STAAR Surgical (NASDAQ:STAA) Announces Earnings Results

STAAR Surgical (NASDAQ:STAAGet Free Report) issued its earnings results on Monday. The medical instruments supplier reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01), RTT News reports. STAAR Surgical had a return on equity of 6.26% and a net margin of 6.27%. The business had revenue of $76.27 million for the quarter, compared to analysts’ expectations of $75.94 million. During the same period last year, the company posted $0.04 earnings per share. The business’s quarterly revenue was up 19.1% on a year-over-year basis. STAAR Surgical updated its FY24 guidance to $0.70 EPS.

STAAR Surgical Price Performance

Shares of STAAR Surgical stock opened at $31.75 on Tuesday. STAAR Surgical has a 1 year low of $26.66 and a 1 year high of $73.13. The business has a 50 day moving average price of $30.55 and a 200 day moving average price of $35.86. The company has a market capitalization of $1.55 billion, a P/E ratio of 81.41 and a beta of 0.81.

Analyst Ratings Changes

Several research firms have issued reports on STAA. StockNews.com raised STAAR Surgical from a “sell” rating to a “hold” rating in a report on Friday, November 3rd. Piper Sandler decreased their price objective on shares of STAAR Surgical from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, November 2nd. Morgan Stanley started coverage on shares of STAAR Surgical in a research report on Monday, December 4th. They set an “equal weight” rating and a $35.00 target price on the stock. Finally, Needham & Company LLC lowered STAAR Surgical from a “buy” rating to a “hold” rating in a research note on Tuesday, December 5th. Nine investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $47.75.

Read Our Latest Analysis on STAA

Insider Activity at STAAR Surgical

In related news, major shareholder Broadwood Partners, L.P. purchased 4,042 shares of the company’s stock in a transaction on Monday, January 8th. The stock was bought at an average price of $27.11 per share, with a total value of $109,578.62. Following the completion of the transaction, the insider now owns 10,768,430 shares of the company’s stock, valued at approximately $291,932,137.30. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have purchased 345,056 shares of company stock valued at $10,347,074. 1.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On STAAR Surgical

Hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of STAAR Surgical by 8.3% in the second quarter. BlackRock Inc. now owns 6,339,320 shares of the medical instruments supplier’s stock valued at $333,258,000 after buying an additional 486,781 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of STAAR Surgical by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 5,468,710 shares of the medical instruments supplier’s stock worth $170,678,000 after purchasing an additional 43,083 shares during the last quarter. Anatole Investment Management Ltd purchased a new stake in shares of STAAR Surgical in the first quarter valued at $130,633,000. State Street Corp increased its stake in STAAR Surgical by 4.2% in the second quarter. State Street Corp now owns 1,754,495 shares of the medical instruments supplier’s stock valued at $92,234,000 after purchasing an additional 71,351 shares during the last quarter. Finally, Palo Alto Investors LP increased its stake in STAAR Surgical by 8.6% in the first quarter. Palo Alto Investors LP now owns 1,347,322 shares of the medical instruments supplier’s stock valued at $86,161,000 after purchasing an additional 107,245 shares during the last quarter. 96.70% of the stock is owned by institutional investors and hedge funds.

About STAAR Surgical

(Get Free Report)

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 Visian implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia; and Hyperopic ICL, which treats far-sightedness.

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Earnings History for STAAR Surgical (NASDAQ:STAA)

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