Sharps Technology, Inc. (NASDAQ:STSS) Short Interest Down 55.3% in September

Key Points

• Sharps Technology's short interest decreased by 55.3% in September, dropping from 716,500 shares to 320,100 shares, indicating a reduced bearish sentiment among investors.
• The company has announced a $100 million share buyback program, reflecting confidence from the management that its stock may be undervalued.
• Insider trading activity saw significant increases, with two directors acquiring a total of 480,000 shares valued at approximately $3.08 million collectively in late August.

Sharps Technology, Inc. (NASDAQ:STSS - Get Free Report) saw a significant decline in short interest during the month of September. As of September 15th, there was short interest totaling 320,100 shares, a decline of 55.3% from the August 31st total of 716,500 shares. Based on an average trading volume of 1,170,000 shares, the days-to-cover ratio is presently 0.3 days. Currently, 1.2% of the shares of the stock are sold short. Currently, 1.2% of the shares of the stock are sold short. Based on an average trading volume of 1,170,000 shares, the days-to-cover ratio is presently 0.3 days.

Sharps Technology Price Performance

STSS traded down $0.03 on Friday, reaching $6.72. The company's stock had a trading volume of 392,785 shares, compared to its average volume of 973,325. The business's 50 day moving average is $7.74 and its 200 day moving average is $9.91. Sharps Technology has a 1 year low of $3.36 and a 1 year high of $1,248.27. The stock has a market cap of $178.71 million, a price-to-earnings ratio of -0.01 and a beta of 2.17.

Sharps Technology (NASDAQ:STSS - Get Free Report) last posted its earnings results on Wednesday, August 13th. The company reported $3.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.94) by $4.52. The company had revenue of $0.22 million during the quarter, compared to the consensus estimate of $0.25 million.

Sharps Technology declared that its Board of Directors has authorized a share buyback program on Thursday, October 2nd that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 55.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling

In other Sharps Technology news, Director Paul K. Danner acquired 400,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was acquired at an average price of $6.41 per share, with a total value of $2,564,000.00. Following the completion of the transaction, the director directly owned 400,000 shares in the company, valued at approximately $2,564,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Soren Bo Christiansen acquired 80,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was acquired at an average cost of $6.41 per share, with a total value of $512,800.00. Following the transaction, the director owned 80,000 shares of the company's stock, valued at approximately $512,800. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 720,005 shares of company stock valued at $4,615,300. Company insiders own 1.22% of the company's stock.

Hedge Funds Weigh In On Sharps Technology

An institutional investor recently raised its position in Sharps Technology stock. Anson Funds Management LP increased its stake in Sharps Technology, Inc. (NASDAQ:STSS - Free Report) by 4,763.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,800,000 shares of the company's stock after purchasing an additional 1,762,987 shares during the quarter. Anson Funds Management LP owned approximately 3,333.33% of Sharps Technology worth $54,000 at the end of the most recent reporting period. Institutional investors own 17.17% of the company's stock.

Sharps Technology Company Profile

Sharps Technology, Inc, a medical device company, researches, designs, develops, manufactures, distributes, and sells safety syringe products in the United States. It offers Sharps Provensa, an ultra-low waste space syringe for the administration of various vaccines and injectable medications. Sharps Technology, Inc was incorporated in 2017 and is based in Melville, New York.

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