IRIDEX (NASDAQ:IRIX) Upgraded to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of IRIDEX (NASDAQ:IRIX) from a hold rating to a strong-buy rating in a research note released on Saturday, reports. The firm currently has $3.25 price objective on the medical equipment provider’s stock.

According to Zacks, “IRIDEX Corporation is the leading worldwide provider of semiconductor-based laser systems used to treat eye diseases in ophthalmology and skin lesions in dermatology. The products are sold in the United States predominantly through a direct sales force and internationally through independent distributors. The company markets the products using three brand names: IRIS Medical to the ophthalmology market, IRIDERM to the dermatology market, and Light Solutions to the research market. “

Separately, ValuEngine raised IRIDEX from a sell rating to a hold rating in a report on Thursday, August 1st.

IRIX opened at $2.88 on Friday. IRIDEX has a 1-year low of $2.49 and a 1-year high of $9.48. The firm has a fifty day simple moving average of $3.77. The company has a current ratio of 3.41, a quick ratio of 2.49 and a debt-to-equity ratio of 0.10. The company has a market cap of $36.78 million, a PE ratio of -2.74 and a beta of 0.82.

IRIDEX (NASDAQ:IRIX) last issued its quarterly earnings data on Tuesday, August 6th. The medical equipment provider reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. IRIDEX had a negative return on equity of 39.42% and a negative net margin of 26.02%. The firm had revenue of $10.43 million for the quarter, compared to analyst estimates of $10.94 million. Analysts predict that IRIDEX will post -0.74 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of IRIX. Balter Liquid Alternatives LLC acquired a new position in IRIDEX in the 2nd quarter valued at $901,000. Isthmus Partners LLC acquired a new position in IRIDEX in the 2nd quarter valued at $677,000. BlackRock Inc. grew its holdings in shares of IRIDEX by 117.9% during the 4th quarter. BlackRock Inc. now owns 81,249 shares of the medical equipment provider’s stock worth $382,000 after purchasing an additional 43,962 shares in the last quarter. LPL Financial LLC acquired a new stake in shares of IRIDEX during the 2nd quarter worth $82,000. Finally, Stifel Financial Corp acquired a new stake in shares of IRIDEX during the 4th quarter worth $66,000. 44.85% 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. 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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