Insider Buying: IRIDEX (NASDAQ:IRIX) Major Shareholder Acquires $20,800.00 in Stock

IRIDEX Corporation (NASDAQ:IRIX) major shareholder Shih-Yao David Lin bought 20,000 shares of IRIDEX stock in a transaction on Wednesday, November 12th. The stock was acquired at an average cost of $1.04 per share, with a total value of $20,800.00. Following the acquisition, the insider owned 783,714 shares of the company’s stock, valued at $815,062.56. This trade represents a 2.62% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

IRIDEX Stock Performance

Shares of NASDAQ IRIX opened at $0.89 on Friday. The company’s fifty day moving average is $0.73 and its two-hundred day moving average is $0.95. The firm has a market capitalization of $15.64 million, a P/E ratio of -4.45 and a beta of 0.67. IRIDEX Corporation has a one year low of $0.61 and a one year high of $1.65.

IRIDEX (NASDAQ:IRIX) last announced its quarterly earnings data on Tuesday, August 18th. The medical equipment provider reported ($0.07) 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 analysts’ expectations of $13.59 million. On average, sell-side analysts forecast that IRIDEX Corporation will post -0.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Perkins Capital Management Inc. boosted its position in shares of 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 buying an additional 14,000 shares in the last quarter. Thompson Davis & CO. Inc. grew its stake in IRIDEX by 66.5% in the 1st quarter. Thompson Davis & CO. Inc. now owns 47,444 shares of the medical equipment provider’s stock valued at $48,000 after acquiring an additional 18,944 shares during the last quarter. Renaissance Technologies LLC increased its holdings 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 acquiring an additional 25,067 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in IRIDEX during the 2nd quarter valued at about $29,000. Finally, Diversify Wealth Management LLC acquired a new position in IRIDEX during the first quarter worth about $35,000. Institutional investors and hedge funds own 20.10% of the company’s stock.

IRIDEX Company Profile

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.