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

Sight Sciences (NASDAQ:SGHT) had its price objective dropped by Lake Street Capital from $5.00 to $3.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Lake Street Capital’s price target would suggest a potential upside of 5.63% from the company’s current price.

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

Sight Sciences Stock Performance

Shares of SGHT opened at $2.84 on Wednesday. The business has a 50-day simple moving average of $3.72 and a two-hundred day simple moving average of $5.45. The company has a quick ratio of 9.74, a current ratio of 10.18 and a debt-to-equity ratio of 0.36. Sight Sciences has a 52 week low of $2.83 and a 52 week high of $8.45. The stock has a market cap of $144.16 million, a price-to-earnings ratio of -2.78 and a beta of 2.57.

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

Insider Transactions at Sight Sciences

In related news, insider Matthew Link sold 21,831 shares of the business’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $5.61, for a total value of $122,471.91. Following 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 SEC, which is accessible through this hyperlink. Also, CEO Paul Badawi sold 12,236 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $3.60, for a total transaction of $44,049.60. Following the sale, the chief executive officer now directly owns 5,713,197 shares in the company, valued at approximately $20,567,509.20. The trade was a 0.21 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have bought 15,000 shares of company stock valued at $58,232 and have sold 47,681 shares valued at $212,977. Insiders own 28.90% of the company’s stock.

Institutional Investors Weigh In On Sight Sciences

Several large investors have recently added to or reduced their stakes in the stock. KCK LTD. purchased a new position in shares of Sight Sciences in the 4th quarter worth approximately $15,925,000. Long Focus Capital Management LLC boosted its stake in Sight Sciences by 86.9% during the second quarter. Long Focus Capital Management LLC now owns 560,594 shares of the company’s stock worth $3,739,000 after buying an additional 260,594 shares during the period. B. Riley Wealth Advisors Inc. bought a new position in Sight Sciences during the second quarter valued at $1,234,000. Millrace Asset Group Inc. purchased a new stake in shares of Sight Sciences in the third quarter valued at $874,000. Finally, State Street Corp lifted its holdings in shares of Sight Sciences by 17.4% in the 3rd quarter. State Street Corp now owns 646,776 shares of the company’s stock worth $4,075,000 after acquiring an additional 95,843 shares during the last quarter. 55.51% of the stock is owned by 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.