Citigroup Lowers Sight Sciences (NASDAQ:SGHT) Price Target to $3.00

Sight Sciences (NASDAQ:SGHT) had its price target reduced by investment analysts at Citigroup from $4.60 to $3.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price target points to a potential upside of 23.97% from the stock’s previous close.

A number of other equities analysts also recently weighed in on the stock. Morgan Stanley decreased their target price on shares of Sight Sciences from $7.00 to $5.00 and set an “equal weight” rating for the company in a research note on Monday, November 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Sight Sciences in a research report on Tuesday, January 14th. Lake Street Capital dropped their target price on Sight Sciences from $5.00 to $3.00 and set a “hold” rating on the stock in a report on Wednesday, January 15th. Stifel Nicolaus reduced their price target on Sight Sciences from $6.00 to $5.00 and set a “buy” rating for the company in a report on Thursday, February 6th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $5.50 price target (down previously from $6.00) on shares of Sight Sciences in a research report on Friday, November 8th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Sight Sciences currently has a consensus rating of “Hold” and a consensus price target of $4.42.

Sight Sciences Trading Down 2.0 %

NASDAQ SGHT opened at $2.42 on Tuesday. The firm has a market capitalization of $122.83 million, a PE ratio of -2.37 and a beta of 2.52. The stock’s 50 day moving average is $2.95 and its 200 day moving average is $4.45. Sight Sciences has a twelve month low of $2.29 and a twelve month high of $8.45. 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 (NASDAQ:SGHT) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.01). The firm had revenue of $19.07 million for the quarter, compared to analysts’ expectations of $18.98 million. Sight Sciences had a negative net margin of 63.30% and a negative return on equity of 47.28%. During the same period in the prior year, the business posted ($0.22) EPS. Research analysts forecast that Sight Sciences will post -0.99 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Paul Badawi sold 12,236 shares of Sight Sciences stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $3.60, for a total value of $44,049.60. Following the completion of the sale, the chief executive officer now directly owns 5,713,197 shares in the company, valued at approximately $20,567,509.20. This trade represents a 0.21 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 63,014 shares of company stock valued at $197,295 over the last ninety days. 28.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SGHT. KCK LTD. bought a new stake in Sight Sciences in the 4th quarter worth approximately $15,925,000. Barclays PLC grew its holdings in shares of Sight Sciences by 317.4% in the third quarter. Barclays PLC now owns 50,300 shares of the company’s stock worth $317,000 after acquiring an additional 38,248 shares during the period. Millrace Asset Group Inc. bought a new stake in shares of Sight Sciences in the third quarter worth $874,000. Geode Capital Management LLC lifted its holdings in Sight Sciences by 1.6% in the third quarter. Geode Capital Management LLC now owns 784,129 shares of the company’s stock valued at $4,941,000 after acquiring an additional 12,709 shares during the period. Finally, State Street Corp boosted its position in 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. Institutional investors 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.