Sight Sciences (NASDAQ:SGHT) Sees Unusually-High Trading Volume – Time to Buy?

Sight Sciences, Inc. (NASDAQ:SGHT) saw unusually-high trading volume on Monday. Approximately 854,226 shares were traded during mid-day trading, an increase of 203% from the average daily volume of 282,126 shares. The stock last traded at $10.7940 and had previously closed at $10.08.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SGHT. HC Wainwright initiated coverage on Sight Sciences in a research report on Thursday, October 15th. They set a “buy” rating and a $14.00 price target on the stock. Piper Sandler reissued an “overweight” rating and issued a $12.00 price objective (up from $9.00) on shares of Sight Sciences in a research report on Thursday. UBS Group boosted their target price on Sight Sciences from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Citigroup upped their target price on Sight Sciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Monday, October 5th. Finally, Wall Street Zen raised Sight Sciences from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $9.62.

Sight Sciences Stock Up 7.4%

The firm has a market capitalization of $596.60 million, a price-to-earnings ratio of -20.76 and a beta of 2.44. The company has a quick ratio of 4.72, a current ratio of 5.04 and a debt-to-equity ratio of 0.71. The company’s 50 day moving average price is $8.72 and its 200 day moving average price is $6.09.

Sight Sciences (NASDAQ:SGHT) last released its earnings results on Wednesday, November 4th. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.12). The firm had revenue of $24.92 million for the quarter, compared to the consensus estimate of $23.55 million. Sight Sciences had a negative return on equity of 43.91% and a negative net margin of 32.13%. As a group, research analysts forecast that Sight Sciences, Inc. will post -0.48 earnings per share for the current fiscal year.

Insider Transactions at Sight Sciences

In other news, EVP Brenton Taylor sold 2,988 shares of the firm’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $8.85, for a total value of $26,443.80. Following the completion of the transaction, the executive vice president directly owned 261,990 shares in the company, valued at $2,318,611.50. This trade represents a 1.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Paul Badawi sold 29,653 shares of the firm’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $9.05, for a total value of $268,359.65. Following the completion of the transaction, the chief executive officer owned 6,092,819 shares of the company’s stock, valued at approximately $55,140,011.95. The trade was a 0.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 47,646 shares of company stock worth $429,157 in the last 90 days. 30.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sight Sciences

Several hedge funds and other institutional investors have recently bought and sold shares of SGHT. BlackRock Inc. acquired a new stake in Sight Sciences during the 2nd quarter valued at approximately $16,710,000. Royce & Associates LP purchased a new position in shares of Sight Sciences during the third quarter worth $1,676,000. Dimensional Fund Advisors LP raised its holdings in shares of Sight Sciences by 13.4% during the first quarter. Dimensional Fund Advisors LP now owns 341,681 shares of the company’s stock worth $1,288,000 after purchasing an additional 40,346 shares during the last quarter. Renaissance Technologies LLC lifted its position in Sight Sciences by 6.3% during the first quarter. Renaissance Technologies LLC now owns 293,358 shares of the company’s stock valued at $1,106,000 after purchasing an additional 17,458 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in Sight Sciences during the second quarter valued at $908,000. Institutional investors and hedge funds own 55.51% of the company’s stock.

About Sight Sciences

Sight Sciences, Inc is an ophthalmic medical technology company focused on developing and commercializing products designed to address the underlying causes of certain eye diseases. The company’s portfolio is centered on minimally invasive and non-invasive procedures intended to improve patient outcomes while supporting physicians in the treatment of glaucoma and ocular surface disease.

Its primary products include the OMNI Surgical System, a minimally invasive glaucoma surgery device used to reduce intraocular pressure by improving the eye’s natural fluid outflow pathways, and the TearCare System, a thermal pulsation technology designed to treat meibomian gland dysfunction, a common cause of evaporative dry eye disease.