Posted by admin on Jul 24th, 2022
StockNews.com began coverage on shares of IRIDEX (NASDAQ:IRIX – Get Rating) in a report released on Sunday. The brokerage set a “buy” rating on the medical equipment provider’s stock.
IRIX opened at $2.70 on Friday. IRIDEX has a 12-month low of $2.45 and a 12-month high of $9.46. The stock has a market cap of $42.90 million, a price-to-earnings ratio of -7.71 and a beta of 1.27. The business has a 50 day moving average of $2.79 and a 200-day moving average of $3.96.
IRIDEX (NASDAQ:IRIX – Get Rating) last released its quarterly earnings results on Thursday, May 12th. The medical equipment provider reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.01. The business had revenue of $13.39 million during the quarter, compared to analysts’ expectations of $13.40 million. IRIDEX had a negative return on equity of 35.55% and a negative net margin of 10.13%. As a group, analysts expect that IRIDEX will post -0.51 earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in the company. Essex Investment Management Co. LLC lifted its holdings in IRIDEX by 39.7% during the 1st quarter. Essex Investment Management Co. LLC now owns 306,993 shares of the medical equipment provider’s stock worth $1,421,000 after purchasing an additional 87,240 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in IRIDEX by 4.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 240,729 shares of the medical equipment provider’s stock valued at $1,115,000 after acquiring an additional 9,361 shares in the last quarter. Isthmus Partners LLC raised its holdings in IRIDEX by 5.6% in the 1st quarter. Isthmus Partners LLC now owns 227,119 shares of the medical equipment provider’s stock valued at $1,052,000 after acquiring an additional 12,018 shares in the last quarter. Acadian Asset Management LLC raised its holdings in IRIDEX by 31.1% in the 4th quarter. Acadian Asset Management LLC now owns 121,077 shares of the medical equipment provider’s stock valued at $738,000 after acquiring an additional 28,711 shares in the last quarter. Finally, Long Focus Capital Management LLC acquired a new position in IRIDEX in the 4th quarter valued at $611,000. 22.10% of the stock is owned by institutional investors and hedge funds.
IRIDEX Corporation, an ophthalmic medical technology company, provides therapeutic based laser systems, delivery devices, and consumable instrumentation to treat sight-threatening eye diseases in ophthalmology. It offers laser consoles, such as Cyclo G6 laser system for use in the treatment of glaucoma; IQ 532 and IQ 577 laser photocoagulation systems, which are used for the treatment of diabetic macular edema and other retinal diseases; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser photocoagulation systems that are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.
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