Zacks Investment Research Lowers IRIDEX (NASDAQ:IRIX) to Sell

Zacks Investment Research cut shares of IRIDEX (NASDAQ:IRIX) from a hold rating to a sell rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “IRIDEX Corporation is the leading worldwide provider of semiconductor-based laser systems used to treat eye diseases in ophthalmology and skin lesions in dermatology. The products are sold in the United States predominantly through a direct sales force and internationally through independent distributors. The company markets the products using three brand names: IRIS Medical to the ophthalmology market, IRIDERM to the dermatology market, and Light Solutions to the research market. “

Separately, ValuEngine raised IRIDEX from a hold rating to a buy rating in a research report on Friday, January 3rd.

NASDAQ IRIX traded down $0.03 on Wednesday, reaching $3.41. The stock had a trading volume of 184,314 shares, compared to its average volume of 136,850. The firm has a market capitalization of $47.00 million, a price-to-earnings ratio of -3.25 and a beta of 0.87. The company has a quick ratio of 2.40, a current ratio of 3.36 and a debt-to-equity ratio of 0.09. IRIDEX has a 12-month low of $1.50 and a 12-month high of $5.69. The stock has a fifty day moving average price of $2.43 and a two-hundred day moving average price of $2.55.

IRIDEX (NASDAQ:IRIX) last announced its earnings results on Thursday, November 7th. The medical equipment provider reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.05. The company had revenue of $10.66 million for the quarter, compared to analyst estimates of $10.08 million. IRIDEX had a negative return on equity of 37.78% and a negative net margin of 23.42%. Sell-side analysts forecast that IRIDEX will post -0.69 earnings per share for the current fiscal year.

In related news, Director Robert Earle Grove acquired 14,600 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were acquired at an average price of $2.00 per share, with a total value of $29,200.00. Insiders have bought 29,600 shares of company stock worth $59,450 in the last ninety days. Corporate insiders own 5.00% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. LPL Financial LLC purchased a new stake in shares of IRIDEX during the second quarter worth $82,000. Gabelli Funds LLC increased its position in shares of IRIDEX by 100.0% during the third quarter. Gabelli Funds LLC now owns 20,000 shares of the medical equipment provider’s stock worth $37,000 after acquiring an additional 10,000 shares during the period. River & Mercantile Asset Management LLP purchased a new stake in shares of IRIDEX during the second quarter worth $554,000. Renaissance Technologies LLC increased its position in shares of IRIDEX by 2.9% during the second quarter. Renaissance Technologies LLC now owns 385,862 shares of the medical equipment provider’s stock worth $1,756,000 after acquiring an additional 10,808 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of IRIDEX by 119.2% during the second quarter. Vanguard Group Inc. now owns 749,545 shares of the medical equipment provider’s stock worth $3,410,000 after acquiring an additional 407,600 shares during the period. 39.71% of the stock is currently owned by institutional investors and hedge funds.

About IRIDEX

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. The company offers laser consoles, such as Cyclo G6 laser system for use in the treatment of glaucoma; IQ 532 and IQ 577 laser 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 systems, which are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.

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