Sharps Technology (NASDAQ:STSS) Board of Directors Authorizes Share Repurchase Program

Sharps Technology (NASDAQ:STSS) announced that its board has authorized a stock buyback plan on Thursday, October 2nd, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 55.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Sharps Technology Price Performance

STSS stock opened at $6.75 on Friday. Sharps Technology has a twelve month low of $3.36 and a twelve month high of $1,248.27. The business has a 50 day moving average of $7.75 and a 200 day moving average of $8.65. The firm has a market cap of $179.55 million, a PE ratio of -0.01 and a beta of 2.17.

Sharps Technology (NASDAQ:STSS) last released its quarterly earnings results on Wednesday, August 13th. The company reported $3.58 EPS for the quarter, topping the consensus estimate of ($0.94) by $4.52. The company had revenue of $0.22 million during the quarter, compared to the consensus estimate of $0.25 million.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Sharps Technology in a research report on Saturday, September 27th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has a consensus rating of “Sell”.

Insiders Place Their Bets

In other news, Director Soren Bo Christiansen bought 80,000 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The stock was bought at an average price of $6.41 per share, with a total value of $512,800.00. Following the completion of the transaction, the director directly owned 80,000 shares of the company’s stock, valued at approximately $512,800. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy James Ruemler sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $16.74, for a total transaction of $334,800.00. Following the completion of the sale, the director owned 20,218 shares of the company’s stock, valued at approximately $338,449.32. This trade represents a 49.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 720,005 shares of company stock worth $4,615,300. Insiders own 1.22% of the company’s stock.

Sharps Technology Company Profile

Sharps Technology, Inc, a medical device company, researches, designs, develops, manufactures, distributes, and sells safety syringe products in the United States. It offers Sharps Provensa, an ultra-low waste space syringe for the administration of various vaccines and injectable medications. Sharps Technology, Inc was incorporated in 2017 and is based in Melville, New York.