STAAR Surgical (NASDAQ:STAA) Issues Earnings Results
STAAR Surgical (NASDAQ:STAA) reported quarterly earnings of $0.17 per share, missing estimates of $0.18. The company had a revenue of $94.70 million, exceeding expectations of $92.15 million. STAAR Surgical experienced a negative return on equity of 16.11% and a net margin of 42.45%. The stock traded down to $25.90, with a market cap of $1.28 billion. Analysts have mixed ratings, with a consensus rating of "Reduce" and a price target of $20.67. Institutional investors own 96.70% of the stock.
STAAR Surgical (NASDAQ:STAA - Get Free Report) released its quarterly earnings results on Wednesday. The medical instruments supplier reported $0.17 earnings per share for the quarter, missing analysts' consensus estimates of $0.18 by ($0.01), Briefing.com reports. STAAR Surgical had a negative return on equity of 16.11% and a negative net margin of 42.45%.The company had revenue of $94.70 million during the quarter, compared to analyst estimates of $92.15 million. During the same period last year, the firm earned $0.20 earnings per share.
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STAAR Surgical Stock Performance
- Top 4 Stocks With Notable Insider Buying
Shares of STAA stock traded down $0.63 during mid-day trading on Friday, reaching $25.90. 633,128 shares of the company were exchanged, compared to its average volume of 1,183,428. The company has a market capitalization of $1.28 billion, a P/E ratio of -13.42 and a beta of 0.82. STAAR Surgical has a fifty-two week low of $13.50 and a fifty-two week high of $32.00. The business's 50 day simple moving average is $26.96 and its 200 day simple moving average is $21.88.
Hedge Funds Weigh In On STAAR Surgical
Hedge funds have recently bought and sold shares of the company. Soleus Capital Management L.P. boosted its holdings in 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 period. Bank of America Corp DE boosted its position in STAAR Surgical by 17.1% during the 2nd quarter. Bank of America Corp DE now owns 1,153,895 shares of the medical instruments supplier's stock valued at $19,362,000 after purchasing an additional 168,285 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of STAAR Surgical by 33.4% during the first quarter. Goldman Sachs Group Inc. now owns 544,843 shares of the medical instruments supplier's stock valued at $9,606,000 after acquiring an additional 136,390 shares during the period. Federated Hermes Inc. acquired a new position in shares of STAAR Surgical during the second quarter valued at $6,095,000. Finally, BNP Paribas Financial Markets boosted its stake in STAAR Surgical by 322.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 243,470 shares of the medical instruments supplier's stock valued at $4,085,000 after purchasing an additional 185,836 shares during the period. 96.70% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
- Star Surgical Shines as U.S. Outlook Improves for 2024
Several research analysts have weighed in on the company. Piper Sandler reiterated a "neutral" rating on shares of STAAR Surgical in a report on Monday. Canaccord Genuity Group reissued a "hold" rating and set a $28.00 target price on shares of STAAR Surgical in a research report on Tuesday, October 21st. Weiss Ratings reissued a "sell (d)" rating on shares of STAAR Surgical in a research report on Wednesday, October 8th. Stifel Nicolaus set a $28.00 price objective on shares of STAAR Surgical and gave the stock a "hold" rating in a research report on Thursday, August 7th. Finally, Mizuho increased their price target on STAAR Surgical from $17.00 to $18.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Ten equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus price target of $20.67.
View Our Latest Stock Analysis on STAAR Surgical
STAAR Surgical Company Profile
(Get Free Report)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.
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