StockNews.com Initiates Coverage on IRIDEX (NASDAQ:IRIX)

Equities researchers at StockNews.com assumed coverage on shares of IRIDEX (NASDAQ:IRIX) in a research report issued on Monday. The firm set a “hold” rating on the medical equipment provider’s stock.

IRIDEX Price Performance

Shares of IRIX opened at $1.73 on Monday. The company has a 50-day simple moving average of $1.94 and a two-hundred day simple moving average of $2.33. The firm has a market capitalization of $28.12 million, a PE ratio of -2.58 and a beta of 0.78. IRIDEX has a one year low of $1.63 and a one year high of $3.65.

IRIDEX (NASDAQ:IRIX) last announced its quarterly earnings data on Thursday, August 8th. The medical equipment provider reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.04). IRIDEX had a negative net margin of 21.84% and a negative return on equity of 134.37%. The firm had revenue of $12.63 million for the quarter, compared to analysts’ expectations of $12.80 million. During the same period in the prior year, the business posted ($0.17) EPS. Analysts expect that IRIDEX will post -0.52 EPS for the current fiscal year.

Institutional Trading of IRIDEX

A hedge fund recently raised its stake in IRIDEX stock. AMH Equity Ltd increased its stake in shares of IRIDEX Co. (NASDAQ:IRIX) by 15.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 456,400 shares of the medical equipment provider’s stock after purchasing an additional 60,400 shares during the period. IRIDEX makes up 1.3% of AMH Equity Ltd’s investment portfolio, making the stock its 20th largest holding. AMH Equity Ltd owned 2.81% of IRIDEX worth $1,360,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 20.10% of the company’s stock.

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. It 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 retinal disorders; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser photocoagulation systems that are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.