Sharps Technology (NASDAQ:STSS) Major Shareholder Sells $57,500.00 in Stock

Sharps Technology, Inc. (NASDAQ:STSS) major shareholder Saba Capital Management, L.P. sold 25,000 shares of Sharps Technology stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $2.30, for a total transaction of $57,500.00. Following the sale, the insider owned 1,524,170 shares of the company’s stock, valued at approximately $3,505,591. The trade was a 1.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Large shareholders that own 10% or more 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 Friday, January 16th, Saba Capital Management, L.P. sold 12,182 shares of Sharps Technology stock. The stock was sold at an average price of $2.37, for a total transaction of $28,871.34.
• On Wednesday, January 14th, Saba Capital Management, L.P. sold 77,688 shares of Sharps Technology stock. The shares were 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 Trading Down 8.0%

Shares of NASDAQ STSS traded down $0.19 during trading on Tuesday, reaching $2.18. 431,488 shares of the company traded hands, compared to its average volume of 1,351,577. The stock has a market cap of $63.21 million, a P/E ratio of 0.00 and a beta of 2.20. The firm’s fifty day simple moving average is $2.58 and its 200 day simple moving average is $5.24. Sharps Technology, Inc. has a 12-month low of $1.65 and a 12-month high of $574.29.

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

Sharps Technology announced that its board has approved a stock buyback program on Thursday, October 2nd that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes 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 management believes its stock is undervalued.

Hedge Funds Weigh In On Sharps Technology

A number of large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its holdings 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 purchasing an additional 7,906 shares in the last quarter. Pantera Capital Partners LP acquired a new position in shares of Sharps Technology during the 3rd quarter worth about $7,498,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in Sharps Technology in the 3rd quarter valued at about $9,404,000. 17.17% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on STSS. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sharps Technology in a research note on Wednesday, October 8th. Wall Street Zen lowered shares of Sharps Technology from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has a consensus rating of “Sell”.

About Sharps Technology

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.