Sight Sciences (NASDAQ:SGHT) Sets New 1-Year High – Time to Buy?

Shares of Sight Sciences, Inc. (NASDAQ:SGHT) reached a new 52-week high during trading on Wednesday. The stock traded as high as $9.79 and last traded at $9.75, with a volume of 21,991 shares traded. The stock had previously closed at $9.42.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SGHT. HC Wainwright started coverage on Sight Sciences in a research note on Thursday, October 15th. They set a “buy” rating and a $14.00 price target on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sight Sciences in a research report on Friday, August 7th. Wall Street Zen upgraded 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 Sight Sciences from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Citigroup increased their target price on Sight Sciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Monday, October 5th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $9.25.

Sight Sciences Stock Up 5.7%

The company has a debt-to-equity ratio of 0.58, a current ratio of 4.95 and a quick ratio of 4.67. The firm’s 50-day moving average is $8.63 and its 200 day moving average is $6.03. The stock has a market cap of $548.37 million, a price-to-earnings ratio of -17.77 and a beta of 2.44.

Sight Sciences (NASDAQ:SGHT) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.10. The company had revenue of $23.39 million for 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%. Sell-side analysts anticipate that Sight Sciences, Inc. will post -0.48 earnings per share for the current fiscal year.

Insider Transactions at Sight Sciences

In other news, CEO Paul Badawi sold 29,653 shares of the business’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $9.05, for a total transaction of $268,359.65. Following the completion of the sale, the chief executive officer owned 6,092,819 shares in the company, valued at approximately $55,140,011.95. The trade was a 0.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Brenton Taylor sold 2,988 shares of the firm’s stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $8.85, for a total transaction of $26,443.80. Following the completion of the transaction, the executive vice president owned 261,990 shares in the company, valued at $2,318,611.50. The trade was a 1.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 47,646 shares of company stock valued at $429,157. Insiders own 30.40% of the company’s stock.

Institutional Investors Weigh In On Sight Sciences

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

About Sight Sciences

Sight Sciences, Inc is an ophthalmic medical technology company focused on developing and commercializing products designed to address the underlying causes of certain eye diseases. The company’s portfolio is centered on minimally invasive and non-invasive procedures intended to improve patient outcomes while supporting physicians in the treatment of glaucoma and ocular surface disease.

Its primary products include the OMNI Surgical System, a minimally invasive glaucoma surgery device used to reduce intraocular pressure by improving the eye’s natural fluid outflow pathways, and the TearCare System, a thermal pulsation technology designed to treat meibomian gland dysfunction, a common cause of evaporative dry eye disease.