Short Interest in Sight Sciences, Inc. (NASDAQ:SGHT) Rises By 22.4%

Sight Sciences, Inc. (NASDAQ:SGHT - Get Free Report) was the target of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 1,910,000 shares, an increase of 22.4% from the February 28th total of 1,560,000 shares. Approximately 6.7% of the company's shares are short sold. Based on an average trading volume of 265,500 shares, the short-interest ratio is currently 7.2 days.

Sight Sciences Price Performance

NASDAQ SGHT traded down $0.08 during trading hours on Monday, reaching $2.23. 107,680 shares of the company's stock were exchanged, compared to its average volume of 208,871. The firm has a fifty day moving average of $2.67 and a 200-day moving average of $3.82. Sight Sciences has a one year low of $2.04 and a one year high of $8.45. The stock has a market cap of $114.22 million, a PE ratio of -2.22 and a beta of 2.46. The company has a current ratio of 10.18, a quick ratio of 9.74 and a debt-to-equity ratio of 0.36.

Sight Sciences (NASDAQ:SGHT - Get Free Report) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.01). Sight Sciences had a negative net margin of 63.30% and a negative return on equity of 47.28%. The firm had revenue of $19.07 million for the quarter, compared to analyst estimates of $18.98 million. During the same period last year, the company earned ($0.22) EPS. On average, equities research analysts predict that Sight Sciences will post -0.99 earnings per share for the current fiscal year.

Insider Transactions at Sight Sciences

In other news, EVP Manohar K. Raheja bought 10,000 shares of the firm's stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average price of $2.73 per share, for a total transaction of $27,300.00. Following the acquisition, the executive vice president now owns 145,000 shares of the company's stock, valued at $395,850. This trade represents a 7.41 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Paul Badawi sold 24,819 shares of the firm's stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $2.92, for a total transaction of $72,471.48. Following the completion of the transaction, the chief executive officer now owns 5,676,331 shares in the company, valued at $16,574,886.52. The trade was a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 77,999 shares of company stock worth $206,175 in the last three months. Company insiders own 28.90% of the company's stock.

Hedge Funds Weigh In On Sight Sciences

Several hedge funds and other institutional investors have recently made changes to their positions in SGHT. American Century Companies Inc. increased its holdings in shares of Sight Sciences by 10.7% during the 4th quarter. American Century Companies Inc. now owns 51,564 shares of the company's stock worth $188,000 after acquiring an additional 4,964 shares during the last quarter. SG Americas Securities LLC boosted its position in Sight Sciences by 47.6% during the fourth quarter. SG Americas Securities LLC now owns 17,622 shares of the company's stock worth $64,000 after purchasing an additional 5,681 shares during the period. Wells Fargo & Company MN increased its holdings in shares of Sight Sciences by 53.4% in the fourth quarter. Wells Fargo & Company MN now owns 16,600 shares of the company's stock valued at $60,000 after purchasing an additional 5,781 shares during the last quarter. Barclays PLC raised its position in shares of Sight Sciences by 11.9% in the fourth quarter. Barclays PLC now owns 56,294 shares of the company's stock valued at $205,000 after purchasing an additional 5,994 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Sight Sciences by 2.1% during the 4th quarter. Northern Trust Corp now owns 332,491 shares of the company's stock worth $1,210,000 after buying an additional 6,727 shares during the last quarter. 55.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Needham & Company LLC reissued a "hold" rating on shares of Sight Sciences in a research report on Thursday, March 6th. Lake Street Capital reduced their price objective on Sight Sciences from $3.00 to $2.50 and set a "hold" rating on the stock in a research note on Thursday, March 6th. Citigroup decreased their target price on shares of Sight Sciences from $4.60 to $3.00 and set a "neutral" rating for the company in a research report on Tuesday, March 4th. Piper Sandler decreased their target price on Sight Sciences from $5.50 to $3.50 and set a "neutral" rating on the stock in a report on Thursday, March 6th. Finally, Stifel Nicolaus reduced their target price on Sight Sciences from $5.00 to $4.00 and set a "buy" rating for the company in a report on Thursday, March 6th. Five 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, the company has a consensus rating of "Hold" and an average price target of $3.83.

Sight Sciences Company Profile

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.