tiprankstipranks
Insider Trading: Staar Surgical’s (NASDAQ:STAA) Major Insider Is Buying the Dip
Market News

Insider Trading: Staar Surgical’s (NASDAQ:STAA) Major Insider Is Buying the Dip

Story Highlights

One of Staar Surgical’s major owners is continuously buying shares of the company, which reflects his belief in the company’s long-term growth strategy. The most recent transaction increased its total investment in STAA stock by $13.7 million.

Staar Surgical (NASDAQ:STAA) stock has recently witnessed significant insider buying despite a considerable dip in the company’s stock price. This points to the insider’s confidence about the company’s long-term growth prospects. It is worth highlighting that Broadwood Partners L.P., one of Staar’s more than 10% owners, is using this opportunity to accumulate the stock.

Pick the best stocks and maximize your portfolio:

Staar manufactures and markets implantable lenses and delivery systems used in ophthalmic surgery.

STAA stock has plummeted 62% from its 52-week high of $81.81 and has shed 38.8% year-to-date. This sharp pullback comes from mounting concerns over the company’s slowing top-line growth.

Closer Look at the Insider’s Trades

Broadwood Partners, a private investment firm, disclosed the purchase of 434,991 shares of Staar in multiple transactions from November 28 to November 30, at an average price of $31.50 per share. The total transaction value stands at $13.7 million.

Investors should note that Broadwood Partners bought shares of the company to the tune of $35.3 million in November. Before that, the firm bought stock worth $7.76 million in October and $19.6 million in September.

The total value of STAA stock in Broadwood Partners’ portfolio currently stands at $674.6 million. Interestingly, the investment firm’s overall performance track record shows a 61% success rate over the past year, with an impressive average return of 24.7% per transaction.

Bullish Insider Trading Signal

Overall, TipRanks’ Insider Trading Activity Tool shows that insider confidence in the company is currently Positive. Corporate insiders have bought Staar Surgical stock worth $62.7 million over the last three months.

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.

What is STAA Stock Price Prediction?

On TipRanks, STAA stock has a Moderate Buy consensus rating based on three Buys and five Holds. Additionally, the average price target of $47.60 implies an impressive 51.79% upside potential. At the same time, the stock has a TipRanks’ Smart Score of nine, indicating its potential to outperform market averages.

Disclosure

Related Articles
TheFlyStaar Surgical price target lowered to $28 from $31 at Canaccord
TheFlyStaar Surgical price target lowered to $23 from $27 at Morgan Stanley
TheFlyStaar Surgical price target lowered to $31 from $41 at Canaccord
Go Ad-Free with Our App