Brokerages Anticipate IRIDEX Co. (NASDAQ:IRIX) to Post ($0.18) EPS

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

Brokers have set a 12 month consensus target price of $7.00 for the company and are forecasting that the company will post ($0.18) earnings per share for the current quarter, according to Zacks. Zacks has also given IRIDEX an industry rank of 30 out of 255 based on the ratings given to its competitors.

IRIX has been the topic of several analyst reports. ValuEngine raised shares of IRIDEX from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research raised shares of IRIDEX from a “hold” rating to a “buy” rating and set a $2.00 price target on the stock in a research note on Thursday.

Shares of IRIX stock traded up $0.02 during mid-day trading on Monday, reaching $1.82. The company’s stock had a trading volume of 17,649 shares, compared to its average volume of 42,903. The company’s 50 day simple moving average is $2.01 and its 200-day simple moving average is $3.69. IRIDEX has a 12-month low of $1.50 and a 12-month high of $6.00. The company has a quick ratio of 2.49, a current ratio of 3.41 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $25.04 million, a PE ratio of -1.73 and a beta of 0.83.

IRIDEX (NASDAQ:IRIX) last issued its earnings results on Tuesday, August 6th. The medical equipment provider reported ($0.18) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.22) by $0.04. IRIDEX had a negative net margin of 26.02% and a negative return on equity of 39.42%. The business had revenue of $10.43 million for the quarter, compared to the consensus estimate of $10.94 million. As a group, research analysts anticipate that IRIDEX will post -0.74 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its position in shares of IRIDEX by 2.9% in the 2nd quarter. Renaissance Technologies LLC now owns 385,862 shares of the medical equipment provider’s stock worth $1,756,000 after purchasing an additional 10,808 shares during the last quarter. LPL Financial LLC bought a new stake in shares of IRIDEX in the 2nd quarter worth about $82,000. River & Mercantile Asset Management LLP bought a new stake in shares of IRIDEX in the 2nd quarter worth about $554,000. Isthmus Partners LLC bought a new stake in shares of IRIDEX in the 2nd quarter worth about $677,000. Finally, Balter Liquid Alternatives LLC bought a new stake in shares of IRIDEX in the 2nd quarter worth about $901,000. 48.47% of the stock is owned by 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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