Palumbo Wealth Management LLC Invests $328,000 in Sight Sciences, Inc. $SGHT

Key Points

• Palumbo Wealth Management LLC has invested approximately $328,000 in Sight Sciences, acquiring 79,404 shares and now holding about 0.15% of the company's stock.
• In its latest quarterly earnings, Sight Sciences reported earnings per share of ($0.23), surpassing the consensus estimate and achieving revenue of $19.56 million.
• Analysts have mixed views on Sight Sciences, with upgrades from some firms while maintaining a 'Hold' rating, forecasting an average target price of $4.42 for the stock.

Palumbo Wealth Management LLC acquired a new position in Sight Sciences, Inc. (NASDAQ:SGHT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 79,404 shares of the company's stock, valued at approximately $328,000. Palumbo Wealth Management LLC owned approximately 0.15% of Sight Sciences as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Foster Victor Wealth Advisors LLC purchased a new stake in shares of Sight Sciences in the first quarter worth about $85,000. KCK LTD. purchased a new position in shares of Sight Sciences in the second quarter valued at $18,069,000. Acadian Asset Management LLC grew its holdings in Sight Sciences by 127.7% during the 1st quarter. Acadian Asset Management LLC now owns 432,541 shares of the company's stock valued at $1,033,000 after purchasing an additional 242,559 shares in the last quarter. Millennium Management LLC purchased a new stake in Sight Sciences during the 4th quarter worth $464,000. Finally, Long Focus Capital Management LLC lifted its holdings in Sight Sciences by 39.7% in the 1st quarter. Long Focus Capital Management LLC now owns 3,126,508 shares of the company's stock worth $7,504,000 after buying an additional 887,876 shares in the last quarter. 55.51% of the stock is owned by hedge funds and other institutional investors.

Sight Sciences Stock Performance

Shares of NASDAQ SGHT opened at $3.54 on Thursday. The company has a quick ratio of 9.49, a current ratio of 10.01 and a debt-to-equity ratio of 0.57. The firm's 50-day moving average price is $3.76 and its two-hundred day moving average price is $3.43. Sight Sciences, Inc. has a 52-week low of $2.03 and a 52-week high of $6.82. The stock has a market capitalization of $185.39 million, a P/E ratio of -3.69 and a beta of 2.46.

Sight Sciences (NASDAQ:SGHT - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.25) by $0.02. Sight Sciences had a negative return on equity of 59.38% and a negative net margin of 64.23%.The business had revenue of $19.56 million for the quarter, compared to the consensus estimate of $18.18 million. Sight Sciences has set its FY 2025 guidance at EPS. As a group, sell-side analysts forecast that Sight Sciences, Inc. will post -0.99 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Wall Street Zen upgraded Sight Sciences from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. Piper Sandler reiterated a "neutral" rating and set a $4.00 price objective (up from $3.50) on shares of Sight Sciences in a research note on Wednesday, June 18th. Citigroup boosted their target price on shares of Sight Sciences from $3.60 to $4.50 and gave the stock a "neutral" rating in a research report on Thursday, August 21st. Needham & Company LLC reaffirmed a "hold" rating on shares of Sight Sciences in a research report on Thursday, August 28th. Finally, Lake Street Capital raised Sight Sciences from a "hold" rating to a "buy" rating and boosted their price objective for the company from $3.00 to $5.00 in a report on Friday, August 8th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $4.42.

Insider Transactions at Sight Sciences

In related news, CEO Paul Badawi sold 23,637 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $4.15, for a total transaction of $98,093.55. Following the transaction, the chief executive officer owned 5,986,943 shares in the company, valued at $24,845,813.45. This trade represents a 0.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeremy B. Hayden sold 9,160 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $4.17, for a total value of $38,197.20. Following the sale, the insider directly owned 266,321 shares in the company, valued at approximately $1,110,558.57. The trade was a 3.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,365 shares of company stock worth $180,017 over the last 90 days. 30.90% of the stock is owned by insiders.

Sight Sciences 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.

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