Sight Sciences (NASDAQ:SGHT) Issues Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Sight Sciences (NASDAQ:SGHT) posted its quarterly earnings data on Thursday. The company reported ($0.22) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.01, reports. Sight Sciences had a negative return on equity of 45.63% and a negative net margin of 63.30%. The firm had revenue of $20.16 million during the quarter, compared to the consensus estimate of $20.41 million. Sight Sciences updated its FY 2024 guidance to EPS.

Sight Sciences Stock Down 9.6 %

Shares of NASDAQ SGHT opened at $4.23 on Friday. The company’s fifty day moving average is $5.93 and its two-hundred day moving average is $6.24. The company has a debt-to-equity ratio of 0.33, a quick ratio of 10.50 and a current ratio of 11.01. Sight Sciences has a one year low of $1.58 and a one year high of $8.45.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Lake Street Capital cut Sight Sciences from a “buy” rating to a “hold” rating and cut their price target for the stock from $10.00 to $5.00 in a research note on Monday, November 4th. Morgan Stanley upped their price objective on shares of Sight Sciences from $5.40 to $6.50 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Sight Sciences in a report on Friday. Finally, Piper Sandler reiterated a “neutral” rating and set a $5.50 price target (down from $6.00) on shares of Sight Sciences in a research note on Friday. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Sight Sciences presently has a consensus rating of “Hold” and a consensus target price of $5.88.

Insider Activity at Sight Sciences

In related news, insider Jeremy B. Hayden sold 4,878 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $6.08, for a total transaction of $29,658.24. Following the sale, the insider now owns 158,687 shares of the company’s stock, valued at approximately $964,816.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Sight Sciences news, insider Jeremy B. Hayden sold 4,878 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $6.08, for a total transaction of $29,658.24. Following the sale, the insider now directly owns 158,687 shares in the company, valued at approximately $964,816.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Paul Badawi sold 12,727 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $5.99, for a total value of $76,234.73. Following the completion of the transaction, the chief executive officer now owns 5,725,433 shares of the company’s stock, valued at approximately $34,295,343.67. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 97,357 shares of company stock worth $574,666 over the last 90 days. Company insiders own 28.90% of the company’s stock.

Institutional Trading of Sight Sciences

Several institutional investors and hedge funds have recently modified their holdings of SGHT. Jacobs Levy Equity Management Inc. raised its position in shares of Sight Sciences by 25.5% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 377,057 shares of the company’s stock worth $1,991,000 after purchasing an additional 76,549 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Sight Sciences by 51.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,653 shares of the company’s stock worth $141,000 after buying an additional 9,106 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Sight Sciences by 5.5% in the first quarter. Vanguard Group Inc. now owns 1,556,450 shares of the company’s stock worth $8,218,000 after acquiring an additional 81,768 shares during the last quarter. Long Focus Capital Management LLC lifted its position in shares of Sight Sciences by 86.9% in the second quarter. Long Focus Capital Management LLC now owns 560,594 shares of the company’s stock valued at $3,739,000 after acquiring an additional 260,594 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its stake in shares of Sight Sciences by 256.6% during the second quarter. Acadian Asset Management LLC now owns 83,693 shares of the company’s stock valued at $556,000 after acquiring an additional 60,220 shares during the last quarter. 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.