Citigroup Cuts Sight Sciences (NASDAQ:SGHT) Price Target to $4.60

Sight Sciences (NASDAQ:SGHT) had its target price decreased by Citigroup from $5.80 to $4.60 in a research note released on Wednesday morning,Benzinga reports. Citigroup currently has a neutral rating on the stock.

Several other research analysts have also issued reports on SGHT. Needham & Company LLC restated a “hold” rating on shares of Sight Sciences in a research report on Friday, November 8th. Lake Street Capital downgraded shares of Sight Sciences from a “buy” rating to a “hold” rating and lowered their target price for the stock from $10.00 to $5.00 in a research note on Monday, November 4th. Piper Sandler reaffirmed a “neutral” rating and set a $5.50 price target (down previously from $6.00) on shares of Sight Sciences in a research report on Friday, November 8th. UBS Group assumed coverage on Sight Sciences in a research report on Friday, December 6th. They issued a “buy” rating and a $5.50 price objective for the company. Finally, Morgan Stanley dropped their price objective 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. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $5.12.

Sight Sciences Stock Performance

NASDAQ SGHT opened at $3.58 on Wednesday. The company has a market capitalization of $181.72 million, a price-to-earnings ratio of -3.51 and a beta of 2.58. 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 twelve month low of $3.02 and a twelve month high of $8.45. The stock has a fifty day simple moving average of $4.65 and a 200 day simple moving average of $5.96.

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

Insider Transactions at Sight Sciences

In other Sight Sciences news, insider Jeremy B. Hayden sold 4,878 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $6.08, for a total value of $29,658.24. Following the transaction, the insider now owns 158,687 shares in the company, valued at approximately $964,816.96. This represents a 2.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Paul Badawi sold 12,727 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $5.99, for a total value of $76,234.73. Following the sale, the chief executive officer now owns 5,725,433 shares of the company’s stock, valued at approximately $34,295,343.67. This represents a 0.22 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 15,000 shares of company stock valued at $58,232 and have sold 97,357 shares valued at $574,666. Insiders own 28.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Long Focus Capital Management LLC increased its position in shares of 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 acquiring an additional 260,594 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new stake in Sight Sciences during the 2nd quarter worth approximately $1,234,000. Millrace Asset Group Inc. bought a new stake in Sight Sciences during the 3rd quarter worth approximately $874,000. State Street Corp raised its stake in shares of Sight Sciences by 17.4% in the third quarter. State Street Corp now owns 646,776 shares of the company’s stock worth $4,075,000 after purchasing an additional 95,843 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Sight Sciences by 5.5% in the first quarter. Vanguard Group Inc. now owns 1,556,450 shares of the company’s stock valued at $8,218,000 after purchasing an additional 81,768 shares in the last quarter. Institutional investors and hedge funds own 55.51% of the company’s stock.

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.