Sight Sciences (NASDAQ:SGHT) Hits New 1-Year High – What’s Next?

Sight Sciences, Inc. (NASDAQ:SGHT) shares reached a new 52-week high during mid-day trading on Monday. The company traded as high as $9.24 and last traded at $9.31, with a volume of 118705 shares traded. The stock had previously closed at $8.93.

Analysts Set New Price Targets

Several analysts recently weighed in on SGHT shares. Citigroup restated a “neutral” rating on shares of Sight Sciences in a report on Thursday, August 13th. UBS Group increased their target price 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. Weiss Ratings reissued a “sell (e+)” rating on shares of Sight Sciences in a research report on Friday, August 7th. Finally, Wall Street Zen raised shares of Sight Sciences from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $7.88.

Sight Sciences Trading Up 3.6%

The company has a 50 day moving average of $7.44 and a two-hundred day moving average of $5.57. The stock has a market capitalization of $509.53 million, a PE ratio of -16.52 and a beta of 2.50. 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 released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.10. The company had revenue of $23.39 million during the quarter, compared to analysts’ expectations of $21.72 million. Sight Sciences had a negative return on equity of 43.39% and a negative net margin of 35.69%. Sell-side analysts predict that Sight Sciences, Inc. will post -0.52 EPS for the current year.

Insider Activity at Sight Sciences

In related news, CEO Paul Badawi sold 28,684 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $5.42, for a total value of $155,467.28. Following the completion of the transaction, the chief executive officer directly owned 6,122,472 shares of the company’s stock, valued at $33,183,798.24. This trade represents a 0.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jeremy Hayden sold 12,733 shares of Sight Sciences stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $5.51, for a total transaction of $70,158.83. Following the completion of the sale, the insider owned 357,037 shares of the company’s stock, valued at $1,967,273.87. This trade represents a 3.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 58,566 shares of company stock worth $318,827. 30.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SGHT. Hsbc Holdings PLC grew its holdings in shares of Sight Sciences by 21.6% during the second quarter. Hsbc Holdings PLC now owns 46,707 shares of the company’s stock valued at $255,000 after buying an additional 8,297 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of Sight Sciences in the 2nd quarter valued at $520,000. Canada Pension Plan Investment Board purchased a new position in Sight Sciences in the 2nd quarter worth $299,000. The Manufacturers Life Insurance Company purchased a new position in Sight Sciences in the 2nd quarter worth $60,000. Finally, Algert Global LLC lifted its position in Sight Sciences by 25.3% during the 2nd quarter. Algert Global LLC now owns 28,266 shares of the company’s stock worth $153,000 after acquiring an additional 5,706 shares during the period. Hedge funds and other institutional investors own 55.51% of the company’s stock.

About Sight Sciences

Sight Sciences, Inc is a medical technology company focused on developing and commercializing treatments for common eye diseases. The company’s products are designed to address glaucoma and dry eye disease, with an emphasis on minimally invasive procedures and technologies intended for use by eye-care professionals.

Its glaucoma portfolio includes the OMNI Surgical System, a device used in minimally invasive glaucoma surgery to help reduce intraocular pressure by improving the eye’s natural fluid outflow pathways.