Sharps Technology (NASDAQ:STSS) Major Shareholder Sells $174,798.00 in Stock

Sharps Technology, Inc. (NASDAQ:STSS) major shareholder Saba Capital Management, L.P. sold 77,688 shares of Sharps Technology stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $2.25, for a total transaction of $174,798.00. Following the sale, the insider directly owned 1,549,170 shares of the company’s stock, valued at $3,485,632.50. The trade was a 4.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Tuesday, January 13th, Saba Capital Management, L.P. sold 29,777 shares of Sharps Technology stock. The stock was sold at an average price of $2.19, for a total transaction of $65,211.63.

Sharps Technology Stock Up 5.5%

Shares of NASDAQ STSS traded up $0.12 during midday trading on Thursday, reaching $2.30. 443,092 shares of the company were exchanged, compared to its average volume of 1,380,077. The stock’s 50-day moving average price is $2.67 and its 200-day moving average price is $5.31. The stock has a market cap of $66.67 million, a P/E ratio of 0.00 and a beta of 2.20. Sharps Technology, Inc. has a one year low of $1.65 and a one year high of $582.00.

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

Sharps Technology announced that its board has authorized a stock repurchase plan on Thursday, October 2nd that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to buy up to 55.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Sharps Technology

Institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE raised its holdings in shares of Sharps Technology by 98,825.0% in the third quarter. Bank of America Corp DE now owns 7,914 shares of the company’s stock worth $52,000 after acquiring an additional 7,906 shares during the last quarter. Pantera Capital Partners LP acquired a new position in Sharps Technology in the 3rd quarter valued at 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 hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Sharps Technology in a report on Wednesday, October 8th. Wall Street Zen lowered Sharps Technology from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Sharps Technology has a consensus rating of “Sell”.

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.