Short Interest in Sharps Technology, Inc. (NASDAQ:STSS) Rises By 265.1%

Sharps Technology, Inc. (NASDAQ:STSS) saw a significant increase in short interest in the month of December. As of December 15th, there was short interest totaling 614,624 shares, an increase of 265.1% from the November 30th total of 168,365 shares. Approximately 2.2% of the shares of the company are short sold. Based on an average daily trading volume, of 258,717 shares, the days-to-cover ratio is currently 2.4 days. Based on an average daily trading volume, of 258,717 shares, the days-to-cover ratio is currently 2.4 days. Approximately 2.2% of the shares of the company are short sold.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on STSS shares. Wall Street Zen lowered shares of Sharps Technology from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sharps Technology in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its stake 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 worth $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 in the third quarter worth about $7,498,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Sharps Technology in the third quarter worth about $9,404,000. Finally, Anson Funds Management LP boosted its position in Sharps Technology by 4,763.2% during the first quarter. Anson Funds Management LP now owns 1,800,000 shares of the company’s stock worth $54,000 after acquiring an additional 1,762,987 shares during the last quarter. Hedge funds and other institutional investors own 17.17% of the company’s stock.

Sharps Technology Stock Up 0.8%

STSS stock opened at $2.14 on Thursday. Sharps Technology has a 52 week low of $2.01 and a 52 week high of $690.00. The firm has a 50-day simple moving average of $3.44 and a 200-day simple moving average of $5.66. The stock has a market capitalization of $60.30 million, a P/E ratio of 0.00 and a beta of 2.16.

Sharps Technology (NASDAQ:STSS) last posted its quarterly earnings data 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 company had revenue of $2.29 million during the quarter, compared to the consensus estimate of $0.35 million.

Sharps Technology announced that its Board of Directors has approved a stock buyback program on Thursday, October 2nd that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to purchase up to 55.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Sharps Technology Company Profile

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.