Bank of America Corp DE Reduces Stock Position in Sight Sciences, Inc. (NASDAQ:SGHT)

Bank of America Corp DE reduced its holdings in shares of Sight Sciences, Inc. (NASDAQ:SGHT - Free Report) by 36.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,344,077 shares of the company's stock after selling 760,647 shares during the period. Bank of America Corp DE owned about 2.65% of Sight Sciences worth $4,892,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SGHT. JPMorgan Chase & Co. increased its holdings in Sight Sciences by 335.3% during the third quarter. JPMorgan Chase & Co. now owns 69,660 shares of the company's stock valued at $439,000 after buying an additional 53,658 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Sight Sciences by 47.6% in the fourth quarter. SG Americas Securities LLC now owns 17,622 shares of the company's stock worth $64,000 after purchasing an additional 5,681 shares during the period. Stoneridge Investment Partners LLC bought a new position in shares of Sight Sciences in the fourth quarter worth approximately $55,000. Charles Schwab Investment Management Inc. boosted its position in shares of Sight Sciences by 4.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 268,250 shares of the company's stock worth $976,000 after purchasing an additional 11,259 shares during the period. Finally, WealthTrust Asset Management LLC bought a new position in shares of Sight Sciences in the fourth quarter worth approximately $48,000. 55.51% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Sight Sciences

In related news, EVP Manohar K. Raheja bought 10,000 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average cost of $2.73 per share, with a total value of $27,300.00. Following the completion of the purchase, the executive vice president now owns 145,000 shares of the company's stock, valued at approximately $395,850. The trade was a 7.41% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Paul Badawi sold 24,174 shares of the firm's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $2.30, for a total transaction of $55,600.20. Following the transaction, the chief executive officer now directly owns 6,010,580 shares of the company's stock, valued at $13,824,334. The trade was a 0.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,196 shares of company stock valued at $81,001. Corporate insiders own 30.90% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on SGHT shares. Lake Street Capital upped their price target on shares of Sight Sciences from $2.50 to $3.00 and gave the stock a "hold" rating in a research report on Friday, May 9th. Needham & Company LLC reiterated a "hold" rating on shares of Sight Sciences in a research report on Wednesday, April 9th. Stifel Nicolaus dropped their price target on shares of Sight Sciences from $5.00 to $4.00 and set a "buy" rating for the company in a research report on Thursday, March 6th. Piper Sandler dropped their price target on shares of Sight Sciences from $5.50 to $3.50 and set a "neutral" rating for the company in a research report on Thursday, March 6th. Finally, Citigroup reiterated a "neutral" rating and issued a $3.60 price target (up from $3.20) on shares of Sight Sciences in a research report on Thursday, May 22nd. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Sight Sciences presently has an average rating of "Hold" and a consensus price target of $4.02.

Sight Sciences Price Performance

SGHT traded up $0.20 during trading on Monday, hitting $3.89. 178,391 shares of the company traded hands, compared to its average volume of 214,836. The company has a market cap of $201.10 million, a PE ratio of -3.81 and a beta of 2.41. The stock's 50-day simple moving average is $2.91 and its two-hundred day simple moving average is $3.07. Sight Sciences, Inc. has a 1 year low of $2.03 and a 1 year high of $8.45. The company has a current ratio of 10.18, a quick ratio of 9.74 and a debt-to-equity ratio of 0.36.

Sight Sciences (NASDAQ:SGHT - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.01. The company had revenue of $17.51 million during the quarter, compared to analysts' expectations of $16.51 million. Sight Sciences had a negative net margin of 63.30% and a negative return on equity of 47.28%. As a group, sell-side analysts anticipate that Sight Sciences, Inc. will post -0.99 earnings per share for the current fiscal year.

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.