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

Key Points

• Wedbush reiterated its “Outperform” rating on STAAR Surgical and maintained a $40 price target, implying roughly 64% upside from the prior close.
• Analyst sentiment is mixed overall: MarketBeat reports a consensus rating of “Hold” and an average price target of $26.94, based on three Buy, six Hold, and three Sell ratings.
• STAAR Surgical reported stronger-than-expected quarterly results, with EPS of $0.10 versus $0.05 expected and revenue of $93.52 million, up 119.6% year over year. Institutional investors own approximately 96.7% of the company’s shares.

STAAR Surgical (NASDAQ:STAA - Get Free Report)'s stock had its "outperform" rating reiterated by equities research analysts at Wedbush in a research note issued on Tuesday,Benzinga reports. They currently have a $40.00 target price on the medical instruments supplier's stock. Wedbush's price target would indicate a potential upside of 64.34% from the stock's previous close.

Several other equities analysts have also recently weighed in on the stock. Weiss Ratings raised shares of STAAR Surgical from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, June 25th. Stifel Nicolaus upped their target price on STAAR Surgical from $18.00 to $31.00 and gave the stock a "hold" rating in a report on Thursday, May 14th. Canaccord Genuity Group increased 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. Piper Sandler raised their price target on STAAR Surgical from $16.00 to $33.00 and gave the company a "neutral" rating in a research note on Thursday, May 14th. Finally, Wells Fargo & Company boosted their price target on STAAR Surgical from $16.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Friday, May 15th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $26.94.

STAAR Surgical Trading Down 0.1%

STAA opened at $24.34 on Tuesday. The stock has a market capitalization of $1.21 billion, a P/E ratio of -56.60 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 fifty day simple moving average is $27.78 and its 200 day simple moving average is $23.92. The company has a current ratio of 5.12, a quick ratio of 4.31 and a debt-to-equity ratio of 0.09.

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

Hedge Funds Weigh In On STAAR Surgical

A number of hedge funds and other institutional investors have recently bought and sold shares of STAA. Balyasny Asset Management L.P. acquired a new position in STAAR Surgical in the 3rd quarter valued at about $48,729,000. Broadwood Capital Inc. boosted its stake in STAAR Surgical by 11.1% in the 4th quarter. Broadwood Capital Inc. now owns 15,019,491 shares of the medical instruments supplier's stock valued at $346,800,000 after purchasing an additional 1,500,000 shares during the period. Magnetar Financial LLC grew 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 valued at $57,087,000 after buying an additional 1,268,019 shares in the last quarter. Goldman Sachs Group Inc. grew 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 valued at $47,952,000 after buying an additional 1,100,484 shares in the last quarter. Finally, Water Island Capital LLC bought a new position in STAAR Surgical during the 3rd quarter worth $17,689,000. Institutional investors 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. 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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