Piper Sandler Lowers Sight Sciences (NASDAQ:SGHT) Price Target to $3.50

Sight Sciences (NASDAQ:SGHT) had its price objective dropped by equities researchers at Piper Sandler from $5.50 to $3.50 in a research note issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s target price points to a potential upside of 57.37% from the company’s previous close.

Several other equities analysts have also commented on the company. Citigroup reduced their price target on Sight Sciences from $4.60 to $3.00 and set a “neutral” rating on the stock in a research report on Tuesday. Lake Street Capital reduced their price target on Sight Sciences from $5.00 to $3.00 and set a “hold” rating on the stock in a research report on Wednesday, January 15th. Morgan Stanley reduced their price target on Sight Sciences from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Monday, November 11th. UBS Group reduced their price target on Sight Sciences from $5.50 to $5.00 and set a “buy” rating on the stock in a research report on Monday, January 27th. Finally, Stifel Nicolaus cut their target price on Sight Sciences from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Thursday, February 6th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $4.08.

Sight Sciences Stock Performance

NASDAQ SGHT opened at $2.22 on Thursday. The firm has a market capitalization of $112.88 million, a P/E ratio of -2.18 and a beta of 2.52. Sight Sciences has a 1-year low of $2.29 and a 1-year high of $8.45. The company has a debt-to-equity ratio of 0.36, a current ratio of 10.18 and a quick ratio of 9.74. The business’s 50-day simple moving average is $2.95 and its 200-day simple moving average is $4.45.

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

Insider Buying and Selling

In related news, CEO Paul Badawi sold 24,819 shares of the company’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $2.92, for a total transaction of $72,471.48. Following the completion of the transaction, the chief executive officer now directly owns 5,676,331 shares in the company, valued at $16,574,886.52. This represents a 0.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 63,014 shares of company stock worth $197,295 in the last three months. 28.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. KCK LTD. bought a new position in shares of Sight Sciences in the fourth quarter worth $15,925,000. Barclays PLC lifted its holdings in shares of Sight Sciences by 317.4% in the third quarter. Barclays PLC now owns 50,300 shares of the company’s stock valued at $317,000 after buying an additional 38,248 shares during the period. Millrace Asset Group Inc. acquired a new stake in shares of Sight Sciences in the third quarter valued at $874,000. Geode Capital Management LLC lifted its holdings in shares of Sight Sciences by 1.6% in the third quarter. Geode Capital Management LLC now owns 784,129 shares of the company’s stock valued at $4,941,000 after buying an additional 12,709 shares during the period. Finally, State Street Corp lifted its holdings in shares of Sight Sciences by 17.4% in the third quarter. State Street Corp now owns 646,776 shares of the company’s stock valued at $4,075,000 after buying an additional 95,843 shares during the period. Institutional investors own 55.51% of the company’s stock.

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.