STAAR Surgical (NASDAQ:STAA) Position Lessened by Royal Bank of Canada

Posted by Defense World Staff on Mar 7th, 2023

Royal Bank of Canada decreased its stake in STAAR Surgical (NASDAQ:STAA – Get Rating) by 1.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 227,145 shares of the medical instruments supplier’s stock after selling 2,199 shares during the period. Royal Bank of Canada owned 0.47% of STAAR Surgical worth $16,027,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Tudor Investment Corp Et Al bought a new stake in STAAR Surgical during the 3rd quarter valued at $1,286,000. Point72 Hong Kong Ltd bought a new stake in STAAR Surgical during the 3rd quarter valued at $177,000. Cubist Systematic Strategies LLC raised its stake in STAAR Surgical by 274.2% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 72,122 shares of the medical instruments supplier’s stock valued at $5,088,000 after acquiring an additional 52,847 shares in the last quarter. PDT Partners LLC bought a new stake in STAAR Surgical during the 3rd quarter valued at $1,263,000. Finally, Renaissance Technologies LLC raised its stake in STAAR Surgical by 227.6% during the 3rd quarter. Renaissance Technologies LLC now owns 47,500 shares of the medical instruments supplier’s stock valued at $3,351,000 after acquiring an additional 33,000 shares in the last quarter. Institutional investors own 97.55% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Broadwood Partners, L.P. bought 51,985 shares of the firm’s stock in a transaction that occurred on Tuesday, December 27th. The shares were acquired at an average cost of $47.91 per share, for a total transaction of $2,490,601.35. Following the acquisition, the insider now directly owns 8,643,992 shares of the company’s stock, valued at approximately $414,133,656.72. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.60% of the company’s stock.

STAAR Surgical Stock Down 1.8 %

Shares of NASDAQ STAA opened at $58.84 on Tuesday. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 75.44 and a beta of 1.23. The stock’s fifty day simple moving average is $65.20 and its 200 day simple moving average is $69.53. STAAR Surgical has a 52-week low of $46.35 and a 52-week high of $112.27.

Analyst Ratings Changes

Several analysts have weighed in on the company. Canaccord Genuity Group cut their target price on STAAR Surgical from $88.00 to $79.00 and set a “buy” rating on the stock in a research note on Wednesday, November 30th. BTIG Research cut STAAR Surgical from a “buy” rating to a “neutral” rating in a research report on Monday, February 6th. Canaccord Genuity Group lifted their price target on STAAR Surgical from $79.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 30th. Stifel Nicolaus started coverage on STAAR Surgical in a research report on Wednesday, December 7th. They set a “hold” rating and a $60.00 price target on the stock. Finally, Stephens reiterated an “overweight” rating and set a $85.00 price target on shares of STAAR Surgical in a research report on Wednesday, February 22nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $82.20.

STAAR Surgical Company Profile

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STAAR Surgical Co engages in the development, manufacture, production, marketing, and sale of implantable lenses for the eye and delivery systems used to deliver the lenses into the eye. It specializes in refractive and cataract solutions. Its products include intraocular lens and implantable collamer lens.