STAAR Surgical (NASDAQ:STAA) Sets New 52-Week Low on Analyst Downgrade

STAAR Surgical (NASDAQ:STAA)’s stock price hit a new 52-week low during mid-day trading on Wednesday after Piper Sandler lowered their price target on the stock from $40.00 to $16.00. Piper Sandler currently has a neutral rating on the stock. STAAR Surgical traded as low as $13.50 and last traded at $14.52, with a volume of 1048693 shares trading hands. The stock had previously closed at $21.88.

A number of other analysts have also weighed in on STAA. Canaccord Genuity Group lowered their target price on STAAR Surgical from $31.00 to $28.00 and set a “hold” rating for the company in a report on Monday, December 9th. Stephens raised STAAR Surgical to a “hold” rating in a research report on Monday, December 2nd. BTIG Research downgraded STAAR Surgical from a “buy” rating to a “neutral” rating in a research report on Wednesday. William Blair lowered shares of STAAR Surgical from an “outperform” rating to a “market perform” rating in a report on Wednesday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of STAAR Surgical in a research note on Wednesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $32.50.

Insider Transactions at STAAR Surgical

In other STAAR Surgical news, major shareholder Broadwood Partners, L.P. purchased 8,221 shares of STAAR Surgical stock in a transaction dated Thursday, January 16th. The shares were acquired at an average price of $21.50 per share, with a total value of $176,751.50. Following the completion of the transaction, the insider now owns 10,878,007 shares of the company’s stock, valued at $233,877,150.50. This trade represents a 0.08 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders acquired 105,876 shares of company stock worth $2,487,168. 1.00% of the stock is currently owned by company insiders.

Institutional Trading of STAAR Surgical

Large investors have recently modified their holdings of the stock. Truist Financial Corp purchased a new position in STAAR Surgical in the second quarter valued at $268,000. Cetera Investment Advisers acquired a new position in shares of STAAR Surgical in the second quarter valued at approximately $1,135,000. Exchange Traded Concepts LLC increased its holdings in shares of STAAR Surgical by 17.6% in the third quarter. Exchange Traded Concepts LLC now owns 30,020 shares of the medical instruments supplier’s stock valued at $1,115,000 after purchasing an additional 4,498 shares during the period. Creative Planning increased its holdings in shares of STAAR Surgical by 8.0% in the third quarter. Creative Planning now owns 5,524 shares of the medical instruments supplier’s stock valued at $205,000 after purchasing an additional 408 shares during the period. Finally, nVerses Capital LLC grew its holdings in STAAR Surgical by 78.3% during the third quarter. nVerses Capital LLC now owns 4,100 shares of the medical instruments supplier’s stock worth $152,000 after acquiring an additional 1,800 shares during the period. Hedge funds and other institutional investors own 96.70% of the company’s stock.

STAAR Surgical Stock Down 32.1 %

The stock has a fifty day moving average of $23.94 and a two-hundred day moving average of $29.33. The stock has a market cap of $732.25 million, a price-to-earnings ratio of 33.33 and a beta of 0.62.

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.