Sight Sciences (NASDAQ:SGHT) Sees Unusually-High Trading Volume – Here’s Why

Sight Sciences, Inc. (NASDAQ:SGHT) saw an uptick in trading volume on Monday. 854,226 shares changed hands during 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

Several analysts have commented on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Sight Sciences in a research note on Wednesday, November 4th. Citigroup upped their price objective on shares of Sight Sciences from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Monday, October 5th. HC Wainwright started coverage on shares of Sight Sciences in a research note on Thursday, October 15th. They issued a “buy” rating and a $14.00 price objective on the stock. UBS Group raised their target price on shares of Sight Sciences from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, Piper Sandler restated an “overweight” rating and set a $12.00 target price (up from $9.00) on shares of Sight Sciences in a research report on Thursday, November 5th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Sight Sciences has an average rating of “Moderate Buy” and an average target price of $9.62.

Sight Sciences Stock Performance

The company has a current ratio of 5.04, a quick ratio of 4.72 and a debt-to-equity ratio of 0.71. The firm’s fifty day moving average price is $8.81 and its two-hundred day moving average price is $6.13. The stock has a market capitalization of $606.93 million, a PE ratio of -21.00 and a beta of 2.44.

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

Insiders Place Their Bets

In related news, CFO James Rodberg sold 7,208 shares of Sight Sciences stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $8.85, for a total value of $63,790.80. Following the completion of the transaction, the chief financial officer owned 216,829 shares in the company, valued at $1,918,936.65. The trade was a 3.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Brenton Taylor sold 2,988 shares of Sight Sciences stock in a transaction dated Friday, October 2nd. The shares were 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 owned 261,990 shares of the company’s stock, valued at approximately $2,318,611.50. This represents a 1.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 47,646 shares of company stock valued at $429,157 over the last quarter. Insiders own 30.40% of the company’s stock.

Institutional Trading of Sight Sciences

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Conquis Financial LLC acquired a new position in shares of Sight Sciences during the 2nd quarter worth approximately $27,000. The Manufacturers Life Insurance Company acquired a new position in Sight Sciences during the second quarter worth $60,000. Ieq Capital LLC purchased a new position in Sight Sciences during the second quarter valued at $135,000. Hsbc Holdings PLC purchased a new position in Sight Sciences during the first quarter valued at $147,000. Finally, Algert Global LLC lifted its holdings in Sight Sciences by 25.3% during the second quarter. Algert Global LLC now owns 28,266 shares of the company’s stock valued at $153,000 after purchasing an additional 5,706 shares in the last quarter. 55.51% of the stock is currently owned by hedge funds and other institutional investors.

About Sight Sciences

Sight Sciences is a medical technology company that develops and commercializes devices for ophthalmic care, with a focus on glaucoma and dry eye disease. Its products are designed to support minimally invasive procedures and address underlying causes of these conditions. The company’s portfolio includes the OMNI Surgical System, used in procedures to reduce eye pressure in patients with glaucoma, and TearCare, a device-based treatment for evaporative dry eye associated with meibomian gland dysfunction.