StockNews.com Initiates Coverage on IRIDEX (NASDAQ:IRIX)

Equities researchers at StockNews.com began coverage on shares of IRIDEX (NASDAQ:IRIXGet Rating) in a note issued to investors on Sunday. The brokerage set a “buy” rating on the medical equipment provider’s stock.

Separately, Stifel Nicolaus downgraded shares of IRIDEX from a “buy” rating to a “hold” rating and lowered their price target for the company from $5.00 to $3.00 in a report on Friday, August 26th.

IRIDEX Trading Down 1.2 %

NASDAQ:IRIX opened at $2.42 on Friday. IRIDEX has a 12 month low of $2.34 and a 12 month high of $9.46. The stock has a market cap of $38.69 million, a price-to-earnings ratio of -4.17 and a beta of 1.33. The company has a 50-day moving average price of $2.78 and a 200-day moving average price of $3.29.

Institutional Investors Weigh In On IRIDEX

A number of institutional investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp purchased a new stake in IRIDEX in the 1st quarter valued at about $56,000. State Street Corp lifted its holdings in shares of IRIDEX by 9.7% in the 1st quarter. State Street Corp now owns 44,718 shares of the medical equipment provider’s stock valued at $207,000 after purchasing an additional 3,956 shares during the last quarter. Perkins Capital Management Inc. boosted its holdings in shares of IRIDEX by 8.8% in the first quarter. Perkins Capital Management Inc. now owns 69,346 shares of the medical equipment provider’s stock valued at $321,000 after acquiring an additional 5,600 shares during the period. Long Focus Capital Management LLC acquired a new position in IRIDEX in the fourth quarter valued at $611,000. Finally, Isthmus Partners LLC raised its stake in IRIDEX by 5.6% during 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 during the last quarter. Institutional investors and hedge funds own 22.10% of the company’s stock.

IRIDEX Company Profile

(Get Rating)

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.

Read More

Receive News & Ratings for IRIDEX Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for IRIDEX and related companies with MarketBeat.com's FREE daily email newsletter.