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

Equities research analysts at HC Wainwright assumed coverage on shares of Sight Sciences (NASDAQ:SGHT) in a research report issued to clients and investors on Thursday, MarketBeat.com 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 equities analysts have also commented on the stock. Wall Street Zen upgraded shares of Sight Sciences from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. UBS Group upped their target price on shares of Sight Sciences from $7.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Sight Sciences in a report on Friday, August 7th. Finally, Citigroup increased their target price on shares of Sight Sciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Monday, October 5th. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.00.

Sight Sciences Price Performance

Sight Sciences stock opened at $8.25 on Thursday. The company’s 50 day simple moving average is $8.37 and its 200-day simple moving average is $6.04. The company has a market capitalization of $454.49 million, a price-to-earnings ratio of -14.73 and a beta of 2.45. Sight Sciences has a 1 year low of $3.34 and a 1 year high of $9.71. 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 posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.10. The business had revenue of $23.39 million during the quarter, compared to analyst estimates of $21.72 million. Sight Sciences had a negative net margin of 35.69% and a negative return on equity of 43.39%. As a group, equities research analysts expect that Sight Sciences will post -0.52 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Brenton Taylor sold 2,988 shares of the company’s stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $8.85, for a total transaction of $26,443.80. Following the transaction, the executive vice president owned 261,990 shares of the company’s stock, valued at $2,318,611.50. This represents a 1.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Paul Badawi sold 29,653 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $9.05, for a total value 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 $55,140,011.95. The trade was a 0.48% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 47,646 shares of company stock valued at $429,157 over the last 90 days. 30.40% of the stock is owned by corporate insiders.

Institutional Trading of Sight Sciences

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

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.