IRIDEX (NASDAQ:IRIX) Now Covered by Analysts at StockNews.com

StockNews.com initiated coverage on shares of IRIDEX (NASDAQ:IRIX) in a research report sent to investors on Saturday morning. The brokerage issued a hold rating on the medical equipment provider’s stock.

IRIDEX Stock Up 2.2 %

Shares of NASDAQ:IRIX traded up $0.03 during midday trading on Friday, reaching $1.39. The company’s stock had a trading volume of 42,701 shares, compared to its average volume of 24,221. The firm has a market capitalization of $22.95 million, a P/E ratio of -2.11 and a beta of 0.80. The firm has a 50 day moving average of $1.71 and a 200-day moving average of $2.06. IRIDEX has a 12-month low of $1.27 and a 12-month high of $3.65.

IRIDEX (NASDAQ:IRIX) last announced its quarterly earnings results on Thursday, August 8th. The medical equipment provider reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). The firm had revenue of $12.63 million during the quarter, compared to the consensus estimate of $12.80 million. IRIDEX had a negative return on equity of 134.37% and a negative net margin of 21.84%. During the same quarter in the previous year, the firm earned ($0.17) EPS.

Hedge Funds Weigh In On IRIDEX

A hedge fund recently raised its stake in IRIDEX stock. Perkins Capital Management Inc. lifted its holdings in IRIDEX Co. (NASDAQ:IRIX) by 13.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 45,300 shares of the medical equipment provider’s stock after purchasing an additional 5,200 shares during the period. Perkins Capital Management Inc. owned about 0.28% of IRIDEX worth $135,000 at the end of the most recent reporting period. Institutional investors own 20.10% of the company’s stock.

About IRIDEX

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.