Needham & Company LLC Reiterates “Hold” Rating for Sight Sciences (NASDAQ:SGHT)

Sight Sciences (NASDAQ:SGHT)‘s stock had its “hold” rating reiterated by equities research analysts at Needham & Company LLC in a research report issued on Thursday,Benzinga reports.

Several other analysts have also issued reports on SGHT. Stifel Nicolaus lowered their price target on shares of Sight Sciences from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Thursday, February 6th. Citigroup cut their price target on shares of Sight Sciences from $4.60 to $3.00 and set a “neutral” rating for the company in a report on Tuesday. Morgan Stanley cut their price target on shares of Sight Sciences from $7.00 to $5.00 and set an “equal weight” rating for the company in a report on Monday, November 11th. UBS Group cut their price target on shares of Sight Sciences from $5.50 to $5.00 and set a “buy” rating for the company in a report on Monday, January 27th. Finally, Lake Street Capital cut their price target on shares of Sight Sciences from $5.00 to $3.00 and set a “hold” rating for the company in a report on Wednesday, January 15th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $3.83.

Sight Sciences Stock Performance

NASDAQ SGHT opened at $2.36 on Thursday. The company’s 50 day moving average is $2.92 and its 200-day moving average is $4.43. Sight Sciences has a 12-month low of $2.17 and a 12-month high of $8.45. The company has a quick ratio of 9.74, a current ratio of 10.18 and a debt-to-equity ratio of 0.36. The firm has a market cap of $119.78 million, a P/E ratio of -2.31 and a beta of 2.52.

Sight Sciences (NASDAQ:SGHT) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.01). Sight Sciences had a negative net margin of 63.30% and a negative return on equity of 47.28%. The business had revenue of $19.07 million during the quarter, compared to the consensus estimate of $18.98 million. During the same period last year, the firm earned ($0.22) EPS. Sell-side analysts predict that Sight Sciences will post -0.99 earnings per share for the current year.

Insider Transactions at Sight Sciences

In other news, CEO Paul Badawi sold 24,819 shares of Sight Sciences stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $2.92, for a total transaction of $72,471.48. Following the completion of the sale, the chief executive officer now directly owns 5,676,331 shares of the company’s stock, valued at approximately $16,574,886.52. The trade was a 0.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last ninety days, insiders sold 63,014 shares of company stock valued at $197,295. Insiders own 28.90% of the company’s stock.

Institutional Trading of Sight Sciences

A number of hedge funds have recently made changes to their positions in the stock. B. Riley Wealth Advisors Inc. lifted its holdings in shares of Sight Sciences by 24.6% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 243,082 shares of the company’s stock worth $885,000 after acquiring an additional 48,000 shares during the last quarter. Squarepoint Ops LLC lifted its holdings in shares of Sight Sciences by 314.2% during the 4th quarter. Squarepoint Ops LLC now owns 169,211 shares of the company’s stock worth $616,000 after acquiring an additional 128,355 shares during the last quarter. ProShare Advisors LLC purchased a new position in Sight Sciences in the 4th quarter worth $36,000. Prosight Management LP raised its position in Sight Sciences by 71.1% in the 4th quarter. Prosight Management LP now owns 908,847 shares of the company’s stock worth $3,308,000 after purchasing an additional 377,625 shares during the period. Finally, Millennium Management LLC purchased a new position in Sight Sciences in the 4th quarter worth $464,000. 55.51% of the stock is owned by institutional investors.

About Sight Sciences

Sight Sciences, Inc, an ophthalmic medical device company, engages in the development and commercialization of surgical and nonsurgical technologies for the treatment of eye diseases. It operates through two segments, Surgical Glaucoma and Dry Eye. The company's products include OMNI Surgical System, an implant-free glaucoma surgery technology indicated to reduce intraocular pressure in adult patients with primary open-angle glaucoma; and SION Surgical Instrument, a manually operated device used in ophthalmic surgical procedures to excise trabecular meshwork.