IRIDEX (NASDAQ:IRIX) Share Price Passes Below 200-Day Moving Average – Time to Sell?

IRIDEX Corporation (NASDAQ:IRIX)’s stock price crossed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $1.20 and traded as low as $1.12. IRIDEX shares last traded at $1.13, with a volume of 27,467 shares trading hands.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $3.00.

IRIDEX Price Performance

The stock has a market capitalization of $19.67 million, a price-to-earnings ratio of -5.95 and a beta of 0.63. The stock has a 50 day moving average price of $1.09 and a 200-day moving average price of $1.20.

IRIDEX (NASDAQ:IRIX) last announced its quarterly earnings data on Tuesday, May 19th. The medical equipment provider reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.04. The business had revenue of $11.80 million for the quarter, compared to analysts’ expectations of $11.91 million.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in IRIX. Jane Street Group LLC increased its position in shares of IRIDEX by 93.9% during the fourth quarter. Jane Street Group LLC now owns 31,758 shares of the medical equipment provider’s stock valued at $36,000 after acquiring an additional 15,377 shares during the last quarter. Apexium Financial LP raised its stake in shares of IRIDEX by 53.0% in the 3rd quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock valued at $116,000 after acquiring an additional 34,834 shares during the period. Susquehanna International Group LLP lifted its holdings in shares of IRIDEX by 46.2% in the 3rd quarter. Susquehanna International Group LLP now owns 56,470 shares of the medical equipment provider’s stock worth $65,000 after acquiring an additional 17,834 shares during the last quarter. Citadel Advisors LLC lifted its holdings in shares of IRIDEX by 62.7% in the 3rd quarter. Citadel Advisors LLC now owns 109,473 shares of the medical equipment provider’s stock worth $126,000 after acquiring an additional 42,202 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of IRIDEX by 6.7% during the 1st quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock worth $401,000 after purchasing an additional 25,067 shares during the period. 20.10% of the stock is currently owned by institutional investors and hedge funds.

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.