Analysts Expect IRIDEX Co. (NASDAQ:IRIX) to Post ($0.16) EPS

IRIDEX Co. (NASDAQ:IRIX) has been assigned a consensus broker rating score of 1.00 (Strong Buy) from the two brokers that provide coverage for the stock, Zacks Investment Research reports. Two analysts have rated the stock with a strong buy recommendation.

Brokerages have set a 12 month consensus price target of $5.75 for the company and are anticipating that the company will post ($0.16) earnings per share for the current quarter, according to Zacks. Zacks has also given IRIDEX an industry rank of 102 out of 255 based on the ratings given to related companies.

Separately, Zacks Investment Research cut IRIDEX from a “buy” rating to a “hold” rating in a research report on Monday.

Shares of NASDAQ IRIX traded up $0.17 during trading on Wednesday, hitting $2.31. The company had a trading volume of 20,744 shares, compared to its average volume of 45,284. The stock has a 50 day simple moving average of $2.01 and a 200 day simple moving average of $3.12. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.40 and a current ratio of 3.36. IRIDEX has a 12 month low of $1.50 and a 12 month high of $5.69. The firm has a market capitalization of $30.18 million, a P/E ratio of -2.20 and a beta of 0.86.

IRIDEX (NASDAQ:IRIX) last posted its quarterly earnings data on Thursday, November 7th. The medical equipment provider reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.05. IRIDEX had a negative return on equity of 37.78% and a negative net margin of 23.42%. The firm had revenue of $10.66 million for the quarter, compared to the consensus estimate of $10.08 million. As a group, analysts predict that IRIDEX will post -0.69 EPS for the current year.

In other IRIDEX news, Director Robert Earle Grove bought 14,600 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average price of $2.00 per share, for a total transaction of $29,200.00. Insiders have purchased 29,600 shares of company stock valued at $59,450 in the last quarter. 5.00% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in IRIX. Vanguard Group Inc. grew its position in shares of IRIDEX by 119.2% during the second quarter. Vanguard Group Inc. now owns 749,545 shares of the medical equipment provider’s stock worth $3,410,000 after purchasing an additional 407,600 shares in the last quarter. Balter Liquid Alternatives LLC purchased a new position in IRIDEX during the 2nd quarter valued at approximately $901,000. Isthmus Partners LLC purchased a new position in IRIDEX during the 2nd quarter valued at approximately $677,000. River & Mercantile Asset Management LLP purchased a new position in IRIDEX during the 2nd quarter valued at approximately $554,000. Finally, LPL Financial LLC purchased a new position in IRIDEX during the 2nd quarter valued at approximately $82,000. Hedge funds and other institutional investors own 41.14% of the company’s stock.

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. The company 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 diabetic macular edema and other retinal diseases; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser systems, which are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.

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