Insider Selling: Sharps Technology (NASDAQ:STSS) Major Shareholder Sells 29,777 Shares of Stock

Sharps Technology, Inc. (NASDAQ:STSS) major shareholder Saba Capital Management, L.P. sold 29,777 shares of the company’s stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $2.19, for a total value of $65,211.63. Following the transaction, the insider directly owned 1,626,858 shares in the company, valued at $3,562,819.02. This represents a 1.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Wednesday, January 14th, Saba Capital Management, L.P. sold 77,688 shares of Sharps Technology stock. The shares were sold at an average price of $2.25, for a total value of $174,798.00.

Sharps Technology Stock Performance

NASDAQ STSS traded up $0.12 during trading on Thursday, hitting $2.30. 443,092 shares of the company’s stock traded hands, compared to its average volume of 1,380,077. The stock has a market capitalization of $66.67 million, a price-to-earnings ratio of 0.00 and a beta of 2.20. Sharps Technology, Inc. has a 12-month low of $1.65 and a 12-month high of $582.00. The business has a 50 day moving average of $2.67 and a 200-day moving average of $5.31.

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

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

Analysts Set New Price Targets

STSS has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sharps Technology in a report on Wednesday, October 8th. Wall Street Zen downgraded Sharps Technology from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Sharps Technology presently has an average rating of “Sell”.

Institutional Investors Weigh In On Sharps Technology

Hedge funds have recently bought and sold shares of the stock. Schonfeld Strategic Advisors LLC purchased a new position in Sharps Technology in the 3rd quarter worth approximately $9,404,000. Pantera Capital Partners LP bought a new stake in shares of Sharps Technology during the 3rd quarter worth $7,498,000. Finally, Bank of America Corp DE grew its position in Sharps Technology by 98,825.0% in the third quarter. Bank of America Corp DE now owns 7,914 shares of the company’s stock worth $52,000 after acquiring an additional 7,906 shares in the last quarter. 17.17% of the stock is currently owned by institutional investors.

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.