Wall Street Zen Downgrades Sight Sciences (NASDAQ:SGHT) to Sell

Wall Street Zen lowered shares of Sight Sciences (NASDAQ:SGHT - Free Report) from a hold rating to a sell rating in a report issued on Friday morning.

Several other equities analysts also recently weighed in on the company. Needham & Company LLC restated a "hold" rating on shares of Sight Sciences in a report on Wednesday, April 9th. Morgan Stanley raised their price target on Sight Sciences from $3.00 to $4.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Lake Street Capital increased their price target on shares of Sight Sciences from $2.50 to $3.00 and gave the company a "hold" rating in a report on Friday, May 9th. Citigroup reiterated a "neutral" rating and set a $3.60 price target (up previously from $3.20) on shares of Sight Sciences in a report on Thursday, May 22nd. Finally, Piper Sandler restated a "neutral" rating and issued a $4.00 target price (up previously from $3.50) on shares of Sight Sciences in a report on Wednesday, June 18th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $3.93.

Sight Sciences Stock Performance

Shares of SGHT traded up $0.14 during mid-day trading on Friday, reaching $3.57. 79,169 shares of the stock traded hands, compared to its average volume of 206,545. The firm has a fifty day moving average price of $3.80 and a 200 day moving average price of $3.13. The company has a quick ratio of 9.99, a current ratio of 10.47 and a debt-to-equity ratio of 0.51. Sight Sciences has a 1 year low of $2.03 and a 1 year high of $8.45.

Sight Sciences (NASDAQ:SGHT - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.01. Sight Sciences had a negative net margin of 63.24% and a negative return on equity of 54.62%. The company had revenue of $17.51 million during the quarter, compared to analyst estimates of $16.51 million. Equities analysts expect that Sight Sciences will post -0.99 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Paul Badawi sold 23,637 shares of the firm's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $4.15, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jeremy B. Hayden sold 9,160 shares of the firm's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $4.17, for a total transaction of $38,197.20. Following the transaction, the insider directly owned 266,321 shares of the company's stock, valued at approximately $1,110,558.57. This trade represents a 3.33% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,365 shares of company stock valued at $180,017. Corporate insiders own 28.90% of the company's stock.

Hedge Funds Weigh In On Sight Sciences

Several institutional investors and hedge funds have recently modified their holdings of the business. KCK LTD. acquired a new position in Sight Sciences during the second quarter worth about $18,069,000. Long Focus Capital Management LLC raised its stake in Sight Sciences by 39.7% during the first quarter. Long Focus Capital Management LLC now owns 3,126,508 shares of the company's stock worth $7,504,000 after purchasing an additional 887,876 shares during the period. Prosight Management LP raised its stake in Sight Sciences by 71.1% during the fourth quarter. Prosight Management LP now owns 908,847 shares of the company's stock worth $3,308,000 after purchasing an additional 377,625 shares during the period. Geode Capital Management LLC raised its stake in Sight Sciences by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 792,860 shares of the company's stock worth $2,887,000 after purchasing an additional 8,731 shares during the period. Finally, B Group Inc. purchased a new position in Sight Sciences during the fourth quarter worth about $2,291,000. Hedge funds and other institutional investors 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.