IRIDEX Co. (NASDAQ:IRIX) Sees Significant Increase in Short Interest

IRIDEX Co. (NASDAQ:IRIXGet Free Report) was the recipient of a significant growth in short interest in August. As of August 31st, there was short interest totalling 61,200 shares, a growth of 13.3% from the August 15th total of 54,000 shares. Currently, 0.5% of the company’s stock are sold short. Based on an average daily trading volume, of 29,300 shares, the short-interest ratio is presently 2.1 days.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. StockNews.com began coverage on shares of IRIDEX in a research note on Wednesday, September 13th. They issued a “buy” rating for the company. Stifel Nicolaus reduced their price objective on shares of IRIDEX from $3.00 to $2.00 in a research note on Friday, August 11th.

View Our Latest Stock Analysis on IRIX

Institutional Investors Weigh In On IRIDEX

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AMH Equity Ltd increased its position in IRIDEX by 1,123.5% during the 2nd quarter. AMH Equity Ltd now owns 330,821 shares of the medical equipment provider’s stock valued at $718,000 after purchasing an additional 303,781 shares during the period. Isthmus Partners LLC increased its position in IRIDEX by 13.5% during the 1st quarter. Isthmus Partners LLC now owns 378,818 shares of the medical equipment provider’s stock valued at $769,000 after purchasing an additional 45,026 shares during the period. Clayton Partners LLC purchased a new stake in shares of IRIDEX in the 1st quarter worth about $58,000. Mackenzie Financial Corp purchased a new stake in shares of IRIDEX in the 1st quarter worth about $56,000. Finally, Dimensional Fund Advisors LP grew its position in shares of IRIDEX by 4.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 240,729 shares of the medical equipment provider’s stock worth $1,115,000 after buying an additional 9,361 shares during the period. 23.95% of the stock is currently owned by institutional investors.

IRIDEX Stock Performance

NASDAQ:IRIX traded down $0.04 during midday trading on Tuesday, reaching $2.10. 80,261 shares of the stock traded hands, compared to its average volume of 22,961. The company has a fifty day moving average of $1.82 and a 200 day moving average of $2.05. IRIDEX has a 12 month low of $1.31 and a 12 month high of $2.74. The stock has a market capitalization of $34.08 million, a P/E ratio of -4.46 and a beta of 1.19.

IRIDEX (NASDAQ:IRIXGet Free Report) last posted its quarterly earnings results on Thursday, August 10th. The medical equipment provider reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.06). IRIDEX had a negative net margin of 13.78% and a negative return on equity of 48.09%. The firm had revenue of $12.86 million for the quarter, compared to the consensus estimate of $14.23 million. On average, analysts predict that IRIDEX will post -0.48 EPS for the current fiscal year.

About IRIDEX

(Get Free Report)

IRIDEX Corporation, an ophthalmic medical technology company, provides therapeutic based laser systems, delivery devices, and consumable instrumentation to treat sight-threatening eye diseases in ophthalmology. It offers laser consoles, such as Cyclo G6 laser system for use in the treatment of glaucoma; IQ 532 and IQ 577 laser systems, which are used for the treatment of retinal disorders; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser photocoagulation systems that are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.

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