Wedbush Reaffirms Outperform Rating for STAAR Surgical (NASDAQ:STAA)

Key Points

• Wedbush reaffirmed its Outperform rating on STAAR Surgical and kept a $40 price target, implying about 36% upside from the previous close.
• Other analysts have also been revising views on the stock, with several raising price targets; overall, STAAR Surgical now carries a consensus Hold rating and an average target price of $27.81.
• The company recently posted strong quarterly results, beating earnings and revenue estimates, with revenue up 119.6% year over year and EPS of $0.10 versus the expected $0.05.

STAAR Surgical (NASDAQ:STAA - Get Free Report)'s stock had its "outperform" rating reaffirmed by investment analysts at Wedbush in a research note issued to investors on Thursday,Benzinga reports. They presently have a $40.00 price target on the medical instruments supplier's stock. Wedbush's price objective points to a potential upside of 36.32% from the company's previous close.

A number of other research firms also recently issued reports on STAA. Piper Sandler lifted their price objective on shares of STAAR Surgical from $16.00 to $33.00 and gave the stock a "neutral" rating in a report on Thursday, May 14th. Stifel Nicolaus increased their target price on STAAR Surgical from $18.00 to $31.00 and gave the company a "hold" rating in a research note on Thursday, May 14th. Canaccord Genuity Group raised their price target on STAAR Surgical from $27.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday, May 14th. Mizuho lifted their price target on STAAR Surgical from $22.00 to $27.00 and gave the stock a "neutral" rating in a research note on Thursday, May 14th. Finally, Weiss Ratings upgraded STAAR Surgical from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, June 25th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $27.81.

STAAR Surgical Price Performance

NASDAQ STAA traded up $0.84 during trading on Thursday, reaching $29.34. The company's stock had a trading volume of 96,483 shares, compared to its average volume of 1,191,048. The stock has a market capitalization of $1.46 billion, a PE ratio of -68.23 and a beta of 1.23. The company has a debt-to-equity ratio of 0.09, a current ratio of 5.12 and a quick ratio of 4.31. The firm has a fifty day moving average of $29.40 and a 200 day moving average of $23.76. STAAR Surgical has a one year low of $15.59 and a one year high of $35.87.

STAAR Surgical (NASDAQ:STAA - Get Free Report) last posted its quarterly earnings data on Wednesday, May 13th. The medical instruments supplier reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.05. STAAR Surgical had a negative net margin of 7.24% and a positive return on equity of 3.31%. The company had revenue of $93.52 million for the quarter, compared to analysts' expectations of $78.72 million. During the same period in the prior year, the business earned ($1.10) earnings per share. STAAR Surgical's revenue for the quarter was up 119.6% compared to the same quarter last year. Analysts expect that STAAR Surgical will post 0.13 EPS for the current fiscal year.

Institutional Investors Weigh In On STAAR Surgical

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Broadwood Capital Inc. increased its position 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 valued at $346,800,000 after acquiring an additional 1,500,000 shares during the period. Soleus Capital Management L.P. grew its stake in shares of STAAR Surgical by 16.5% in the second quarter. Soleus Capital Management L.P. now owns 2,984,733 shares of the medical instruments supplier's stock worth $50,084,000 after purchasing an additional 421,840 shares during the last quarter. Yunqi Capital Ltd increased its holdings 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 period. Magnetar Financial LLC raised its position in STAAR Surgical by 105.3% during the 4th quarter. Magnetar Financial LLC now owns 2,472,390 shares of the medical instruments supplier's stock valued at $57,087,000 after purchasing an additional 1,268,019 shares during the last quarter. 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 currently 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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