Short Interest in IRIDEX Corporation (NASDAQ:IRIX) Declines By 37.3%

IRIDEX Corporation (NASDAQ:IRIX) was the target of a large drop in short interest in February. As of February 27th, there was short interest totaling 45,880 shares, a drop of 37.3% from the February 12th total of 73,137 shares. Currently, 0.3% of the shares of the stock are short sold. Based on an average daily volume of 44,175 shares, the days-to-cover ratio is presently 1.0 days. Based on an average daily volume of 44,175 shares, the days-to-cover ratio is presently 1.0 days. Currently, 0.3% of the shares of the stock are short sold.

Hedge Funds Weigh In On IRIDEX

Institutional investors have recently made changes to their positions in the stock. Weber Capital Management LLC ADV acquired a new stake in IRIDEX during the fourth quarter worth approximately $296,000. Thompson Davis & CO. Inc. purchased a new position in IRIDEX in the second quarter valued at about $50,000. Citadel Advisors LLC boosted its position in shares of IRIDEX by 62.7% in the third quarter. Citadel Advisors LLC now owns 109,473 shares of the medical equipment provider’s stock worth $126,000 after buying an additional 42,202 shares during the period. Apexium Financial LP grew its stake in shares of IRIDEX by 53.0% in the third quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock valued at $116,000 after buying an additional 34,834 shares in the last quarter. Finally, Susquehanna International Group LLP raised its holdings in shares of IRIDEX by 46.2% during the 3rd quarter. Susquehanna International Group LLP now owns 56,470 shares of the medical equipment provider’s stock valued at $65,000 after buying an additional 17,834 shares during the period. 20.10% of the stock is owned by institutional investors and hedge funds.

IRIDEX Price Performance

IRIX traded down $0.03 during midday trading on Friday, reaching $1.30. 7,557 shares of the company’s stock were exchanged, compared to its average volume of 35,025. The company has a debt-to-equity ratio of 62.29, a current ratio of 1.94 and a quick ratio of 1.35. IRIDEX has a 1-year low of $0.78 and a 1-year high of $1.65. The stock has a market capitalization of $22.35 million, a PE ratio of -4.33 and a beta of 0.67. The business’s 50-day moving average price is $1.40 and its 200 day moving average price is $1.20.

Wall Street Analyst Weigh In

A number of research firms recently commented on IRIX. iA Financial set a $3.00 price objective on shares of IRIDEX in a report on Thursday, February 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of IRIDEX in a research report on Monday, December 29th. Finally, Alliance Global Partners assumed coverage on IRIDEX in a report on Thursday, February 5th. They issued a “buy” rating on the stock. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, IRIDEX presently has a consensus rating of “Hold” and an average target price of $3.00.

IRIDEX Company Profile

IRIDEX Corporation (NASDAQ: IRIX) is a medical technology company specializing in the development, manufacturing and commercialization of innovative ophthalmic laser and imaging systems. The company’s offerings focus on energy-based therapies designed to treat retinal vascular disorders, glaucoma and other ocular conditions. IRIDEX’s portfolio includes laser photocoagulation platforms, micro-pulse laser technology, and related consumable devices for use by ophthalmologists and retina specialists.

The company’s flagship products include the Cyclo G6 Glaucoma Laser System, which delivers precise, controlled micro-pulse laser therapy for patients with refractory glaucoma, and the IQ 532 Retina Laser System, designed to support minimally invasive laser treatments for diabetic retinopathy and age-related macular degeneration.