IRIDEX (NASDAQ:IRIX) Coverage Initiated at StockNews.com

Stock analysts at StockNews.com initiated coverage on shares of IRIDEX (NASDAQ:IRIX) in a note issued to investors on Wednesday. The firm set a “hold” rating on the medical equipment provider’s stock.

IRIDEX Price Performance

IRIDEX stock opened at $1.61 on Wednesday. The firm has a market capitalization of $26.17 million, a P/E ratio of -2.40 and a beta of 0.78. IRIDEX has a 1-year low of $1.45 and a 1-year high of $3.65. The company’s 50-day moving average is $1.85 and its 200 day moving average is $2.25.

IRIDEX (NASDAQ:IRIX) last issued its quarterly earnings results on Thursday, August 8th. The medical equipment provider reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.04). IRIDEX had a negative return on equity of 134.37% and a negative net margin of 21.84%. The business had revenue of $12.63 million during the quarter, compared to analysts’ expectations of $12.80 million. During the same quarter in the previous year, the company posted ($0.17) earnings per share. Research analysts anticipate that IRIDEX will post -0.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IRIDEX

An institutional investor recently raised its position in IRIDEX stock. AMH Equity Ltd grew its stake in shares of IRIDEX Co. (NASDAQ:IRIX) by 15.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 456,400 shares of the medical equipment provider’s stock after acquiring an additional 60,400 shares during the period. IRIDEX comprises approximately 1.3% of AMH Equity Ltd’s investment portfolio, making the stock its 20th biggest holding. AMH Equity Ltd owned approximately 2.81% of IRIDEX worth $1,360,000 at the end of the most recent reporting period. 20.10% of the stock is 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. 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.