STAAR Surgical Company (NASDAQ:STAA) Receives $24.63 Consensus PT from Brokerages

STAAR Surgical Company (NASDAQ:STAA) has been assigned an average rating of “Hold” from the eleven ratings firms that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $24.63.

STAA has been the topic of a number of recent research reports. Piper Sandler upgraded shares of STAAR Surgical to a “hold” rating in a report on Wednesday, June 18th. Canaccord Genuity Group reaffirmed a “hold” rating and set a $20.00 price objective on shares of STAAR Surgical in a research report on Tuesday, May 27th. Wells Fargo & Company started coverage on STAAR Surgical in a report on Monday, April 21st. They issued an “equal weight” rating and a $17.00 target price on the stock. Needham & Company LLC restated a “hold” rating on shares of STAAR Surgical in a report on Wednesday, May 21st. Finally, Stephens reiterated an “equal weight” rating and issued a $17.00 price target on shares of STAAR Surgical in a research note on Tuesday, March 18th.

STAAR Surgical Trading Up 3.2%

Shares of STAA stock opened at $17.56 on Monday. The company’s fifty day moving average price is $17.94 and its 200-day moving average price is $19.27. The stock has a market cap of $869.75 million, a PE ratio of -12.19 and a beta of 0.58. STAAR Surgical has a 12 month low of $13.50 and a 12 month high of $49.86.

STAAR Surgical announced that its Board of Directors has initiated a stock buyback program on Friday, May 16th that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the medical instruments supplier to buy up to 3.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other news, major shareholder Broadwood Partners, L.P. purchased 8,200 shares of the stock in a transaction dated Wednesday, April 9th. The shares were purchased at an average cost of $15.08 per share, with a total value of $123,656.00. Following the acquisition, the insider directly owned 13,518,591 shares of the company’s stock, valued at $203,860,352.28. This represents a 0.06% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have purchased 643,885 shares of company stock valued at $10,195,988. Insiders own 1.00% of the company’s stock.

Institutional Trading of STAAR Surgical

Hedge funds have recently bought and sold shares of the company. US Bancorp DE raised its holdings in STAAR Surgical by 1,693.0% in the 1st quarter. US Bancorp DE now owns 2,044 shares of the medical instruments supplier’s stock worth $36,000 after purchasing an additional 1,930 shares during the period. Brooklyn Investment Group increased its holdings in STAAR Surgical by 1,564.0% in the 1st quarter. Brooklyn Investment Group now owns 2,679 shares of the medical instruments supplier’s stock worth $47,000 after acquiring an additional 2,518 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in STAAR Surgical during the 4th quarter worth approximately $180,000. EntryPoint Capital LLC bought a new stake in STAAR Surgical during the 1st quarter worth approximately $189,000. Finally, Strs Ohio purchased a new position in STAAR Surgical during the first quarter valued at approximately $190,000. Hedge funds and other institutional investors own 96.70% 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 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.