Sandler reaffirmed a "neutral" rating on shares of STAAR Surgical in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $27.50.

STAAR Surgical Stock Performance

NASDAQ:STAA opened at $26.18 on Monday. The stock has a market capitalization of $1.30 billion, a PE ratio of 374.05 and a beta of 1.26. STAAR Surgical has a 12 month low of $15.59 and a 12 month high of $35.87. The firm's 50 day moving average is $26.81 and its 200 day moving average is $24.18.

STAAR Surgical (NASDAQ:STAA - Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The medical instruments supplier reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.06). The company had revenue of $93.53 million for the quarter, compared to the consensus estimate of $90.60 million. STAAR Surgical had a net margin of 1.13% and a return on equity of 9.05%. The company's quarterly revenue was up 111.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.34) earnings per share. Research analysts predict that STAAR Surgical will post 0.13 earnings per share for the current year.

Hedge Funds Weigh In On STAAR Surgical

Several hedge funds and other institutional investors have recently modified their holdings of the company. Broadwood Capital Inc. grew its stake in shares of STAAR Surgical by 11.1% in the fourth quarter. Broadwood Capital Inc. now owns 15,019,491 shares of the medical instruments supplier's stock worth $346,800,000 after purchasing an additional 1,500,000 shares during the last quarter. Soleus Capital Management L.P. raised its position in STAAR Surgical by 16.5% during the 2nd quarter. Soleus Capital Management L.P. now owns 2,984,733 shares of the medical instruments supplier's stock valued at $50,084,000 after purchasing an additional 421,840 shares during the last quarter. Yunqi Capital Ltd raised its position in STAAR Surgical by 0.3% during the 4th quarter. Yunqi Capital Ltd now owns 2,507,130 shares of the medical instruments supplier's stock valued at $57,890,000 after purchasing an additional 7,069 shares during the last quarter. Magnetar Financial LLC lifted its holdings in STAAR Surgical by 105.3% in the 4th quarter. Magnetar Financial LLC now owns 2,472,390 shares of the medical instruments supplier's stock worth $57,087,000 after buying an additional 1,268,019 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in STAAR Surgical by 112.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,076,743 shares of the medical instruments supplier's stock worth $47,952,000 after buying an additional 1,100,484 shares during the period. 96.70% of the stock is owned by 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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