Sight Sciences (NASDAQ:SGHT) Sees Strong Trading Volume – What’s Next?

Sight Sciences, Inc. (NASDAQ:SGHT) saw an uptick in trading volume on Monday. 854,226 shares were traded during trading, an increase of 203% from the average daily volume of 282,126 shares. The stock last traded at $10.7940 and had previously closed at $10.08.

Analysts Set New Price Targets

A number of research firms have recently commented on SGHT. Piper Sandler reaffirmed an “overweight” rating and set a $12.00 target price (up from $9.00) on shares of Sight Sciences in a research note on Thursday. UBS Group raised their price target on Sight Sciences from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Citigroup boosted their price objective on Sight Sciences from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Monday, October 5th. HC Wainwright started coverage on Sight Sciences in a research report on Thursday, October 15th. They issued a “buy” rating and a $14.00 price objective on the stock. Finally, Wall Street Zen upgraded Sight Sciences from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $9.62.

Sight Sciences Price Performance

The firm has a market capitalization of $596.60 million, a P/E ratio of -20.76 and a beta of 2.44. The stock’s 50 day simple moving average is $8.72 and its 200 day simple moving average is $6.09. The company has a debt-to-equity ratio of 0.71, a quick ratio of 4.72 and a current ratio of 5.04.

Sight Sciences (NASDAQ:SGHT) last posted its quarterly earnings results on Wednesday, November 4th. The company reported ($0.12) earnings per share for the quarter, meeting the consensus estimate of ($0.12). Sight Sciences had a negative net margin of 32.13% and a negative return on equity of 43.91%. The firm had revenue of $24.92 million during the quarter, compared to the consensus estimate of $23.55 million. As a group, analysts expect that Sight Sciences, Inc. will post -0.48 earnings per share for the current fiscal year.

Insider Transactions at Sight Sciences

In related news, CEO Paul Badawi sold 29,653 shares of the company’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $9.05, for a total value of $268,359.65. Following the completion of the sale, the chief executive officer directly owned 6,092,819 shares of the company’s stock, valued at $55,140,011.95. This represents a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO David Badawi sold 7,797 shares of the stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $9.05, for a total transaction of $70,562.85. Following the transaction, the chief technology officer owned 1,975,075 shares in the company, valued at approximately $17,874,428.75. The trade was a 0.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 47,646 shares of company stock worth $429,157. Corporate insiders own 30.40% of the company’s stock.

Institutional Investors Weigh In On Sight Sciences

Several large investors have recently modified their holdings of the business. Royce & Associates LP bought a new stake in shares of Sight Sciences in the 3rd quarter valued at about $1,676,000. Diversified Trust Co grew its position in shares of Sight Sciences by 27.3% in the 3rd quarter. Diversified Trust Co now owns 18,989 shares of the company’s stock worth $178,000 after buying an additional 4,068 shares during the last quarter. R Squared Ltd grew its position in shares of Sight Sciences by 20.7% in the 3rd quarter. R Squared Ltd now owns 19,759 shares of the company’s stock worth $185,000 after buying an additional 3,388 shares during the last quarter. Hsbc Holdings PLC grew its position in shares of Sight Sciences by 21.6% in the 2nd quarter. Hsbc Holdings PLC now owns 46,707 shares of the company’s stock worth $255,000 after buying an additional 8,297 shares during the last quarter. Finally, Bank of America Corp DE bought a new position in shares of Sight Sciences during the 2nd quarter worth approximately $520,000. Institutional investors own 55.51% of the company’s stock.

Sight Sciences Company Profile

Sight Sciences, Inc is an ophthalmic medical technology company focused on developing and commercializing products designed to address the underlying causes of certain eye diseases. The company’s portfolio is centered on minimally invasive and non-invasive procedures intended to improve patient outcomes while supporting physicians in the treatment of glaucoma and ocular surface disease.

Its primary products include the OMNI Surgical System, a minimally invasive glaucoma surgery device used to reduce intraocular pressure by improving the eye’s natural fluid outflow pathways, and the TearCare System, a thermal pulsation technology designed to treat meibomian gland dysfunction, a common cause of evaporative dry eye disease.