Sight Sciences (NASDAQ:SGHT) Upgraded to "Buy" at Lake Street Capital

Key Points

• Sight Sciences has been upgraded from a "hold" to a "buy" rating by Lake Street Capital, with a price target of $5.00, suggesting a 31.23% upside potential.
• In recent earnings, Sight Sciences reported a revenue of $19.56 million, exceeding expectations, with an EPS of ($0.23) against a consensus estimate of ($0.25).
• Insider selling activity has occurred, with CEO Paul Badawi and another insider collectively selling over 32,000 shares of the stock recently, indicating potential concern or profit-taking among executives.

Sight Sciences (NASDAQ:SGHT - Get Free Report) was upgraded by Lake Street Capital from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Friday, MarketBeat.com reports. The firm presently has a $5.00 target price on the stock, up from their previous target price of $3.00. Lake Street Capital's price objective indicates a potential upside of 17.37% from the company's previous close.

Several other brokerages have also commented on SGHT. Wall Street Zen lowered Sight Sciences from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Morgan Stanley lifted their target price on shares of Sight Sciences from $3.00 to $4.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Piper Sandler reiterated a "neutral" rating and issued a $4.00 price target (up from $3.50) on shares of Sight Sciences in a research report on Wednesday, June 18th. Finally, Citigroup restated a "neutral" rating and set a $3.60 price objective (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 three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $4.27.

Sight Sciences Stock Performance

Shares of NASDAQ:SGHT traded up $0.14 during midday trading on Friday, hitting $4.26. The stock had a trading volume of 99,159 shares, compared to its average volume of 203,881. Sight Sciences has a 1 year low of $2.03 and a 1 year high of $7.05. The company has a current ratio of 10.01, a quick ratio of 9.49 and a debt-to-equity ratio of 0.57. The stock has a 50 day moving average price of $3.86 and a two-hundred day moving average price of $3.18. The company has a market capitalization of $220.24 million, a PE ratio of -4.44 and a beta of 2.44.

Sight Sciences (NASDAQ:SGHT - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.23) earnings per share for the quarter, beating analysts' consensus estimates of ($0.25) by $0.02. The firm had revenue of $19.56 million for the quarter, compared to the consensus estimate of $18.18 million. Sight Sciences had a negative return on equity of 59.38% and a negative net margin of 64.23%. As a group, equities analysts predict that Sight Sciences will post -0.99 earnings per share for the current fiscal year.

Insider Activity at Sight Sciences

In other Sight Sciences news, insider Jeremy B. Hayden sold 9,160 shares of Sight Sciences stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $4.17, for a total value of $38,197.20. Following the completion of the sale, the insider directly owned 266,321 shares of the company's stock, valued at approximately $1,110,558.57. The trade was a 3.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Paul Badawi sold 23,637 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $4.15, for a total value of $98,093.55. Following the completion of the transaction, the chief executive officer owned 5,986,943 shares of the company's stock, valued at $24,845,813.45. This trade represents a 0.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 43,365 shares of company stock worth $180,017 in the last three months. Insiders own 28.90% of the company's stock.

Hedge Funds Weigh In On Sight Sciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC boosted its holdings in shares of Sight Sciences by 70.2% in the 2nd quarter. CWM LLC now owns 7,607 shares of the company's stock valued at $31,000 after purchasing an additional 3,137 shares during the last quarter. ProShare Advisors LLC purchased a new stake in Sight Sciences during the fourth quarter valued at about $36,000. Dynamic Technology Lab Private Ltd acquired a new stake in Sight Sciences during the fourth quarter worth about $40,000. Bank of Montreal Can purchased a new position in shares of Sight Sciences in the 2nd quarter worth about $49,000. Finally, Wells Fargo & Company MN lifted its stake in shares of Sight Sciences by 53.4% in the 4th quarter. Wells Fargo & Company MN now owns 16,600 shares of the company's stock valued at $60,000 after purchasing an additional 5,781 shares in the last quarter. Institutional investors and hedge funds own 55.51% of the company's stock.

Sight Sciences Company 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.