IRIDEX (NASDAQ:IRIX) Coverage Initiated by Analysts at StockNews.com

StockNews.com assumed coverage on shares of IRIDEX (NASDAQ:IRIX) in a report published on Friday. The firm issued a hold rating on the medical equipment provider’s stock.

IRIDEX Trading Down 1.6 %

IRIDEX stock traded down $0.03 during midday trading on Friday, reaching $1.50. The company’s stock had a trading volume of 24,875 shares, compared to its average volume of 29,906. The business has a 50-day moving average price of $1.77 and a 200-day moving average price of $2.12. IRIDEX has a 52 week low of $1.45 and a 52 week high of $3.65. The stock has a market cap of $24.68 million, a PE ratio of -2.27 and a beta of 0.78.

IRIDEX (NASDAQ:IRIX) last announced its earnings results 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). The firm had revenue of $12.63 million during the quarter, compared to analysts’ expectations of $12.80 million. IRIDEX had a negative net margin of 21.84% and a negative return on equity of 134.37%. During the same quarter in the prior year, the company earned ($0.17) EPS.

Institutional Investors Weigh In On IRIDEX

An institutional investor recently raised its position in IRIDEX stock. Perkins Capital Management Inc. lifted its position in shares of IRIDEX Co. (NASDAQ:IRIX) by 13.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 45,300 shares of the medical equipment provider’s stock after acquiring an additional 5,200 shares during the quarter. Perkins Capital Management Inc. owned approximately 0.28% of IRIDEX worth $135,000 at the end of the most recent quarter. 20.10% of the stock is currently owned by institutional investors and hedge funds.

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.