Short Interest in Sight Sciences, Inc. (NASDAQ:SGHT) Increases By 22.4%

Sight Sciences, Inc. (NASDAQ:SGHT) was the target of a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 1,910,000 shares, a growth of 22.4% from the February 28th total of 1,560,000 shares. Based on an average daily volume of 265,500 shares, the days-to-cover ratio is presently 7.2 days. Currently, 6.7% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

SGHT has been the topic of several analyst reports. Citigroup cut their target price on Sight Sciences from $4.60 to $3.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Needham & Company LLC reissued a “hold” rating on shares of Sight Sciences in a report on Thursday, March 6th. Piper Sandler reduced their target price on Sight Sciences from $5.50 to $3.50 and set a “neutral” rating for the company in a research note on Thursday, March 6th. Stifel Nicolaus dropped their price target on Sight Sciences from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Thursday, March 6th. Finally, Lake Street Capital reduced their price objective on Sight Sciences from $3.00 to $2.50 and set a “hold” rating for the company in a research note on Thursday, March 6th. 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 MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $3.83.

Sight Sciences Price Performance

SGHT traded up $0.01 on Wednesday, hitting $2.30. 81,205 shares of the company’s stock were exchanged, compared to its average volume of 211,533. Sight Sciences has a fifty-two week low of $1.60 and a fifty-two week high of $8.45. The stock has a market cap of $118.12 million, a price-to-earnings ratio of -2.26 and a beta of 2.52. The firm has a 50-day moving average price of $2.71 and a 200-day moving average price of $3.91. The company has a current ratio of 10.18, a quick ratio of 9.74 and a debt-to-equity ratio of 0.36.

Sight Sciences (NASDAQ:SGHT) last announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $18.98 million. During the same period in the prior year, the company posted ($0.22) EPS. As a group, equities analysts anticipate that Sight Sciences will post -0.99 earnings per share for the current year.

Insider Buying and Selling at Sight Sciences

In other Sight Sciences 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 value of $72,471.48. Following the completion of the sale, the chief executive officer now directly owns 5,676,331 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Also, EVP Manohar K. Raheja bought 10,000 shares of the stock in a transaction on Wednesday, March 12th. The shares were bought at an average price of $2.73 per share, with a total value of $27,300.00. Following the acquisition, the executive vice president now owns 145,000 shares of the company’s stock, valued at $395,850. This trade represents a 7.41 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 63,014 shares of company stock worth $197,295 over the last 90 days. 28.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Sight Sciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. grew its position in Sight Sciences by 46.3% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 207,893 shares of the company’s stock valued at $1,310,000 after acquiring an additional 65,767 shares in the last quarter. State Street Corp boosted its stake 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 purchasing an additional 95,843 shares during the period. Barclays PLC grew 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 purchasing an additional 38,248 shares in the last quarter. Geode Capital Management LLC increased its stake in Sight Sciences by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 784,129 shares of the company’s stock worth $4,941,000 after buying an additional 12,709 shares during the period. Finally, B. Riley Wealth Advisors Inc. increased its stake in Sight Sciences by 5.4% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 195,082 shares of the company’s stock worth $1,174,000 after buying an additional 10,000 shares during the period. Hedge funds and other institutional investors own 55.51% of the company’s stock.

Sight Sciences Company Profile

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.