STAAR Surgical (NASDAQ:STAA) Trading Down 8.7% on Disappointing Earnings

STAAR Surgical (NASDAQ:STAA)’s share price dropped 8.7% during trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $41.37 and last traded at $42.57. Approximately 262,022 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 719,635 shares. The stock had previously closed at $46.65.

The medical instruments supplier reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.12). STAAR Surgical had a return on equity of 8.73% and a net margin of 6.62%. The firm had revenue of $77.40 million for the quarter, compared to analyst estimates of $75.34 million. During the same period in the previous year, the business earned $0.05 EPS. STAAR Surgical’s revenue for the quarter was up 5.3% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

STAA has been the topic of a number of analyst reports. Mizuho lifted their price target on STAAR Surgical from $53.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday. William Blair raised STAAR Surgical from a “market perform” rating to an “outperform” rating in a research note on Thursday, April 4th. Piper Sandler decreased their price objective on shares of STAAR Surgical from $40.00 to $33.00 and set a “neutral” rating on the stock in a report on Tuesday, February 27th. Stifel Nicolaus reissued a “buy” rating and set a $50.00 target price on shares of STAAR Surgical in a research note on Monday, April 1st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of STAAR Surgical in a report on Thursday, April 4th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, STAAR Surgical presently has a consensus rating of “Hold” and a consensus price target of $46.63.

Insiders Place Their Bets

In other STAAR Surgical news, Director Aimee S. Weisner acquired 1,750 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was bought at an average cost of $38.11 per share, for a total transaction of $66,692.50. Following the completion of the transaction, the director now owns 10,864 shares of the company’s stock, valued at approximately $414,027.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of STAAR Surgical

Institutional investors have recently added to or reduced their stakes in the stock. Broadwood Capital Inc. increased its stake in STAAR Surgical by 13.7% during the fourth quarter. Broadwood Capital Inc. now owns 10,537,835 shares of the medical instruments supplier’s stock worth $328,886,000 after purchasing an additional 1,273,408 shares during the period. Vanguard Group Inc. lifted its holdings in STAAR Surgical by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 5,468,710 shares of the medical instruments supplier’s stock worth $170,678,000 after buying an additional 43,083 shares in the last quarter. Defender Capital LLC. grew its stake in shares of STAAR Surgical by 1.1% in the first quarter. Defender Capital LLC. now owns 730,387 shares of the medical instruments supplier’s stock worth $27,959,000 after acquiring an additional 7,855 shares in the last quarter. Norges Bank purchased a new stake in shares of STAAR Surgical during the fourth quarter worth $13,615,000. Finally, Sei Investments Co. raised its stake in shares of STAAR Surgical by 54.9% in the third quarter. Sei Investments Co. now owns 365,693 shares of the medical instruments supplier’s stock valued at $14,693,000 after acquiring an additional 129,543 shares in the last quarter. Institutional investors and hedge funds own 96.70% of the company’s stock.

STAAR Surgical Stock Down 9.5 %

The stock has a market capitalization of $2.07 billion, a PE ratio of 99.86 and a beta of 0.80. The stock has a fifty day moving average of $41.94 and a 200-day moving average of $35.84.

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.