STAAR Surgical (STAA) Downgraded by Zacks Investment Research

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Zacks Investment Research lowered shares of STAAR Surgical (NASDAQ:STAA) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

According to Zacks, “Staar Surgical Company has evolved to become a developer, manufacturer and global distributor of products used by ophthalmologists and other eye care professionals to improve or correct vision in patients suffering from refractive conditions, cataracts and glaucoma. “

A number of other brokerages also recently weighed in on STAA. Benchmark restated a buy rating and set a $54.00 target price (up from $45.00) on shares of STAAR Surgical in a report on Monday, September 24th. Canaccord Genuity boosted their target price on shares of STAAR Surgical from $43.00 to $55.00 and gave the stock a buy rating in a report on Friday, September 14th. Finally, BidaskClub upgraded shares of STAAR Surgical from a buy rating to a strong-buy rating in a report on Friday, August 24th. Four analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. STAAR Surgical has an average rating of Buy and a consensus target price of $45.25.

STAA traded down $2.94 during trading on Wednesday, reaching $47.00. 811,582 shares of the stock were exchanged, compared to its average volume of 548,295. The company has a market cap of $2.21 billion, a price-to-earnings ratio of 4,700.00 and a beta of 2.05. STAAR Surgical has a twelve month low of $13.60 and a twelve month high of $54.00. The company has a current ratio of 5.35, a quick ratio of 4.76 and a debt-to-equity ratio of 0.01.

STAAR Surgical (NASDAQ:STAA) last issued its earnings results on Wednesday, October 31st. The medical instruments supplier reported $0.03 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.06. The business had revenue of $31.77 million for the quarter, compared to the consensus estimate of $30.10 million. STAAR Surgical had a net margin of 3.17% and a return on equity of 14.80%. During the same period in the previous year, the company earned $0.03 earnings per share. As a group, research analysts forecast that STAAR Surgical will post 0.09 earnings per share for the current year.

In other STAAR Surgical news, Director William P. Wall sold 5,000 shares of the company’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $41.35, for a total value of $206,750.00. Following the transaction, the director now directly owns 16,235 shares in the company, valued at $671,317.25. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 3.90% of the stock is owned by insiders.

Several large investors have recently added to or reduced their stakes in STAA. Fuller & Thaler Asset Management Inc. acquired a new position in shares of STAAR Surgical in the second quarter valued at $11,121,000. Millennium Management LLC increased its holdings in shares of STAAR Surgical by 78.0% in the second quarter. Millennium Management LLC now owns 587,601 shares of the medical instruments supplier’s stock valued at $18,216,000 after purchasing an additional 257,549 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of STAAR Surgical by 57.6% in the second quarter. Renaissance Technologies LLC now owns 619,000 shares of the medical instruments supplier’s stock valued at $19,189,000 after purchasing an additional 226,200 shares during the last quarter. BlackRock Inc. increased its holdings in shares of STAAR Surgical by 7.9% in the third quarter. BlackRock Inc. now owns 3,068,690 shares of the medical instruments supplier’s stock valued at $147,298,000 after purchasing an additional 224,997 shares during the last quarter. Finally, Hodges Capital Management Inc. acquired a new position in shares of STAAR Surgical in the third quarter valued at $10,052,000. Hedge funds and other institutional investors own 80.26% of the company’s stock.

About STAAR Surgical

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and delivery systems to deliver the lenses into the eye. The company provides Visian implantable collamer lenses (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia; and Hyperopic ICL, which treats far-sightedness.

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