IRIDEX Corporation (NASDAQ:IRIX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
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. “
Other equities analysts have also recently issued reports about the company. TheStreet cut IRIDEX Corporation from a “c-” rating to a “d+” rating in a report on Wednesday, April 12th. ValuEngine upgraded IRIDEX Corporation from a “strong sell” rating to a “sell” rating in a research note on Friday, June 2nd.
Shares of IRIDEX Corporation (NASDAQ:IRIX) opened at 8.56 on Tuesday. The stock has a 50 day moving average of $9.36 and a 200-day moving average of $11.37. The firm’s market capitalization is $98.82 million. IRIDEX Corporation has a 12-month low of $7.58 and a 12-month high of $16.39.
IRIDEX Corporation (NASDAQ:IRIX) last issued its earnings results on Thursday, August 3rd. The medical equipment provider reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by $0.06. IRIDEX Corporation had a negative return on equity of 16.84% and a negative net margin of 37.62%. The firm had revenue of $10 million during the quarter, compared to the consensus estimate of $10.48 million. On average, equities research analysts predict that IRIDEX Corporation will post ($0.51) EPS for the current fiscal year.
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A number of institutional investors have recently modified their holdings of IRIX. LMR Partners LLP bought a new position in shares of IRIDEX Corporation during the second quarter valued at $242,000. Renaissance Technologies LLC boosted its position in shares of IRIDEX Corporation by 2.2% in the first quarter. Renaissance Technologies LLC now owns 200,304 shares of the medical equipment provider’s stock valued at $2,378,000 after buying an additional 4,404 shares during the period. Finally, Lyon Street Capital LLC bought a new position in shares of IRIDEX Corporation during the first quarter valued at $4,242,000. Institutional investors and hedge funds own 50.79% of the company’s stock.
About IRIDEX Corporation
IRIDEX Corporation is a provider of therapeutic based laser consoles, delivery devices and consumable instrumentation used to treat sight-threatening eye diseases in ophthalmology. The Company operates through ophthalmology segment. Its ophthalmology products consist of laser consoles, delivery devices and consumable instrumentation, including laser probes, and are used in the treatment of serious eye diseases, including the over three causes of irreversible blindness, such as diabetic retinopathy, glaucoma and age-related macular degeneration (AMD).
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