IRIDEX (NASDAQ:IRIX) Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of IRIDEX (NASDAQ:IRIX) from a buy rating to a hold rating in a research note released on Monday morning, Zacks.com reports.

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. “

NASDAQ:IRIX opened at $2.04 on Monday. IRIDEX has a 12-month low of $1.50 and a 12-month high of $5.69. The company has a quick ratio of 2.40, a current ratio of 3.36 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $30.18 million, a PE ratio of -1.94 and a beta of 0.86. The firm has a 50-day moving average price of $2.01 and a 200 day moving average price of $3.14.

IRIDEX (NASDAQ:IRIX) last posted its quarterly earnings data on Thursday, November 7th. The medical equipment provider reported ($0.13) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.05. The company had revenue of $10.66 million during the quarter, compared to analyst estimates of $10.08 million. IRIDEX had a negative net margin of 23.42% and a negative return on equity of 37.78%. On average, research analysts expect that IRIDEX will post -0.69 EPS for the current year.

In other news, Director Robert Earle Grove acquired 14,600 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was bought at an average price of $2.00 per share, with a total value of $29,200.00. In the last ninety days, insiders have bought 29,600 shares of company stock valued at $59,450. Company insiders own 5.00% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Gabelli Funds LLC increased its holdings in shares of IRIDEX by 100.0% during the third quarter. Gabelli Funds LLC now owns 20,000 shares of the medical equipment provider’s stock worth $37,000 after buying an additional 10,000 shares in the last quarter. River & Mercantile Asset Management LLP acquired a new stake in shares of IRIDEX during the second quarter worth approximately $554,000. Vanguard Group Inc. increased its holdings 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 buying an additional 407,600 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of IRIDEX by 2.9% during the second quarter. Renaissance Technologies LLC now owns 385,862 shares of the medical equipment provider’s stock worth $1,756,000 after buying an additional 10,808 shares in the last quarter. Finally, LPL Financial LLC acquired a new stake in shares of IRIDEX during the second quarter worth approximately $82,000. 41.14% 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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