Sharps Technology (NASDAQ:STSS) Major Shareholder Sells $28,871.34 in Stock

Sharps Technology, Inc. (NASDAQ:STSS) major shareholder Saba Capital Management, L.P. sold 12,182 shares of the firm’s stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $2.37, for a total value of $28,871.34. Following the transaction, the insider owned 1,511,988 shares in the company, valued at approximately $3,583,411.56. The trade was a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Thursday, January 15th, Saba Capital Management, L.P. sold 25,000 shares of Sharps Technology stock. The shares were sold at an average price of $2.30, for a total value of $57,500.00.
• On Wednesday, January 14th, Saba Capital Management, L.P. sold 77,688 shares of Sharps Technology stock. The stock was sold at an average price of $2.25, for a total transaction of $174,798.00.
• On Tuesday, January 13th, Saba Capital Management, L.P. sold 29,777 shares of Sharps Technology stock. The shares were sold at an average price of $2.19, for a total transaction of $65,211.63.

Sharps Technology Price Performance

Sharps Technology stock traded down $0.19 during trading hours on Tuesday, reaching $2.18. The stock had a trading volume of 431,488 shares, compared to its average volume of 1,351,577. The company has a fifty day simple moving average of $2.58 and a 200-day simple moving average of $5.24. Sharps Technology, Inc. has a 52 week low of $1.65 and a 52 week high of $574.29. The stock has a market cap of $63.21 million, a PE ratio of 0.00 and a beta of 2.20.

Sharps Technology (NASDAQ:STSS) last posted its earnings results on Friday, November 14th. The company reported ($4.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.01) by ($3.01). The firm had revenue of $2.29 million for the quarter, compared to the consensus estimate of $0.35 million.

Sharps Technology announced that its board has authorized a stock repurchase program on Thursday, October 2nd that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to reacquire up to 55.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

STSS has been the subject of a number of recent analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of Sharps Technology in a report on Wednesday, October 8th. Wall Street Zen downgraded shares of Sharps Technology from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in STSS. Schonfeld Strategic Advisors LLC bought a new stake in shares of Sharps Technology during the third quarter valued at approximately $9,404,000. Bank of America Corp DE lifted its position in Sharps Technology by 98,825.0% during the third quarter. Bank of America Corp DE now owns 7,914 shares of the company’s stock valued at $52,000 after buying an additional 7,906 shares during the period. Finally, Pantera Capital Partners LP bought a new stake in shares of Sharps Technology during the 3rd quarter valued at $7,498,000. Hedge funds and other institutional investors own 17.17% of the company’s stock.

Sharps Technology Company Profile

Sharps Technology (NASDAQ:STSS) is an insurtech company specializing in technology-enabled subrogation recovery services for property and casualty insurers. The company’s flagship platform combines process automation, data analytics and digital workflow tools to help carriers and third-party administrators identify, manage and recover funds from liable third parties. By streamlining the subrogation lifecycle—from claim intake through recovery—Sharps delivers greater transparency, faster turnaround times and improved recovery rates for its clients.

Since its initial public offering in late 2021, Sharps Technology has focused on expanding its presence across the United States.