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

Analysts at StockNews.com started coverage on shares of IRIDEX (NASDAQ:IRIX) in a research report issued on Saturday. The firm set a “hold” rating on the medical equipment provider’s stock.

IRIDEX Stock Performance

Shares of IRIX stock opened at $2.01 on Friday. The stock has a 50 day moving average price of $1.98 and a 200 day moving average price of $2.39. The firm has a market capitalization of $33.19 million, a P/E ratio of -3.00 and a beta of 0.78. IRIDEX has a 52-week low of $1.63 and a 52-week high of $3.65.

IRIDEX (NASDAQ:IRIX) last issued its earnings results on Thursday, August 8th. The medical equipment provider reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). The company had revenue of $12.63 million for the quarter, compared to analysts’ expectations of $12.80 million. IRIDEX had a negative net margin of 21.84% and a negative return on equity of 134.37%. During the same period in the prior year, the firm posted ($0.17) earnings per share. As a group, sell-side analysts forecast that IRIDEX will post -0.52 EPS for the current year.

Hedge Funds Weigh In On IRIDEX

An institutional investor recently raised its position in IRIDEX stock. Perkins Capital Management Inc. boosted its holdings in shares of IRIDEX Co. (NASDAQ:IRIX) by 13.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,300 shares of the medical equipment provider’s stock after acquiring an additional 5,200 shares during the period. Perkins Capital Management Inc. owned about 0.28% of IRIDEX worth $135,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 20.10% of the stock is currently owned by hedge funds and other institutional investors.

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.