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Broadwood Partners, L.P., a significant shareholder in Staar Surgical Co. (NASDAQ:STAA), has recently increased its stake in the company despite the stock’s challenging performance, having declined nearly 50% over the past six months. According to a filing with the Securities and Exchange Commission, Broadwood Partners acquired shares totaling approximately $941,285. InvestingPro data shows the company maintains a strong balance sheet with more cash than debt.
The transactions, executed on March 31 and April 2, involved the purchase of 22,189 shares at a weighted average price of $17.46 per share and an additional 31,780 shares at an average price of $17.43 per share. The prices for these transactions ranged from $17.28 to $17.50 per share. With the company’s next earnings report due in 27 days, InvestingPro subscribers can access 8 additional key insights and a comprehensive Pro Research Report to better understand the company’s prospects.
Following these purchases, Broadwood Partners now holds a total of 12,487,044 shares of Staar Surgical. The acquisitions were made directly by Broadwood Partners, while Neal C. Bradsher, as President of Broadwood Capital, Inc., may be deemed to have indirect beneficial ownership of the securities. However, each party disclaims beneficial ownership except to the extent of their pecuniary interest.
In other recent news, STAAR Surgical has experienced several notable developments. The company reported fourth-quarter 2024 earnings that fell short of expectations, with analysts from BTIG and Jefferies expressing concerns about the company’s financial outlook and its reliance on the Chinese market. STAAR Surgical did not reiterate its fiscal year 2025 guidance, leading to uncertainty among investors. In response to these results, Canaccord Genuity and Jefferies have adjusted their price targets, with Jefferies significantly reducing its target from $60 to $18 and Canaccord Genuity lowering it to $17. Stifel also revised its target to $20, citing challenges in the Chinese market.
The company has undergone significant leadership changes, including the resignation of CFO Patrick Williams and the appointment of Deborah Andrews as Interim CFO. Warren Foust and Magda Michna have been promoted to President and Chief Operating Officer, and Chief Development Officer, respectively. Piper Sandler and BTIG have maintained a Neutral rating on the stock, with Piper Sandler emphasizing the need for insight into the company’s recovery process. Meanwhile, Stifel continues to hold a Buy rating despite the recent challenges, citing the company’s differentiated technology and strong balance sheet as positive factors.
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