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

Sight Sciences (NASDAQ:SGHT - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Friday.

Other equities analysts have also recently issued research reports about the company. Needham & Company LLC restated a "hold" rating on shares of Sight Sciences in a report on Wednesday, April 9th. Piper Sandler reiterated a "neutral" rating and issued a $4.00 price target (up previously from $3.50) on shares of Sight Sciences in a research note on Wednesday, June 18th. Citigroup reissued a "neutral" rating and issued a $3.60 price objective (up previously from $3.20) on shares of Sight Sciences in a research report on Thursday, May 22nd. Lake Street Capital upped their target price 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. Finally, Morgan Stanley boosted their price target on Sight Sciences from $3.00 to $4.00 and gave the stock an "equal weight" rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $3.93.

Sight Sciences Stock Performance

Shares of Sight Sciences stock opened at $3.50 on Friday. Sight Sciences has a 52 week low of $2.03 and a 52 week high of $8.45. The company has a debt-to-equity ratio of 0.51, a quick ratio of 9.99 and a current ratio of 10.47. The stock has a market capitalization of $180.95 million, a price-to-earnings ratio of -3.57 and a beta of 2.47. The firm has a fifty day moving average of $3.80 and a two-hundred day moving average of $3.14.

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

Insider Transactions at Sight Sciences

In related news, insider Jeremy B. Hayden sold 9,160 shares of the business's stock in a transaction on Thursday, July 3rd. The stock was 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 in the company, valued at $1,110,558.57. The trade was a 3.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Paul Badawi sold 23,637 shares of the company'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 directly owned 5,986,943 shares in the company, valued at approximately $24,845,813.45. This represents a 0.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,365 shares of company stock worth $180,017. 30.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sight Sciences

A number of institutional investors have recently modified their holdings of the business. KCK LTD. acquired a new stake in Sight Sciences in the 2nd quarter worth about $18,069,000. Long Focus Capital Management LLC increased its holdings in shares of Sight Sciences by 158.8% during the fourth quarter. Long Focus Capital Management LLC now owns 2,238,632 shares of the company's stock worth $8,149,000 after purchasing an additional 1,373,535 shares during the period. B Group Inc. acquired a new stake in Sight Sciences during the fourth quarter worth approximately $2,291,000. Prosight Management LP grew its position 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 buying an additional 377,625 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in Sight Sciences by 654.3% during the 4th quarter. Renaissance Technologies LLC now owns 393,006 shares of the company's stock worth $1,431,000 after acquiring an additional 340,906 shares during the period. Institutional investors own 55.51% of the company's stock.

About Sight Sciences

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.