HC Wainwright Initiates Coverage on Sight Sciences (NASDAQ:SGHT)

Research analysts at HC Wainwright started coverage on shares of Sight Sciences (NASDAQ:SGHT) in a research report issued to clients and investors on Thursday, Marketbeat reports. The brokerage set a “buy” rating and a $14.00 price target on the stock. HC Wainwright’s price target suggests a potential upside of 69.70% from the company’s current price.

Several other brokerages also recently weighed in on SGHT. Weiss Ratings reissued a “sell (e+)” rating on shares of Sight Sciences in a research note on Friday, August 7th. Citigroup upped their target price on shares of Sight Sciences from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Monday, October 5th. UBS Group lifted their price target on shares of Sight Sciences from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, Wall Street Zen upgraded shares of Sight Sciences from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Sight Sciences Stock Performance

Sight Sciences stock opened at $8.25 on Thursday. Sight Sciences has a fifty-two week low of $3.34 and a fifty-two week high of $9.71. The company has a market capitalization of $454.49 million, a price-to-earnings ratio of -14.73 and a beta of 2.45. The stock has a fifty day moving average of $8.37 and a two-hundred day moving average of $6.04. The company has a debt-to-equity ratio of 0.58, a quick ratio of 4.67 and a current ratio of 4.95.

Sight Sciences (NASDAQ:SGHT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.10. The business had revenue of $23.39 million for the quarter, compared to the consensus estimate of $21.72 million. Sight Sciences had a negative return on equity of 43.39% and a negative net margin of 35.69%. On average, analysts anticipate that Sight Sciences will post -0.52 EPS for the current fiscal year.

Insider Activity at Sight Sciences

In related news, CEO Paul Badawi sold 29,653 shares of the company’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $9.05, for a total transaction of $268,359.65. Following the completion of the transaction, the chief executive officer owned 6,092,819 shares of the company’s stock, valued at approximately $55,140,011.95. This represents a 0.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO James Rodberg sold 7,208 shares of the stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $8.85, for a total transaction of $63,790.80. Following the transaction, the chief financial officer directly owned 216,829 shares in the company, valued at approximately $1,918,936.65. This represents a 3.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 47,646 shares of company stock valued at $429,157 in the last ninety days. 30.40% of the stock is owned by company insiders.

Institutional Trading of Sight Sciences

Several institutional investors have recently made changes to their positions in SGHT. BlackRock Inc. acquired a new stake in shares of Sight Sciences during the 2nd quarter worth $16,710,000. GSA Capital Partners LLP purchased a new position in shares of Sight Sciences in the 2nd quarter worth $908,000. Bank of New York Mellon Corp purchased a new position in shares of Sight Sciences in the 2nd quarter worth $495,000. Bank of America Corp DE purchased a new position in shares of Sight Sciences in the 2nd quarter worth $520,000. Finally, SCS Capital Management LLC purchased a new position in shares of Sight Sciences in the 2nd quarter worth $488,000. 55.51% of the stock is owned by hedge funds and other institutional investors.

Sight Sciences Company Profile

Sight Sciences, Inc is a medical technology company focused on developing and commercializing treatments for ophthalmic diseases. The company designs devices intended to address underlying causes of conditions such as glaucoma and dry eye disease, with an emphasis on less invasive procedures that can be performed in clinical settings.

Its product portfolio includes the OMNI Surgical System, a device used in minimally invasive glaucoma surgery to perform canaloplasty and trabeculotomy procedures.