Key Points
- Saba Capital Management sold 12,182 shares of Sharps Technology on Jan. 16 at $2.37; across Jan. 13–16 it sold a total of 144,647 shares for about $326,381, leaving Saba with 1,511,988 shares (a 0.80% decline in ownership).
- The company’s board has approved a $100.0 million share buyback plan that could repurchase up to 55.5% of outstanding shares, while the stock trades near recent lows and the market cap is roughly $63.2 million.
- Analysts are bearish with a consensus "Sell" rating, and Sharps recently reported a large quarterly EPS miss (loss of $4.02 vs. estimate of -$1.01) despite beating revenue expectations.
Sharps Technology, Inc. (NASDAQ:STSS - Get Free Report) major shareholder Saba Capital Management, L.P. sold 12,182 shares of the business's stock in a transaction on Friday, January 16th. The stock was sold at an average price of $2.37, for a total transaction of $28,871.34. Following the completion of the sale, the insider directly owned 1,511,988 shares of the company's stock, valued at $3,583,411.56. This represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.
Saba Capital Management, L.P. also recently made the following trade(s):
- On Thursday, January 15th, Saba Capital Management, L.P. sold 25,000 shares of Sharps Technology stock. The shares were sold at an average price of $2.30, for a total value of $57,500.00.
- 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.
- On Tuesday, January 13th, Saba Capital Management, L.P. sold 29,777 shares of Sharps Technology stock. The shares were sold at an average price of $2.19, for a total value of $65,211.63.
Sharps Technology Price Performance
STSS opened at $2.18 on Wednesday. The stock's 50 day simple moving average is $2.55 and its 200 day simple moving average is $5.21. Sharps Technology, Inc. has a 1 year low of $1.65 and a 1 year high of $574.29. The firm has a market cap of $63.22 million, a price-to-earnings ratio of 0.00 and a beta of 2.20.
Sharps Technology (NASDAQ:STSS - Get Free Report) last announced its quarterly earnings data on Friday, November 14th. The company reported ($4.02) earnings per share for the quarter, missing the consensus estimate of ($1.01) by ($3.01). The business had revenue of $2.29 million during the quarter, compared to analysts' expectations of $0.35 million.
Sharps Technology announced that its board has approved a share buyback plan on Thursday, October 2nd that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 55.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its stock is undervalued.
Institutional Trading of Sharps Technology
Several large investors have recently added to or reduced their stakes in STSS. Schonfeld Strategic Advisors LLC purchased a new position in Sharps Technology during the 3rd quarter valued at $9,404,000. Bank of America Corp DE boosted its stake in shares of Sharps Technology by 98,825.0% during the 3rd quarter. Bank of America Corp DE now owns 7,914 shares of the company's stock valued at $52,000 after purchasing an additional 7,906 shares in the last quarter. Finally, Pantera Capital Partners LP purchased a new position in shares of Sharps Technology during the third quarter valued at about $7,498,000. Institutional investors own 17.17% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on the stock. Weiss Ratings reissued a "sell (e+)" rating on shares of Sharps Technology in a report on Wednesday, October 8th. Wall Street Zen lowered shares of Sharps Technology from a "hold" rating to a "sell" rating in a report on Saturday, November 22nd. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has a consensus rating of "Sell".
Read Our Latest Analysis on Sharps Technology
About Sharps Technology
(
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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