StockNews.com Initiates Coverage on IRIDEX (NASDAQ:IRIX)

StockNews.com initiated coverage on shares of IRIDEX (NASDAQ:IRIX) in a research report sent to investors on Saturday. The firm issued a hold rating on the medical equipment provider’s stock.

IRIDEX Price Performance

IRIX opened at $2.80 on Friday. The company’s 50-day moving average is $2.84 and its 200 day moving average is $2.71. The firm has a market capitalization of $45.50 million, a PE ratio of -4.75 and a beta of 0.82. IRIDEX has a fifty-two week low of $1.31 and a fifty-two week high of $3.65.

IRIDEX (NASDAQ:IRIX) last issued its quarterly earnings results on Tuesday, March 26th. The medical equipment provider reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.13). IRIDEX had a negative return on equity of 75.18% and a negative net margin of 18.45%. The company had revenue of $12.46 million during the quarter, compared to analysts’ expectations of $14.90 million. As a group, analysts expect that IRIDEX will post -0.37 EPS for the current year.

Institutional Investors Weigh In On IRIDEX

A hedge fund recently raised its stake in IRIDEX stock. AMH Equity Ltd grew its position in shares of IRIDEX Co. (NASDAQ:IRIX) by 15.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 456,400 shares of the medical equipment provider’s stock after purchasing an additional 60,400 shares during the period. IRIDEX makes up 1.3% of AMH Equity Ltd’s portfolio, making the stock its 20th biggest holding. AMH Equity Ltd owned about 2.81% of IRIDEX worth $1,360,000 at the end of the most recent quarter. 20.10% of the stock is owned by institutional investors and hedge funds.

IRIDEX Company Profile

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. It 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 retinal disorders; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser photocoagulation systems that are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.