Short Interest in Sight Sciences, Inc. (NASDAQ:SGHT) Drops By 15.3%

Sight Sciences, Inc. (NASDAQ:SGHTGet Rating) saw a significant drop in short interest in July. As of July 15th, there was short interest totalling 2,380,000 shares, a drop of 15.3% from the June 30th total of 2,810,000 shares. Approximately 8.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 298,800 shares, the short-interest ratio is presently 8.0 days.

Insiders Place Their Bets

In related news, Director Staffan Encrantz purchased 300,000 shares of the company’s stock in a transaction on Monday, May 16th. The stock was bought at an average price of $8.20 per share, with a total value of $2,460,000.00. Following the completion of the transaction, the director now owns 301,802 shares of the company’s stock, valued at approximately $2,474,776.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SGHT. Allspring Global Investments Holdings LLC acquired a new position in shares of Sight Sciences during the fourth quarter worth about $308,000. New York State Common Retirement Fund acquired a new position in shares of Sight Sciences during the fourth quarter worth about $125,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new position in shares of Sight Sciences during the fourth quarter worth about $956,000. M&T Bank Corp acquired a new position in shares of Sight Sciences during the fourth quarter worth about $229,000. Finally, Northern Trust Corp lifted its stake in shares of Sight Sciences by 4.7% during the fourth quarter. Northern Trust Corp now owns 104,484 shares of the company’s stock worth $1,836,000 after purchasing an additional 4,731 shares in the last quarter. Institutional investors and hedge funds own 60.76% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on SGHT shares. Stifel Nicolaus reaffirmed an “initiates” rating on shares of Sight Sciences in a research report on Tuesday, July 26th. Piper Sandler lowered their price objective on Sight Sciences from $23.00 to $17.00 in a research report on Wednesday, May 11th. Finally, Morgan Stanley lowered their price objective on Sight Sciences from $18.00 to $17.00 and set an “overweight” rating for the company in a research report on Friday, July 15th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $24.80.

Sight Sciences Price Performance

Shares of Sight Sciences stock opened at $9.31 on Wednesday. Sight Sciences has a twelve month low of $6.25 and a twelve month high of $42.57. The stock has a market capitalization of $443.06 million and a P/E ratio of -3.01. The company has a current ratio of 21.28, a quick ratio of 20.94 and a debt-to-equity ratio of 0.15. The business’s fifty day moving average price is $9.33 and its 200 day moving average price is $11.44.

Sight Sciences (NASDAQ:SGHTGet Rating) last issued its earnings results on Tuesday, May 10th. The company reported ($0.49) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.08). Sight Sciences had a negative net margin of 134.02% and a negative return on equity of 51.67%. The firm had revenue of $14.88 million during the quarter, compared to analyst estimates of $13.60 million. As a group, research analysts anticipate that Sight Sciences will post -1.8 earnings per share for the current year.

Sight Sciences Company Profile

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Sight Sciences, Inc, an ophthalmic medical device company, engages in the development and commercialization of surgical and nonsurgical technologies for the treatment of eye diseases. The company's products include OMNI Surgical System, a therapeutic device used by ophthalmic surgeons to reduce intraocular pressure in adult glaucoma patients; and TearCare System, a wearable eyelid technology for the treatment of dry eye disease (DED) for ophthalmologists and optometrists.

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