Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Purchases $39,937.00 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin purchased 39,937 shares of the stock in a transaction dated Thursday, May 15th. The shares were bought at an average cost of $1.00 per share, for a total transaction of $39,937.00. Following the completion of the purchase, the insider owned 338,285 shares in the company, valued at approximately $338,285. This trade represents a 13.39% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

IRIDEX Stock Down 0.9%

Shares of IRIX opened at $0.89 on Friday. IRIDEX Corporation has a 52-week low of $0.61 and a 52-week high of $1.65. The company has a 50-day simple moving average of $0.73 and a 200-day simple moving average of $0.95. The company has a market capitalization of $15.64 million, a PE ratio of -4.45 and a beta of 0.67.

IRIDEX (NASDAQ:IRIX) last released its quarterly earnings data on Tuesday, August 18th. The medical equipment provider reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). The company had revenue of $12.57 million for the quarter, compared to analysts’ expectations of $13.59 million. On average, research analysts anticipate that IRIDEX Corporation will post -0.12 EPS for the current year.

Hedge Funds Weigh In On IRIDEX

Several hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp acquired a new position in IRIDEX during the second quarter worth about $29,000. Diversify Advisory Services LLC purchased a new stake in shares of IRIDEX in the second quarter valued at about $30,000. Diversify Wealth Management LLC acquired a new stake in shares of IRIDEX in the first quarter valued at approximately $35,000. United Capital Financial Advisors LLC purchased a new position in shares of IRIDEX during the 2nd quarter worth approximately $41,000. Finally, Thompson Davis & CO. Inc. increased its stake in shares of IRIDEX by 66.5% during the 1st quarter. Thompson Davis & CO. Inc. now owns 47,444 shares of the medical equipment provider’s stock worth $48,000 after purchasing an additional 18,944 shares in the last quarter. 20.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $3.00.

About IRIDEX

IRIDEX Corporation (NASDAQ: IRIX) develops and sells ophthalmic laser systems and related delivery devices used in the treatment of eye diseases. Its products are designed primarily for ophthalmologists treating glaucoma and retinal disorders, including diabetic retinopathy and other conditions affecting the retina.

The company’s portfolio includes laser systems such as the Cyclo G6 glaucoma laser platform and the IQ series of retinal photocoagulation lasers. IRIDEX also offers specialized probes and other delivery devices, including MicroPulse and transscleral cyclophotocoagulation technologies, which are intended to provide targeted treatment while limiting exposure to surrounding tissue.

Founded in 1989 and headquartered in Mountain View, California, IRIDEX serves eye-care professionals through a combination of direct sales and distributor relationships in the United States and international markets.