Key Points
- Saba Capital Management sold 77,688 shares of Sharps Technology at an average price of $2.25 for a total of $174,798, reducing its stake by 4.78% to 1,549,170 shares.
- Sharps' Board has authorized a $100.00 million stock buyback program that could repurchase up to 55.5% of outstanding shares, signaling management believes the stock may be undervalued.
- The company reported a steep quarterly loss of ($4.02) EPS, missing estimates by $3.01, and analysts' consensus rating on the stock is currently "Sell".
Sharps Technology, Inc. (NASDAQ:STSS - Get Free Report) major shareholder Saba Capital Management, L.P. sold 29,777 shares of the stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $2.19, for a total transaction of $65,211.63. Following the completion of the sale, the insider directly owned 1,626,858 shares of the company's stock, valued at approximately $3,562,819.02. This trade represents a 1.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own more than 10% 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 Wednesday, January 14th, Saba Capital Management, L.P. sold 77,688 shares of Sharps Technology stock. The shares were sold at an average price of $2.25, for a total value of $174,798.00.
Sharps Technology Stock Performance
Shares of Sharps Technology stock opened at $2.30 on Friday. Sharps Technology, Inc. has a fifty-two week low of $1.65 and a fifty-two week high of $582.00. The firm has a market capitalization of $66.70 million, a price-to-earnings ratio of 0.00 and a beta of 2.20. The stock has a 50 day moving average of $2.64 and a 200 day moving average of $5.29.
Sharps Technology (NASDAQ:STSS - Get Free Report) last released its quarterly earnings results on Friday, November 14th. The company reported ($4.02) earnings per share for the quarter, missing analysts' consensus estimates of ($1.01) by ($3.01). The firm had revenue of $2.29 million during the quarter, compared to analyst estimates of $0.35 million.
Sharps Technology declared that its Board of Directors has authorized a stock buyback program on Thursday, October 2nd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 55.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.
Hedge Funds Weigh In On Sharps Technology
Several institutional investors have recently modified their holdings of the business. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Sharps Technology in the third quarter valued at $9,404,000. Bank of America Corp DE grew its position in shares of Sharps Technology by 98,825.0% during the third quarter. Bank of America Corp DE now owns 7,914 shares of the company's stock worth $52,000 after buying an additional 7,906 shares in the last quarter. Finally, Pantera Capital Partners LP purchased a new stake in shares of Sharps Technology during the third quarter worth approximately $7,498,000. Institutional investors and hedge funds own 17.17% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities analysts have recently commented on STSS shares. Weiss Ratings restated a "sell (e+)" rating on shares of Sharps Technology in a report on Wednesday, October 8th. Wall Street Zen cut Sharps Technology from a "hold" rating to a "sell" rating in a research note on Saturday, November 22nd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has an average rating of "Sell".
Check Out Our Latest Research Report on Sharps Technology
Sharps Technology Company Profile
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Get Free Report)
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.
Further Reading
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