Short Interest in Sharps Technology, Inc. (NASDAQ:STSS) Expands By 35.7%

Sharps Technology, Inc. (NASDAQ:STSS) saw a large growth in short interest in the month of December. As of December 31st, there was short interest totaling 834,210 shares, a growth of 35.7% from the December 15th total of 614,624 shares. Based on an average trading volume of 265,358 shares, the days-to-cover ratio is presently 3.1 days. Approximately 2.9% of the shares of the company are sold short. Approximately 2.9% of the shares of the company are sold short. Based on an average trading volume of 265,358 shares, the days-to-cover ratio is presently 3.1 days.

Sharps Technology Stock Up 3.0%

Shares of STSS traded up $0.07 during mid-day trading on Monday, hitting $2.37. 1,404,906 shares of the company’s stock were exchanged, compared to its average volume of 833,487. Sharps Technology has a 52 week low of $1.65 and a 52 week high of $574.29. The stock’s 50-day simple moving average is $2.61 and its 200-day simple moving average is $5.26. The firm has a market cap of $68.73 million, a price-to-earnings ratio of 0.00 and a beta of 2.20.

Sharps Technology (NASDAQ:STSS) last issued its quarterly earnings results on Friday, November 14th. The company reported ($4.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.01) by ($3.01). The company had revenue of $2.29 million during the quarter, compared to analyst estimates of $0.35 million.

Sharps Technology announced that its board has initiated a stock repurchase program on Thursday, October 2nd that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 55.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Sharps Technology

In related news, major shareholder Saba Capital Management, L.P. sold 77,688 shares of the stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $2.25, for a total value of $174,798.00. Following the sale, the insider owned 1,549,170 shares in the company, valued at approximately $3,485,632.50. This represents a 4.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.22% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of STSS. Schonfeld Strategic Advisors LLC acquired a new stake in Sharps Technology during the third quarter worth about $9,404,000. Pantera Capital Partners LP bought a new stake in shares of Sharps Technology during the 3rd quarter worth approximately $7,498,000. Finally, Bank of America Corp DE boosted its position in shares of Sharps Technology by 98,825.0% during the 3rd quarter. Bank of America Corp DE now owns 7,914 shares of the company’s stock worth $52,000 after acquiring an additional 7,906 shares in the last quarter. Institutional investors and hedge funds own 17.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on STSS shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sharps Technology in a report on Wednesday, October 8th. Wall Street Zen lowered shares of Sharps Technology from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has a consensus rating of “Sell”.

Sharps Technology Company Profile

Sharps Technology (NASDAQ:STSS) is an insurtech company specializing in technology-enabled subrogation recovery services for property and casualty insurers. The company’s flagship platform combines process automation, data analytics and digital workflow tools to help carriers and third-party administrators identify, manage and recover funds from liable third parties. By streamlining the subrogation lifecycle—from claim intake through recovery—Sharps delivers greater transparency, faster turnaround times and improved recovery rates for its clients.

Since its initial public offering in late 2021, Sharps Technology has focused on expanding its presence across the United States.