One of Staar Surgical’s (NASDAQ:STAA) more than 10% owners, Broadwood Partners L.P., has been showering STAA stock with love in the past few months. Broadwood Partners, a private investment firm, has bought STAA’s shares multiple times this year. Staar manufactures and markets implantable lenses and delivery systems used in ophthalmic surgery.
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In the latest transaction, Broadwood Partners purchased 309,154 shares in multiple transactions from November 4 to November 6, at an average price of $34.92 per share. The total purchase consideration stands at $10.8 million.
It is worth highlighting that Broadwood Partners bought shares of the company worth $7.8 million last month. Before that, the firm bought stock worth $11.7 million and $7.9 million on September 21 and 7, respectively.
The total value of STAA stock in Broadwood Partners’ portfolio currently stands at $675.6 million. Interestingly, the firm’s performance track record shows a 64% success rate over the past year, with an impressive average return of 27% per transaction.
Bullish Insider Trading Signal
Overall, corporate insiders have bought Staar Surgical stock worth $38.3 million over the last three months. TipRanks’ Insider Trading Activity Tool shows that insider confidence in Staar is currently Positive.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Recent Updates
The insider’s purchase came after the company reported mixed third-quarter results on November 2. The main highlight of the quarterly report was STAA beating earnings expectations by a significantly wide margin. Following the earnings release, two analysts rated STAA stock a Buy, while one assigned a Hold.
Among the bullish analysts, David Saxon from Needham expects STAA to see double-digit growth with improved profitability over the long term.
Is STAA a Good Stock to Buy?
On TipRanks, STAA stock has a Moderate Buy consensus rating based on three Buys and five Holds. The average Staar Surgical stock price target of $48.60 implies 38.94% upside potential. The stock is down more than 31% so far in 2023.
