Lake Street Capital Cuts Sight Sciences (NASDAQ:SGHT) Price Target to $3.00

Sight Sciences (NASDAQ:SGHT) had its price target lowered by Lake Street Capital from $5.00 to $3.00 in a report released on Wednesday,Benzinga reports. Lake Street Capital currently has a hold rating on the stock.

Several other equities research analysts have also recently weighed in on the company. Piper Sandler restated a “neutral” rating and set a $5.50 price objective (down from $6.00) on shares of Sight Sciences in a research report on Friday, November 8th. Needham & Company LLC reissued a “hold” rating on shares of Sight Sciences in a research note on Tuesday. Citigroup dropped their price target on shares of Sight Sciences from $5.80 to $4.60 and set a “neutral” rating for the company in a research note on Wednesday, December 11th. Morgan Stanley reduced their price objective on shares of Sight Sciences from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Monday, November 11th. Finally, UBS Group initiated coverage on Sight Sciences in a research report on Friday, December 6th. They set a “buy” rating and a $5.50 target price for the company. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $4.72.

Sight Sciences Stock Performance

Shares of NASDAQ SGHT opened at $2.83 on Wednesday. The firm has a 50 day moving average of $3.68 and a 200 day moving average of $5.43. The firm has a market capitalization of $143.65 million, a price-to-earnings ratio of -2.77 and a beta of 2.57. 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 has a 12-month low of $2.67 and a 12-month high of $8.45.

Sight Sciences (NASDAQ:SGHT) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.01. The firm had revenue of $20.16 million during the quarter, compared to analysts’ expectations of $20.41 million. Sight Sciences had a negative net margin of 63.30% and a negative return on equity of 47.28%. On average, research analysts anticipate that Sight Sciences will post -1.01 earnings per share for the current year.

Insider Buying and Selling at Sight Sciences

In related news, insider Matthew Link sold 21,831 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $5.61, for a total value of $122,471.91. Following the completion of the sale, the insider now owns 663,550 shares in the company, valued at approximately $3,722,515.50. The trade was a 3.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Paul Badawi sold 12,236 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $3.60, for a total value of $44,049.60. Following the transaction, the chief executive officer now owns 5,713,197 shares in the company, valued at $20,567,509.20. The trade was a 0.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders purchased 15,000 shares of company stock valued at $58,232 and sold 47,681 shares valued at $212,977. 28.90% of the stock is owned by corporate insiders.

Institutional Trading of Sight Sciences

A number of hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC raised its holdings in shares of Sight Sciences by 47.6% in the 4th quarter. SG Americas Securities LLC now owns 17,622 shares of the company’s stock valued at $64,000 after purchasing an additional 5,681 shares in the last quarter. KCK LTD. purchased a new position in Sight Sciences during the fourth quarter valued at approximately $15,925,000. Arkadios Wealth Advisors bought a new position in Sight Sciences in the fourth quarter worth approximately $47,000. JPMorgan Chase & Co. boosted its position in Sight Sciences by 335.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 69,660 shares of the company’s stock valued at $439,000 after acquiring an additional 53,658 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. boosted its position in Sight Sciences by 5.4% during the third quarter. B. Riley Wealth Advisors Inc. now owns 195,082 shares of the company’s stock valued at $1,174,000 after purchasing an additional 10,000 shares in the last quarter. 55.51% of the stock is owned by hedge funds and other 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.