Sharps Technology, Inc. (NASDAQ:STSS) Short Interest Down 32.5% in January

Sharps Technology, Inc. (NASDAQ:STSS) was the recipient of a large drop in short interest during the month of January. As of January 15th, there was short interest totaling 562,865 shares, a drop of 32.5% from the December 31st total of 834,210 shares. Based on an average daily volume of 1,416,805 shares, the days-to-cover ratio is presently 0.4 days. Approximately 2.0% of the shares of the company are short sold. Approximately 2.0% of the shares of the company are short sold. Based on an average daily volume of 1,416,805 shares, the days-to-cover ratio is presently 0.4 days.

Insider Activity at Sharps Technology

In related news, major shareholder Saba Capital Management, L.P. sold 12,182 shares of the business’s stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $2.37, for a total value of $28,871.34. Following the transaction, the insider directly owned 1,511,988 shares of the company’s stock, valued at approximately $3,583,411.56. The trade was a 0.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders sold 144,647 shares of company stock worth $326,381. Insiders own 1.22% of the company’s stock.

Hedge Funds Weigh In On Sharps Technology

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Sharps Technology from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. Weiss Ratings reissued a “sell (e+)” rating on shares of Sharps Technology in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has a consensus rating of “Sell”.

Sharps Technology Price Performance

NASDAQ:STSS opened at $2.07 on Friday. Sharps Technology has a 1 year low of $1.65 and a 1 year high of $211.20. The stock’s fifty day moving average price is $2.41 and its two-hundred day moving average price is $5.02. The company has a market cap of $60.03 million, a P/E ratio of 0.00 and a beta of 2.20.

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

About Sharps Technology

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.