Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Purchases $24,000.00 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin purchased 20,000 shares of the stock in a transaction on Thursday, January 8th. The shares were bought at an average price of $1.20 per share, for a total transaction of $24,000.00. Following the acquisition, the insider owned 971,299 shares of the company’s stock, valued at approximately $1,165,558.80. The trade was a 2.10% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

IRIDEX Stock Down 0.9%

NASDAQ:IRIX opened at $0.89 on Friday. The company’s 50 day moving average is $0.73 and its 200-day moving average is $0.95. IRIDEX Corporation has a 12 month low of $0.61 and a 12 month high of $1.65. The firm has a market cap of $15.64 million, a price-to-earnings ratio of -4.45 and a beta of 0.67.

IRIDEX (NASDAQ:IRIX) last posted its quarterly earnings data on Tuesday, August 18th. The medical equipment provider reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.06). The company had revenue of $12.57 million for the quarter, compared to analyst estimates of $13.59 million. Research analysts predict that IRIDEX Corporation will post -0.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On IRIDEX

Institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC raised its stake in IRIDEX by 6.7% during the 1st quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock valued at $401,000 after purchasing an additional 25,067 shares during the last quarter. Weber Capital Management LLC ADV acquired a new stake in IRIDEX in the 2nd quarter worth $206,616. Perkins Capital Management Inc. grew its position in IRIDEX by 33.9% in the 1st quarter. Perkins Capital Management Inc. now owns 55,300 shares of the medical equipment provider’s stock worth $56,000 after purchasing an additional 14,000 shares during the last quarter. Thompson Davis & CO. Inc. increased its holdings 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 during the period. Finally, United Capital Financial Advisors LLC bought a new position in shares of IRIDEX during the 2nd quarter worth about $41,000. Institutional investors own 20.10% of the company’s stock.

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.