UBS Group Forecasts Strong Price Appreciation for Sight Sciences (NASDAQ:SGHT) Stock

Sight Sciences (NASDAQ:SGHT) had its price objective upped by UBS Group from $7.00 to $8.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s price objective points to a potential upside of 7.10% from the stock’s current price.

SGHT has been the topic of several other research reports. Citigroup upped their price target on shares of Sight Sciences from $5.15 to $6.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. Weiss Ratings downgraded Sight Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 11th. Five research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $7.88.

Sight Sciences Trading Up 5.4%

Shares of SGHT stock opened at $7.47 on Thursday. Sight Sciences has a fifty-two week low of $3.19 and a fifty-two week high of $9.24. The stock has a market cap of $406.44 million, a P/E ratio of -13.34 and a beta of 2.38. The business has a fifty day simple moving average of $5.24 and a 200-day simple moving average of $4.92. The company has a quick ratio of 5.48, a current ratio of 4.95 and a debt-to-equity ratio of 0.58.

Sight Sciences (NASDAQ:SGHT) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.10. The business had revenue of $23.39 million during the quarter, compared to the consensus estimate of $21.72 million. Sight Sciences had a negative return on equity of 43.39% and a negative net margin of 35.69%. On average, analysts forecast that Sight Sciences will post -0.6 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO James Rodberg sold 6,902 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $5.36, for a total transaction of $36,994.72. Following the transaction, the chief financial officer owned 224,037 shares of the company’s stock, valued at approximately $1,200,838.32. This represents a 2.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jeremy B. Hayden sold 12,733 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $5.51, for a total transaction of $70,158.83. Following the sale, the insider owned 357,037 shares in the company, valued at approximately $1,967,273.87. This trade represents a 3.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 58,566 shares of company stock valued at $318,827 in the last 90 days. Company insiders own 30.40% of the company’s stock.

Institutional Investors Weigh In On Sight Sciences

Several hedge funds have recently made changes to their positions in SGHT. AQR Capital Management LLC acquired a new position in Sight Sciences in the first quarter valued at $128,000. Strs Ohio acquired a new position in shares of Sight Sciences during the 1st quarter valued at about $158,000. Rhumbline Advisers increased its stake in shares of Sight Sciences by 9.5% during the 1st quarter. Rhumbline Advisers now owns 49,797 shares of the company’s stock valued at $120,000 after acquiring an additional 4,319 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Sight Sciences by 5.5% during the 2nd quarter. Geode Capital Management LLC now owns 845,776 shares of the company’s stock worth $3,494,000 after acquiring an additional 43,791 shares during the period. Finally, XTX Topco Ltd acquired a new stake in shares of Sight Sciences in the second quarter worth approximately $67,000. Institutional investors and hedge funds own 55.51% of the company’s stock.

Sight Sciences Company Profile

Sight Sciences, Inc is a medical device company focused on developing and commercializing minimally invasive treatments for chronic eye diseases. The company’s flagship products include the OMNI® Surgical System, designed to address multiple points of resistance in the eye’s natural drainage pathways to lower intraocular pressure in glaucoma patients, and the TearCare® System, a wearable device for treating meibomian gland dysfunction and dry eye disease through targeted thermal pulsation therapy.

Since its founding in 2012 and subsequent listing on the NASDAQ under the ticker SGHT, Sight Sciences has pursued a strategy of combining research-driven product development with a direct sales force model.