Sight Sciences (NASDAQ:SGHT) Issues Earnings Results, Beats Estimates By $0.09 EPS

Sight Sciences (NASDAQ:SGHT) released its quarterly earnings results on Wednesday. The company reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.09, FiscalAI reports. Sight Sciences had a negative return on equity of 61.59% and a negative net margin of 60.63%.The business had revenue of $20.39 million for the quarter, compared to the consensus estimate of $20.35 million.

Sight Sciences Stock Up 2.9%

Shares of SGHT stock traded up $0.15 during midday trading on Wednesday, reaching $5.41. 503,305 shares of the stock were exchanged, compared to its average volume of 279,916. Sight Sciences has a 1 year low of $2.03 and a 1 year high of $9.24. The firm has a market cap of $286.03 million, a PE ratio of -6.01 and a beta of 2.43. The company’s 50 day moving average is $6.46 and its two-hundred day moving average is $5.76. The company has a current ratio of 9.60, a quick ratio of 8.93 and a debt-to-equity ratio of 0.62.

Analysts Set New Price Targets

A number of analysts recently weighed in on SGHT shares. Morgan Stanley boosted their target price on Sight Sciences from $6.00 to $8.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 2nd. Cantor Fitzgerald set a $8.00 price target on shares of Sight Sciences in a research note on Monday. Piper Sandler set a $9.00 price objective on shares of Sight Sciences in a research note on Monday, January 5th. Raymond James Financial set a $9.00 target price on shares of Sight Sciences in a report on Monday, January 5th. Finally, UBS Group boosted their price target on shares of Sight Sciences from $7.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday, December 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Sight Sciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.76.

Insider Buying and Selling at Sight Sciences

In related news, CTO David Badawi sold 4,836 shares of the company’s stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $6.62, for a total value of $32,014.32. Following the sale, the chief technology officer owned 1,912,273 shares in the company, valued at $12,659,247.26. This represents a 0.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Paul Badawi sold 25,356 shares of Sight Sciences stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $7.43, for a total value of $188,395.08. Following the transaction, the chief executive officer owned 5,937,146 shares of the company’s stock, valued at $44,112,994.78. The trade was a 0.43% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 99,796 shares of company stock worth $719,722 over the last three months. Company insiders own 28.90% of the company’s stock.

Hedge Funds Weigh In On Sight Sciences

Several large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets boosted its position in Sight Sciences by 99.8% in the third quarter. BNP Paribas Financial Markets now owns 7,579 shares of the company’s stock worth $26,000 after purchasing an additional 3,785 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Sight Sciences by 32.7% in the second quarter. Tower Research Capital LLC TRC now owns 11,665 shares of the company’s stock worth $48,000 after buying an additional 2,875 shares during the last quarter. XTX Topco Ltd bought a new stake in Sight Sciences during the second quarter valued at approximately $67,000. O Shaughnessy Asset Management LLC purchased a new stake in Sight Sciences during the fourth quarter valued at approximately $81,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Sight Sciences during the fourth quarter valued at approximately $96,000. Hedge funds and other institutional investors own 55.51% of the company’s stock.

About Sight Sciences

Sight Sciences, Inc is a medical device company focused on developing and commercializing minimally invasive treatments for chronic eye diseases. The company’s flagship products include the OMNI® Surgical System, designed to address multiple points of resistance in the eye’s natural drainage pathways to lower intraocular pressure in glaucoma patients, and the TearCare® System, a wearable device for treating meibomian gland dysfunction and dry eye disease through targeted thermal pulsation therapy.

Since its founding in 2012 and subsequent listing on the NASDAQ under the ticker SGHT, Sight Sciences has pursued a strategy of combining research-driven product development with a direct sales force model.