Sharps Technology (NASDAQ:STSS) Major Shareholder Sells $28,871.34 in Stock

Sharps Technology, Inc. (NASDAQ:STSS) major shareholder Saba Capital Management, L.P. sold 12,182 shares of the company’s stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $2.37, for a total transaction of $28,871.34. Following the completion of the sale, the insider directly owned 1,511,988 shares in the company, valued at $3,583,411.56. This represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Thursday, January 15th, Saba Capital Management, L.P. sold 25,000 shares of Sharps Technology stock. The shares were sold at an average price of $2.30, for a total transaction of $57,500.00.
• On Wednesday, January 14th, Saba Capital Management, L.P. sold 77,688 shares of Sharps Technology stock. The stock was sold at an average price of $2.25, for a total transaction of $174,798.00.
• On Tuesday, January 13th, Saba Capital Management, L.P. sold 29,777 shares of Sharps Technology stock. The shares were sold at an average price of $2.19, for a total transaction of $65,211.63.

Sharps Technology Stock Performance

STSS stock opened at $2.20 on Friday. The firm has a 50 day moving average price of $2.50 and a 200-day moving average price of $5.17. Sharps Technology, Inc. has a 52-week low of $1.65 and a 52-week high of $564.00. The firm has a market capitalization of $63.80 million, a price-to-earnings ratio of 0.00 and a beta of 2.20.

Sharps Technology (NASDAQ:STSS) last posted its quarterly earnings data on Friday, November 14th. The company reported ($4.02) earnings per share for the quarter, missing analysts’ consensus estimates 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 declared that its Board of Directors has authorized a stock repurchase plan on Thursday, October 2nd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 55.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Sharps Technology

Several institutional investors have recently modified their holdings of STSS. Schonfeld Strategic Advisors LLC bought a new stake in Sharps Technology in the 3rd quarter worth about $9,404,000. Bank of America Corp DE boosted its holdings in shares of 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 valued at $52,000 after acquiring an additional 7,906 shares during the last quarter. Finally, Pantera Capital Partners LP purchased a new stake in shares of Sharps Technology during the 3rd quarter valued at about $7,498,000. 17.17% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on STSS. Weiss Ratings reissued a “sell (e+)” rating on shares of Sharps Technology in a research report on Wednesday, October 8th. Wall Street Zen downgraded shares of Sharps Technology from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has a consensus rating of “Sell”.

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.