Piper Sandler Issues Pessimistic Forecast for Sight Sciences (NASDAQ:SGHT) Stock Price

Sight Sciences (NASDAQ:SGHT) had its price target lowered by analysts at Piper Sandler from $5.50 to $3.50 in a report released on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s target price indicates a potential upside of 48.31% from the company’s previous close.

Other analysts have also recently issued research reports about the company. UBS Group cut their price objective on Sight Sciences from $5.50 to $5.00 and set a “buy” rating on the stock in a research note on Monday, January 27th. Needham & Company LLC restated a “hold” rating on shares of Sight Sciences in a research note on Thursday. Lake Street Capital cut their price objective on Sight Sciences from $5.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, January 15th. Stifel Nicolaus lowered their target price on Sight Sciences from $6.00 to $5.00 and set a “buy” rating for the company in a report on Thursday, February 6th. Finally, Citigroup lowered their target price on Sight Sciences from $4.60 to $3.00 and set a “neutral” rating for the company in a report on Tuesday. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Sight Sciences currently has a consensus rating of “Hold” and a consensus price target of $3.83.

Sight Sciences Trading Down 5.2 %

NASDAQ:SGHT opened at $2.36 on Thursday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 9.74 and a current ratio of 10.18. Sight Sciences has a one year low of $2.17 and a one year high of $8.45. The business’s 50-day simple moving average is $2.92 and its 200 day simple moving average is $4.43. The stock has a market cap of $119.78 million, a price-to-earnings ratio of -2.31 and a beta of 2.52.

Sight Sciences (NASDAQ:SGHT) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.01). Sight Sciences had a negative return on equity of 47.28% and a negative net margin of 63.30%. The business had revenue of $19.07 million during the quarter, compared to analyst estimates of $18.98 million. During the same quarter last year, the firm posted ($0.22) EPS. As a group, sell-side analysts predict that Sight Sciences will post -0.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Paul Badawi sold 24,819 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $2.92, for a total value of $72,471.48. Following the completion of the transaction, the chief executive officer now directly owns 5,676,331 shares of the company’s stock, valued at $16,574,886.52. This represents a 0.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold 63,014 shares of company stock valued at $197,295 in the last three months. 28.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sight Sciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. KCK LTD. bought a new position in Sight Sciences in the 4th quarter worth approximately $15,925,000. Long Focus Capital Management LLC lifted its position in Sight Sciences by 158.8% in the fourth quarter. Long Focus Capital Management LLC now owns 2,238,632 shares of the company’s stock worth $8,149,000 after purchasing an additional 1,373,535 shares during the period. Prosight Management LP lifted its position in Sight Sciences by 71.1% in the fourth quarter. Prosight Management LP now owns 908,847 shares of the company’s stock worth $3,308,000 after purchasing an additional 377,625 shares during the period. Geode Capital Management LLC lifted its position in Sight Sciences by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 792,860 shares of the company’s stock worth $2,887,000 after purchasing an additional 8,731 shares during the period. Finally, State Street Corp lifted its position in Sight Sciences by 17.4% in the third quarter. State Street Corp now owns 646,776 shares of the company’s stock worth $4,075,000 after purchasing an additional 95,843 shares during the period. 55.51% of the stock is owned by institutional investors.

About Sight Sciences

Sight Sciences, Inc, an ophthalmic medical device company, engages in the development and commercialization of surgical and nonsurgical technologies for the treatment of eye diseases. It operates through two segments, Surgical Glaucoma and Dry Eye. The company's products include OMNI Surgical System, an implant-free glaucoma surgery technology indicated to reduce intraocular pressure in adult patients with primary open-angle glaucoma; and SION Surgical Instrument, a manually operated device used in ophthalmic surgical procedures to excise trabecular meshwork.