Shares of LENSAR (NASDAQ:LNSR) received an upgraded rating from Wall Street Zen, which classified the stock as a “hold” in a report released on October 6, 2023. This upgrade comes amidst a mixed assessment from market analysts, as Weiss Ratings reaffirmed a “sell (d-)” rating just days earlier on October 8, 2023. Currently, two analysts have rated the stock as a hold, while another has given it a sell rating. According to data from MarketBeat, LENSAR holds an average rating of “reduce” with a target price of $15.00.
In recent trading, LENSAR’s stock price declined by 1.7%. The company last reported its quarterly earnings results on November 6, 2023. During this period, LENSAR recorded an earnings per share (EPS) of ($0.31), falling short of analysts’ consensus estimate of ($0.08) by ($0.23). The firm experienced significant challenges with a negative return on equity of 737.30% and a negative net margin of 87.12%. Revenue for the quarter totaled $14.32 million, which was below the expected $17.75 million.
Investor activity surrounding LENSAR has also shifted recently, with several large investment firms adjusting their holdings. Notably, BNP Paribas Financial Markets increased its stake in LENSAR by 129.0% during the third quarter, bringing its total to 2,008 shares valued at $25,000 after acquiring an additional 1,131 shares.
The Police & Firemen’s Retirement System of New Jersey established a new position in LENSAR during the second quarter, valued at approximately $34,000. Furthermore, JPMorgan Chase & Co. significantly raised its stake by 584.3%, acquiring additional shares to reach a total of 4,674 shares worth $62,000. Other institutional investors, including MIRAE ASSET GLOBAL ETFs HOLDINGS Ltd. and the New York State Common Retirement Fund, also purchased new stakes in the company, valued at around $68,000 and $105,000, respectively. Currently, institutional investors hold 40.15% of LENSAR’s stock.
LENSAR, Inc. is a commercial-stage medical device company specializing in the design, development, and marketing of a femtosecond laser system for cataract treatment and the management of pre-existing or surgically induced corneal astigmatism. The company’s flagship product, the LENSAR Laser System, integrates proprietary technologies to enhance surgical outcomes, efficiency, and precision.
As the company navigates through mixed analyst ratings and fluctuating investor interest, the upcoming periods will be crucial for LENSAR to demonstrate its recovery and growth potential in the competitive medical device market.
