Sharps Technology (NASDAQ:STSS) Earns Sell (E+) Rating from Weiss Ratings

Key Points

• Sharps Technology (NASDAQ:STSS) received a "sell (e+)" rating from Weiss Ratings, indicating a cautious outlook on the stock's performance.
• The company announced a $100 million share buyback plan, which typically suggests that management believes the stock is undervalued.
• Recently, insiders purchased a significant amount of shares, with Director Paul K. Danner acquiring 400,000 shares valued at approximately $2.56 million, demonstrating insider confidence in the company.

Sharps Technology (NASDAQ:STSS - Get Free Report)'s stock had its "sell (e+)" rating reiterated by research analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

Sharps Technology Stock Up 6.2%

Shares of STSS stock opened at $6.69 on Wednesday. The business has a 50 day moving average of $7.81 and a two-hundred day moving average of $7.74. Sharps Technology has a 52 week low of $3.36 and a 52 week high of $1,248.27. The company has a market cap of $177.96 million, a P/E ratio of -0.01 and a beta of 2.17.

Sharps Technology (NASDAQ:STSS - Get Free Report) last issued its earnings results on Wednesday, August 13th. The company reported $3.58 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 analyst estimates of $0.25 million.

Sharps Technology declared that its Board of Directors has approved a share buyback plan on Thursday, October 2nd that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to purchase up to 55.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Insider Activity at Sharps Technology

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

Institutional Investors Weigh In On Sharps Technology

A hedge fund recently bought a new stake in Sharps Technology stock. Altium Capital Management LLC purchased a new stake in shares of Sharps Technology, Inc. (NASDAQ:STSS - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 4,044,149 shares of the company's stock, valued at approximately $110,000. Sharps Technology comprises approximately 0.3% of Altium Capital Management LLC's holdings, making the stock its 19th largest holding. Altium Capital Management LLC owned 7,489.16% of Sharps Technology as of its most recent filing with the Securities and Exchange Commission (SEC). 17.17% of the stock is currently owned by institutional investors and hedge funds.

About Sharps Technology

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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