Saba Capital Management, L.P. Sells 25,000 Shares of Sharps Technology (NASDAQ:STSS) Stock

Sharps Technology, Inc. (NASDAQ:STSS) major shareholder Saba Capital Management, L.P. sold 25,000 shares of the company’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $2.30, for a total transaction of $57,500.00. Following the transaction, the insider owned 1,524,170 shares of the company’s stock, valued at approximately $3,505,591. This represents a 1.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Friday, January 16th, Saba Capital Management, L.P. sold 12,182 shares of Sharps Technology stock. The shares were sold at an average price of $2.37, for a total value of $28,871.34.
• On Wednesday, January 14th, Saba Capital Management, L.P. sold 77,688 shares of Sharps Technology stock. The shares were sold at an average price of $2.25, for a total transaction of $174,798.00.
• On Tuesday, January 13th, Saba Capital Management, L.P. sold 29,777 shares of Sharps Technology stock. The stock was sold at an average price of $2.19, for a total transaction of $65,211.63.

Sharps Technology Stock Down 8.0%

STSS traded down $0.19 during trading on Tuesday, reaching $2.18. The company had a trading volume of 431,488 shares, compared to its average volume of 1,351,577. The business has a 50 day simple moving average of $2.58 and a 200-day simple moving average of $5.24. The stock has a market cap of $63.21 million, a P/E ratio of 0.00 and a beta of 2.20. Sharps Technology, Inc. has a 52 week low of $1.65 and a 52 week high of $574.29.

Sharps Technology (NASDAQ:STSS) last announced its quarterly earnings data on Friday, November 14th. The company reported ($4.02) EPS for the quarter, missing the consensus estimate of ($1.01) by ($3.01). The business had revenue of $2.29 million during the quarter, compared to the consensus estimate of $0.35 million.

Sharps Technology announced that its Board of Directors has authorized a stock repurchase program on Thursday, October 2nd that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 55.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Sharps Technology

Several hedge funds have recently made changes to their positions in STSS. Bank of America Corp DE lifted its position in Sharps Technology by 98,825.0% during the 3rd quarter. Bank of America Corp DE now owns 7,914 shares of the company’s stock worth $52,000 after acquiring an additional 7,906 shares during the period. Pantera Capital Partners LP purchased a new position in shares of Sharps Technology in the third quarter worth about $7,498,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in shares of Sharps Technology during the third quarter worth about $9,404,000. 17.17% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

STSS has been the subject of several recent research reports. Wall Street Zen lowered Sharps Technology from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sharps Technology in a report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Sharps Technology Company Profile

Sharps Technology (NASDAQ:STSS) is an insurtech company specializing in technology-enabled subrogation recovery services for property and casualty insurers. The company’s flagship platform combines process automation, data analytics and digital workflow tools to help carriers and third-party administrators identify, manage and recover funds from liable third parties. By streamlining the subrogation lifecycle—from claim intake through recovery—Sharps delivers greater transparency, faster turnaround times and improved recovery rates for its clients.

Since its initial public offering in late 2021, Sharps Technology has focused on expanding its presence across the United States.