STAAR Surgical (NASDAQ:STAA) Downgraded by Morgan Stanley to Underweight

STAAR Surgical (NASDAQ:STAA) was downgraded by analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research report issued on Monday, MarketBeat reports. They presently have a $37.00 price target on the medical instruments supplier’s stock, down from their prior price target of $50.00. Morgan Stanley’s price objective indicates a potential downside of 19.27% from the company’s current price.

Several other analysts have also recently weighed in on the company. Mizuho lifted their price target on STAAR Surgical from $53.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Stifel Nicolaus reissued a “buy” rating and set a $50.00 price target on shares of STAAR Surgical in a report on Monday, April 1st. Piper Sandler lifted their price target on STAAR Surgical from $33.00 to $40.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. BTIG Research raised STAAR Surgical from a “neutral” rating to a “buy” rating and set a $46.00 price target for the company in a report on Tuesday, June 11th. Finally, Canaccord Genuity Group dropped their price target on STAAR Surgical from $46.00 to $43.00 and set a “hold” rating for the company in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $48.00.

STAAR Surgical Trading Up 1.3 %

Shares of NASDAQ STAA opened at $45.83 on Monday. STAAR Surgical has a 12 month low of $26.66 and a 12 month high of $58.35. The stock has a 50 day moving average of $42.51 and a 200-day moving average of $38.71. The company has a market capitalization of $2.25 billion, a P/E ratio of 147.84 and a beta of 0.59.

STAAR Surgical (NASDAQ:STAA) last issued its earnings results on Tuesday, May 7th. The medical instruments supplier reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.12). The business had revenue of $77.40 million for the quarter, compared to the consensus estimate of $75.34 million. STAAR Surgical had a return on equity of 6.83% and a net margin of 4.69%. The business’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.05 earnings per share. Analysts predict that STAAR Surgical will post 0.08 EPS for the current fiscal year.

Hedge Funds Weigh In On STAAR Surgical

Several hedge funds and other institutional investors have recently modified their holdings of STAA. Public Sector Pension Investment Board bought a new position in shares of STAAR Surgical in the 3rd quarter valued at $2,409,000. Citigroup Inc. increased its stake in shares of STAAR Surgical by 14.5% in the 3rd quarter. Citigroup Inc. now owns 19,163 shares of the medical instruments supplier’s stock valued at $770,000 after purchasing an additional 2,434 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in shares of STAAR Surgical by 91.3% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 15,297 shares of the medical instruments supplier’s stock valued at $614,000 after purchasing an additional 7,300 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of STAAR Surgical by 10.0% in the 3rd quarter. Vanguard Group Inc. now owns 5,425,627 shares of the medical instruments supplier’s stock valued at $218,002,000 after purchasing an additional 492,500 shares during the last quarter. Finally, Exchange Traded Concepts LLC increased its stake in shares of STAAR Surgical by 5.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 31,817 shares of the medical instruments supplier’s stock valued at $993,000 after purchasing an additional 1,573 shares during the last quarter. 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.