Short Interest in Sight Sciences, Inc. (NASDAQ:SGHT) Increases By 20.4%

Sight Sciences, Inc. (NASDAQ:SGHT) was the recipient of a significant growth in short interest in the month of July. As of July 15th, there was short interest totalling 1,300,000 shares, a growth of 20.4% from the June 30th total of 1,080,000 shares. Approximately 4.9% of the company’s shares are sold short. Based on an average daily volume of 181,000 shares, the days-to-cover ratio is currently 7.2 days.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SGHT. Morgan Stanley lifted their price target on shares of Sight Sciences from $5.40 to $6.50 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Needham & Company LLC reiterated a “hold” rating on shares of Sight Sciences in a report on Friday, May 3rd. Citigroup upped their price target on Sight Sciences from $6.00 to $6.50 and gave the stock a “neutral” rating in a research note on Wednesday, July 10th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $6.00 price objective (up from $5.00) on shares of Sight Sciences in a research note on Friday, May 3rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Sight Sciences presently has an average rating of “Hold” and an average target price of $5.70.

Sight Sciences Stock Down 3.5 %

SGHT traded down $0.28 during trading hours on Friday, hitting $7.75. 246,914 shares of the company’s stock were exchanged, compared to its average volume of 285,838. The firm has a market cap of $385.64 million, a P/E ratio of -6.92 and a beta of 2.74. Sight Sciences has a 12-month low of $1.04 and a 12-month high of $9.31. The company has a current ratio of 13.01, a quick ratio of 12.42 and a debt-to-equity ratio of 0.31. The firm has a 50 day moving average of $6.71 and a 200 day moving average of $5.59.

Sight Sciences (NASDAQ:SGHT) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.04). The company had revenue of $19.27 million for the quarter, compared to analysts’ expectations of $18.34 million. Sight Sciences had a negative return on equity of 44.45% and a negative net margin of 67.18%. Analysts predict that Sight Sciences will post -1.13 EPS for the current fiscal year.

Insider Activity at Sight Sciences

In other Sight Sciences news, insider Jeremy B. Hayden sold 5,055 shares of Sight Sciences stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $6.21, for a total transaction of $31,391.55. Following the transaction, the insider now directly owns 163,565 shares of the company’s stock, valued at $1,015,738.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Paul Badawi sold 12,569 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $6.42, for a total transaction of $80,692.98. Following the completion of the transaction, the chief executive officer now directly owns 5,738,160 shares in the company, valued at approximately $36,838,987.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jeremy B. Hayden sold 5,055 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $6.21, for a total value of $31,391.55. Following the sale, the insider now directly owns 163,565 shares of the company’s stock, valued at $1,015,738.65. The disclosure for this sale can be found here. Over the last quarter, insiders sold 47,840 shares of company stock valued at $290,061. 28.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sight Sciences

Several large investors have recently bought and sold shares of SGHT. State Board of Administration of Florida Retirement System purchased a new position in shares of Sight Sciences in the 1st quarter valued at about $59,000. Tower Research Capital LLC TRC raised its holdings in Sight Sciences by 180.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 12,076 shares of the company’s stock valued at $62,000 after acquiring an additional 7,764 shares in the last quarter. Steele Capital Management Inc. acquired a new stake in Sight Sciences in the second quarter valued at approximately $67,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in Sight Sciences by 51.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,653 shares of the company’s stock worth $141,000 after acquiring an additional 9,106 shares in the last quarter. Finally, Panagora Asset Management Inc. grew its holdings in Sight Sciences by 198.1% during the 4th quarter. Panagora Asset Management Inc. now owns 59,190 shares of the company’s stock worth $305,000 after acquiring an additional 39,333 shares in the last quarter. Hedge funds and other institutional investors own 55.51% of the company’s stock.

Sight Sciences Company Profile

Sight Sciences, Inc, an ophthalmic medical device company, engages in the development and commercialization of surgical and nonsurgical technologies for the treatment of eye diseases. It operates through two segments, Surgical Glaucoma and Dry Eye. The company's products include OMNI Surgical System, an implant-free glaucoma surgery technology indicated to reduce intraocular pressure in adult patients with primary open-angle glaucoma; and SION Surgical Instrument, a manually operated device used in ophthalmic surgical procedures to excise trabecular meshwork.