IRIDEX Co. (NASDAQ:IRIX) Short Interest Update

IRIDEX Co. (NASDAQ:IRIX) was the recipient of a significant drop in short interest in October. As of October 31st, there was short interest totalling 77,700 shares, a drop of 93.8% from the September 30th total of 1,250,000 shares. Based on an average trading volume of 95,000 shares, the days-to-cover ratio is presently 0.8 days. Currently, 0.7% of the company’s stock are short sold.

Several analysts recently weighed in on the stock. Zacks Investment Research raised shares of IRIDEX from a “hold” rating to a “buy” rating and set a $2.25 target price on the stock in a report on Thursday. ValuEngine raised shares of IRIDEX from a “sell” rating to a “hold” rating in a report on Thursday, August 1st.

NASDAQ:IRIX traded down $0.02 during mid-day trading on Thursday, hitting $2.02. The stock had a trading volume of 700 shares, compared to its average volume of 48,945. The stock has a 50-day simple moving average of $1.87 and a two-hundred day simple moving average of $3.40. The company has a market capitalization of $27.79 million, a PE ratio of -1.92 and a beta of 0.80. IRIDEX has a twelve month low of $1.50 and a twelve month high of $5.69. The company has a current ratio of 3.41, a quick ratio of 2.49 and a debt-to-equity ratio of 0.10.

IRIDEX (NASDAQ:IRIX) last released its quarterly earnings data on Thursday, November 7th. The medical equipment provider reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.05. IRIDEX had a negative net margin of 23.42% and a negative return on equity of 36.52%. The company had revenue of $10.66 million for the quarter, compared to analysts’ expectations of $10.08 million. Sell-side analysts predict that IRIDEX will post -0.73 EPS for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the business. LPL Financial LLC acquired a new position in shares of IRIDEX during the 2nd quarter valued at about $82,000. Gabelli Funds LLC increased its stake in shares of IRIDEX by 100.0% during the 3rd quarter. Gabelli Funds LLC now owns 20,000 shares of the medical equipment provider’s stock valued at $37,000 after acquiring an additional 10,000 shares during the last quarter. River & Mercantile Asset Management LLP acquired a new position in shares of IRIDEX during the 2nd quarter valued at about $554,000. Isthmus Partners LLC acquired a new position in shares of IRIDEX during the 2nd quarter valued at about $677,000. Finally, Balter Liquid Alternatives LLC acquired a new position in shares of IRIDEX during the 2nd quarter valued at about $901,000. 46.16% of the stock is currently owned by institutional investors.

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. 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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