Broadwood Partners L.P., a more than 10% owner of Staar Surgical (NASDAQ:STAA), has been on a buying spree of STAA stock over the past month. STAA stock gained more than 1% on Friday’s extended trading session.
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Staar Surgical manufactures and markets implantable lenses and delivery systems used in ophthalmic surgery.
In the latest transaction, Broadwood Partners purchased 205,296 shares in multiple transactions from October 4 to October 6, at an average price of $37.81 per share. The total purchase consideration stands at $7.76 million.
It is worth highlighting that Broadwood Partners’ most recent buy is its third purchase of STAA stock in the past month. The firm bought shares of the company 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 $730.4 million. Interestingly, the hedge fund’s performance track record shows a 64% success rate over the past year, with an average return of 27% per transaction.
Bullish Insider Trading Signal
Overall, corporate insiders have bought Staar Surgical stock worth $27.5 million over the last three months. TipRanks’ Insider Trading Activity Tool shows that insider confidence in Staar is currently Very 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.
Is STAA a Good Stock to Buy?
Given the positive outlook from insiders, it seems reasonable to expect significant positive developments in the company’s future.
On TipRanks, STAA stock has a Moderate Buy consensus rating based on five Buys and five Holds. The average Staar Surgical stock price target of $54.71 implies 42.1% upside potential. The stock is down more than 24% so far in 2023.
Importantly, hedge funds increased their holdings of STAA stock by buying 513,600 shares in the last quarter. Furthermore, the stock has a TipRanks’ Smart Score of nine, indicating its potential to outperform market averages.
