Insider Buying at Sight Sciences, Inc. (NASDAQ:SGHT)

Sight Sciences, Inc. (NASDAQ:SGHT) has had a notable insider transaction. On March 12th, 2023, the Executive Vice President (EVP), Manohar K. Raheja, purchased 10,000 shares of the company’s stock at an average price of $2.73 per share. This acquisition totaled $27,300. Following this purchase, Raheja now holds 145,000 shares, which are valued at approximately $395,850. This transaction increased his ownership by 7.41%. Details of this purchase were filed with the Securities and Exchange Commission (SEC) and can be reviewed through their official website.

Sight Sciences Stock Performance

On the trading day following the insider purchase, shares of Sight Sciences experienced a decline of 10.8%, dropping $0.29 to a new price of $2.40. The trading volume reached 315,665 shares, surpassing the average volume of 281,056 shares. Financial ratios indicate a debt-to-equity ratio of 0.36, with a current ratio of 10.18 and a quick ratio of 9.74. Over the last 52 weeks, the stock has fluctuated between a low of $2.17 and a high of $8.45. Currently, the market capitalization stands at $121.81 million, with a price-to-earnings ratio of -2.35 and a beta of 2.52. The 50-day moving average is $2.82, while the 200-day moving average is $4.30.

Recent Earnings Report

Sight Sciences released its quarterly earnings report on March 5th, revealing an earnings per share (EPS) of -$0.23, which was below analysts' expectations of -$0.22 by $0.01. The company reported revenue of $19.07 million, which exceeded the consensus estimate of $18.98 million. The firm is facing challenges, with a negative net margin of 63.30% and a negative return on equity of 47.28%. In comparison to the previous year, the EPS was unchanged at -$0.22. Analysts anticipate a projected EPS of -$0.99 for the current fiscal year.

Analyst Ratings Overview

Several research analysts have recently provided updates regarding Sight Sciences. Needham & Company LLC reaffirmed a "hold" rating on the stock. Meanwhile, Piper Sandler revised their price target down from $5.50 to $3.50, maintaining a "neutral" rating. Citigroup adjusted their price target from $4.60 to $3.00, also marking a "neutral" stance. In contrast, Stifel Nicolaus lowered their price target from $5.00 to $4.00 but assigned a "buy" rating. UBS Group similarly reduced their price target from $5.50 to $5.00, maintaining a "buy" rating. Overall, five analysts rate the stock as a hold, while two recommend buying, with an average target price of $3.83 according to MarketBeat.com.

Institutional Ownership

Institutional investors have been active in trading shares of Sight Sciences. In the fourth quarter, KCK LTD. acquired a new stake valued at $15,925,000. Long Focus Capital Management LLC has significantly increased its holdings by 158.8%, now owning 2,238,632 shares after acquiring an additional 1,373,535 shares. Prosight Management LP also boosted their holdings by 71.1%, now possessing 908,847 shares. Geode Capital Management LLC raised its stake by 1.1% to 792,860 shares. Additionally, State Street Corp expanded its position by 17.4%, owning 646,776 shares after adding 95,843 shares. Institutional investors collectively hold 55.51% of Sight Sciences’ stock.

About Sight Sciences, Inc.

Sight Sciences, Inc. is an ophthalmic medical device company focused on developing and marketing both surgical and nonsurgical technologies aimed at treating eye diseases. The company operates two main segments: Surgical Glaucoma and Dry Eye. Their notable products include the OMNI Surgical System, which offers an implant-free approach to glaucoma surgery designed to lower intraocular pressure in patients with primary open-angle glaucoma, and the SION Surgical Instrument, a device for excising trabecular meshwork during ophthalmic procedures.

Insider, Buying, Stocks