Sharps Technology (NASDAQ:STSS) Major Shareholder Saba Capital Management, L.P. Sells 77,688 Shares of Stock

Sharps Technology, Inc. (NASDAQ:STSS) major shareholder Saba Capital Management, L.P. sold 77,688 shares of the firm’s stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $2.25, for a total transaction of $174,798.00. Following the sale, the insider owned 1,549,170 shares in the company, valued at approximately $3,485,632.50. This trade represents a 4.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Tuesday, January 13th, Saba Capital Management, L.P. sold 29,777 shares of Sharps Technology stock. The stock was sold at an average price of $2.19, for a total transaction of $65,211.63.

Sharps Technology Stock Up 5.5%

STSS opened at $2.30 on Friday. The business’s fifty day simple moving average is $2.64 and its 200 day simple moving average is $5.29. Sharps Technology, Inc. has a 52 week low of $1.65 and a 52 week high of $582.00. The stock has a market cap of $66.70 million, a PE ratio of 0.00 and a beta of 2.20.

Sharps Technology (NASDAQ:STSS) last announced its quarterly earnings data on Friday, November 14th. The company reported ($4.02) EPS for the quarter, missing the consensus estimate of ($1.01) by ($3.01). The firm had revenue of $2.29 million during the quarter, compared to analysts’ expectations of $0.35 million.

Sharps Technology declared that its Board of Directors has approved a share repurchase plan on Thursday, October 2nd that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 55.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Sharps Technology

Large investors have recently modified their holdings of the business. Bank of America Corp DE raised its position in Sharps Technology by 98,825.0% during the 3rd quarter. Bank of America Corp DE now owns 7,914 shares of the company’s stock valued at $52,000 after purchasing an additional 7,906 shares during the last quarter. Pantera Capital Partners LP purchased a new position in shares of Sharps Technology during the third quarter valued at approximately $7,498,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in shares of Sharps Technology during the third quarter valued at approximately $9,404,000. 17.17% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on STSS shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sharps Technology in a research report on Wednesday, October 8th. Wall Street Zen downgraded Sharps Technology from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Sharps Technology presently has a consensus rating of “Sell”.

About Sharps Technology

Sharps Technology (NASDAQ:STSS) is an insurtech company specializing in technology-enabled subrogation recovery services for property and casualty insurers. The company’s flagship platform combines process automation, data analytics and digital workflow tools to help carriers and third-party administrators identify, manage and recover funds from liable third parties. By streamlining the subrogation lifecycle—from claim intake through recovery—Sharps delivers greater transparency, faster turnaround times and improved recovery rates for its clients.

Since its initial public offering in late 2021, Sharps Technology has focused on expanding its presence across the United States.