Canaccord Genuity Group Issues Pessimistic Forecast for STAAR Surgical (NASDAQ:STAA) Stock Price

STAAR Surgical (NASDAQ:STAA) had its price target decreased by stock analysts at Canaccord Genuity Group from $28.00 to $17.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the medical instruments supplier’s stock. Canaccord Genuity Group’s target price suggests a potential upside of 6.52% from the stock’s current price.

Several other analysts have also recently issued reports on the stock. BTIG Research cut shares of STAAR Surgical from a “buy” rating to a “neutral” rating in a research report on Wednesday. Piper Sandler decreased their price objective on STAAR Surgical from $40.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday. Stifel Nicolaus dropped their target price on STAAR Surgical from $38.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday. Jefferies Financial Group lowered STAAR Surgical from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, William Blair downgraded STAAR Surgical from an “outperform” rating to a “market perform” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $26.86.

STAAR Surgical Trading Down 3.2 %

STAA traded down $0.52 during trading hours on Thursday, hitting $15.96. The company’s stock had a trading volume of 2,441,984 shares, compared to its average volume of 972,717. STAAR Surgical has a 12 month low of $13.50 and a 12 month high of $52.68. The business’s 50-day moving average price is $23.75 and its 200-day moving average price is $29.24. The stock has a market cap of $786.51 million, a price-to-earnings ratio of 36.27 and a beta of 0.62.

Insider Buying and Selling at STAAR Surgical

In other news, major shareholder Broadwood Partners, L.P. purchased 53,500 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were acquired at an average price of $24.24 per share, with a total value of $1,296,840.00. Following the transaction, the insider now owns 10,821,931 shares of the company’s stock, valued at $262,323,607.44. This represents a 0.50 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders purchased a total of 105,876 shares of company stock valued at $2,487,168 in the last three months. Company insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in STAA. Van ECK Associates Corp lifted its position in shares of STAAR Surgical by 12.7% in the 3rd quarter. Van ECK Associates Corp now owns 3,478 shares of the medical instruments supplier’s stock worth $129,000 after purchasing an additional 393 shares during the period. Creative Planning increased its holdings in shares of STAAR Surgical by 8.0% in the 3rd quarter. Creative Planning now owns 5,524 shares of the medical instruments supplier’s stock valued at $205,000 after acquiring an additional 408 shares during the period. LMR Partners LLP lifted its stake in shares of STAAR Surgical by 2.2% during the 3rd quarter. LMR Partners LLP now owns 34,712 shares of the medical instruments supplier’s stock worth $1,290,000 after purchasing an additional 743 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of STAAR Surgical during the third quarter valued at about $37,000. Finally, Quarry LP bought a new stake in shares of STAAR Surgical in the 3rd quarter valued at about $50,000. 96.70% of the stock is currently owned by institutional investors.

STAAR Surgical Company Profile

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.