Sharps Technology (NASDAQ:STSS) Major Shareholder Saba Capital Management, L.P. Sells 12,182 Shares

Sharps Technology, Inc. (NASDAQ:STSS) major shareholder Saba Capital Management, L.P. sold 12,182 shares of the business’s stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $2.37, for a total transaction of $28,871.34. Following the transaction, the insider directly owned 1,511,988 shares of the company’s stock, valued at approximately $3,583,411.56. This represents a 0.80% decrease in their position. The sale was disclosed in a 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 sales and purchases with the SEC.

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

• On Thursday, January 15th, Saba Capital Management, L.P. sold 25,000 shares of Sharps Technology stock. The stock was sold at an average price of $2.30, for a total transaction of $57,500.00.
• 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 shares were sold at an average price of $2.19, for a total transaction of $65,211.63.

Sharps Technology Stock Down 8.0%

Shares of STSS stock traded down $0.19 on Tuesday, reaching $2.18. The company’s stock had a trading volume of 431,488 shares, compared to its average volume of 1,351,577. The company has a market capitalization of $63.21 million, a P/E ratio of 0.00 and a beta of 2.20. Sharps Technology, Inc. has a 12-month low of $1.65 and a 12-month high of $574.29. The stock’s 50 day simple moving average is $2.58 and its 200-day simple moving average is $5.24.

Sharps Technology (NASDAQ:STSS) last announced its earnings results on Friday, November 14th. The company reported ($4.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.01) by ($3.01). The business had revenue of $2.29 million during the quarter, compared to analyst estimates of $0.35 million.

Sharps Technology declared that its board has authorized a stock buyback program on Thursday, October 2nd that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 55.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sharps Technology in a research report on Wednesday, October 8th. Wall Street Zen cut shares of Sharps Technology from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, Sharps Technology has a consensus rating of “Sell”.

Hedge Funds Weigh In On Sharps Technology

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

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.