Sharps Technology (NASDAQ:STSS) Trading Down 0.4% - Time to Sell?

Key Points

• Shares of Sharps Technology (NASDAQ:STSS) declined by 0.4%, closing at $6.75, with trading volume up by 870% compared to its average.
• The company reported a quarterly EPS of $3.58, surpassing analysts' estimates, but revenue of $0.22 million fell short of expectations.
• Sharps Technology's Board approved a $100 million share buyback program, highlighting their belief that the stock is undervalued.

Shares of Sharps Technology, Inc. (NASDAQ:STSS - Get Free Report) dropped 0.4% during trading on Thursday . The company traded as low as $6.42 and last traded at $6.75. Approximately 7,029,109 shares traded hands during mid-day trading, an increase of 870% from the average daily volume of 724,674 shares. The stock had previously closed at $6.78.

Sharps Technology Trading Down 0.4%

The stock's fifty day moving average price is $7.74 and its 200 day moving average price is $9.91. The stock has a market cap of $179.56 million, a P/E ratio of -0.01 and a beta of 2.17.

Sharps Technology (NASDAQ:STSS - Get Free Report) last issued its quarterly earnings results on Wednesday, August 13th. The company reported $3.58 EPS for the quarter, topping 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 approved 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 often a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Timothy James Ruemler sold 20,000 shares of the company's stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $16.74, for a total value of $334,800.00. Following the completion of the sale, the director owned 20,218 shares of the company's stock, valued at approximately $338,449.32. This represents a 49.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul K. Danner acquired 400,000 shares of the business's 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 $2,564,000.00. Following the purchase, the director directly owned 400,000 shares in the company, valued at $2,564,000. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have bought 720,005 shares of company stock worth $4,615,300 in the last ninety days. 1.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Sharps Technology

A hedge fund recently raised its stake in Sharps Technology stock. Anson Funds Management LP increased its holdings in Sharps Technology, Inc. (NASDAQ:STSS - Free Report) by 4,763.2% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,800,000 shares of the company's stock after purchasing an additional 1,762,987 shares during the period. Anson Funds Management LP owned approximately 3,333.33% of Sharps Technology worth $54,000 as of its most recent SEC filing. 17.17% of the stock is currently owned by institutional investors.

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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