Sight Sciences (NASDAQ:SGHT) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen has upgraded Sight Sciences' stock rating from "sell" to "hold," reflecting a more optimistic view from equities researchers.
• Sight Sciences shares surged 19.4%, closing at $4.24, with target prices set by other firms ranging from $3.60 to $5.00.
• The company reported earnings that surpassed analysts' expectations, with revenue of $19.56 million for the last quarter, beating the forecast of $18.18 million.

Sight Sciences (NASDAQ:SGHT - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Saturday.

SGHT has been the subject of a number of other reports. Citigroup reissued a "neutral" rating and set a $3.60 target price (up from $3.20) on shares of Sight Sciences in a research report on Thursday, May 22nd. Morgan Stanley upped their price target on shares of Sight Sciences from $3.00 to $4.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Lake Street Capital upgraded shares of Sight Sciences from a "hold" rating to a "buy" rating and upped their price target for the company from $3.00 to $5.00 in a research note on Friday, August 8th. Finally, Piper Sandler restated a "neutral" rating and set a $4.00 price target (up from $3.50) on shares of Sight Sciences in a research note on Wednesday, June 18th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $4.27.

Sight Sciences Stock Performance

NASDAQ:SGHT traded up $0.04 during mid-day trading on Friday, hitting $4.29. The stock had a trading volume of 101,886 shares, compared to its average volume of 203,614. The company's 50 day simple moving average is $3.86 and its 200 day simple moving average is $3.19. The stock has a market cap of $224.67 million, a price-to-earnings ratio of -4.47 and a beta of 2.44. The company has a debt-to-equity ratio of 0.57, a quick ratio of 9.49 and a current ratio of 10.01. Sight Sciences has a twelve month low of $2.03 and a twelve month high of $7.05.

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

Insider Activity at Sight Sciences

In other Sight Sciences 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 value of $98,093.55. Following the sale, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeremy B. Hayden sold 9,160 shares of Sight Sciences stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $4.17, for a total transaction of $38,197.20. Following 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 disclosure for this sale can be found here. Insiders sold a total of 43,365 shares of company stock worth $180,017 over the last quarter. Corporate insiders own 28.90% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SGHT. Foster Victor Wealth Advisors LLC bought a new position in shares of Sight Sciences in the first quarter worth approximately $85,000. Renaissance Technologies LLC boosted its position in shares of Sight Sciences by 654.3% in the fourth quarter. Renaissance Technologies LLC now owns 393,006 shares of the company's stock worth $1,431,000 after purchasing an additional 340,906 shares during the period. Wells Fargo & Company MN boosted its position in shares of Sight Sciences by 53.4% in the fourth quarter. Wells Fargo & Company MN now owns 16,600 shares of the company's stock worth $60,000 after purchasing an additional 5,781 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Sight Sciences by 79.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 243,954 shares of the company's stock worth $887,000 after purchasing an additional 108,001 shares during the period. Finally, Millennium Management LLC bought a new position in shares of Sight Sciences in the fourth quarter worth approximately $464,000. 55.51% of the stock is owned by hedge funds and other institutional investors.

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.