Noteworthy Price Action: IRIDEX Corporation Forms Double Top Pattern; Strong Momentum for Buyers Coming

Noteworthy Price Action: IRIDEX Corporation Forms Double Top Pattern; Strong Momentum for Buyers Coming

The chart of IRIDEX Corporation (IRIX) shows a double top with $14.96 target or 8.00% above today’s $13.85 share price. The 7 months chart pattern indicates low risk for the $158.03M company. It was reported on Jan, 11 by Finviz.com. If the $14.96 price target is reached, the company will be worth $12.64 million more. Double tops are rare but powerful chart patterns. About 6,407 shares traded hands. IRIDEX Corporation (NASDAQ:IRIX) has risen 0.79% since June 7, 2016 and is uptrending. It has underperformed by 6.63% the S&P500.

Analysts await IRIDEX Corporation (NASDAQ:IRIX) to report earnings on March, 2.

IRIDEX Corporation (NASDAQ:IRIX) Ratings Coverage

Out of 3 analysts covering IRIDEX (NASDAQ:IRIX), 3 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. IRIDEX has been the topic of 3 analyst reports since January 26, 2016 according to StockzIntelligence Inc. The rating was initiated by Roth Capital on Wednesday, December 21 with “Buy”. As per Tuesday, January 26, the company rating was initiated by Singular Research. As per Wednesday, December 21, the company rating was initiated by TH Capital.

According to Zacks Investment Research, “IRIDEX Corporation is the leading worldwide provider of semiconductor-based laser systems used to treat eye diseases in ophthalmology and skin lesions in dermatology. The products are sold in the United States predominantly through a direct sales force and internationally through independent distributors. The company markets the products using three brand names: IRIS Medical to the ophthalmology market, IRIDERM to the dermatology market, and Light Solutions to the research market.”

Insitutional Activity: The institutional sentiment decreased to 1.25 in 2016 Q3. Its down 3.89, from 5.14 in 2016Q2. The ratio fall, as 5 funds sold all IRIDEX Corporation shares owned while 11 reduced positions. 4 funds bought stakes while 16 increased positions. They now own 4.41 million shares or 48.62% less from 8.59 million shares in 2016Q2.
Paragon Assocs And Paragon Assocs Ii Joint Venture reported 1.25 million shares or 20.93% of all its holdings. Blackrock Institutional Trust Na accumulated 51,248 shares or 0% of the stock. Manatuck Hill Llc has invested 0.35% of its portfolio in IRIDEX Corporation (NASDAQ:IRIX). Schwab Charles Inc, a California-based fund reported 12,100 shares. Tiaa Cref Invest Management Ltd Company last reported 25,351 shares in the company. Northern Tru Corp holds 96,952 shares or 0% of its portfolio. Us Retail Bank De has 0% invested in the company for 4,150 shares. Bridgeway Cap Management accumulated 0.01% or 35,300 shares. Barclays Plc has 82 shares for 0% of their US portfolio. Moreover, Thompson Davis And has 0.27% invested in IRIDEX Corporation (NASDAQ:IRIX) for 10,700 shares. Strs Ohio holds 2,400 shares or 0% of its portfolio. Manufacturers Life Ins The has 351 shares for 0% of their US portfolio. Citigroup Inc owns 618 shares or 0% of their US portfolio. Blackrock Fund Advsrs has 211,536 shares for 0% of their US portfolio. National Bank Of Ny Mellon Corp last reported 19,870 shares in the company.

Insider Transactions: Since August 16, 2016, the stock had 0 insider purchases, and 7 selling transactions for $316,629 net activity. Shares for $34,102 were sold by Marcellino George R. Dizon Romeo R sold 875 shares worth $12,708. NAUMANN-ETIENNE RUEDIGER also sold $140,349 worth of IRIDEX Corporation (NASDAQ:IRIX) shares.

IRIX Company Profile

IRIDEX Corporation, incorporated on November 21, 1995, is a well-known provider of therapeutic laser consoles, delivery devices and consumable instrumentation used to treat sight-threatening eye diseases in ophthalmology. The Firm operates through ophthalmology segment. The Company’s ophthalmology products consist of laser consoles, delivery devices and consumable instrumentation, including laser probes, and are used in the treatment of serious eye diseases, including the over three causes of irreversible blindness, such as diabetic retinopathy, glaucoma and age-related macular degeneration (AMD). In addition, the Company’s ophthalmology products are often used in vitrectomy procedures (used to treat proliferative diabetic retinopathy, macular holes, retinal tears and detachments), which are generally performed in the operating room and require a consumable single use intraocular laser probe (EndoProbe) to deliver light to the back of the eye together with other instrumentation. The Company’s ophthalmology products are sold in the United States through a direct sales force and internationally through approximately 70 independent distributors in over 100 countries.

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