Sight Sciences (NASDAQ:SGHT) Sets New 12-Month High – Still a Buy?

Sight Sciences, Inc. (NASDAQ:SGHT) shares hit a new 52-week high on Wednesday. The company traded as high as $9.79 and last traded at $9.75, with a volume of 21,991 shares changing hands. The stock had previously closed at $9.42.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SGHT. HC Wainwright started coverage on Sight Sciences in a research report on Thursday, October 15th. They set a “buy” rating and a $14.00 target price on the stock. Wall Street Zen upgraded Sight Sciences from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of Sight Sciences in a report on Friday, August 7th. Citigroup increased their price target on shares of Sight Sciences from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Monday, October 5th. Finally, UBS Group raised their price objective on shares of Sight Sciences from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Sight Sciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.25.

Sight Sciences Trading Up 5.7%

The firm has a market cap of $548.37 million, a PE ratio of -17.77 and a beta of 2.44. The company has a debt-to-equity ratio of 0.58, a current ratio of 4.95 and a quick ratio of 4.67. The business has a 50-day moving average price of $8.63 and a two-hundred day moving average price of $6.03.

Sight Sciences (NASDAQ:SGHT) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.10. Sight Sciences had a negative net margin of 35.69% and a negative return on equity of 43.39%. The business had revenue of $23.39 million for the quarter, compared to analyst estimates of $21.72 million. Analysts forecast that Sight Sciences, Inc. will post -0.48 EPS for the current year.

Insider Buying and Selling at Sight Sciences

In related news, EVP Brenton Taylor sold 2,988 shares of Sight Sciences stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $8.85, for a total transaction of $26,443.80. Following the completion of the transaction, the executive vice president directly owned 261,990 shares in the company, valued at $2,318,611.50. The trade was a 1.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO James Rodberg sold 7,208 shares of Sight Sciences stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $8.85, for a total value of $63,790.80. Following the transaction, the chief financial officer owned 216,829 shares of the company’s stock, valued at $1,918,936.65. This represents a 3.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 47,646 shares of company stock worth $429,157 over the last ninety days. 30.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sight Sciences

Several hedge funds have recently bought and sold shares of SGHT. Conquis Financial LLC acquired a new position in Sight Sciences in the 2nd quarter valued at about $27,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Sight Sciences during the second quarter worth about $60,000. Ieq Capital LLC acquired a new position in shares of Sight Sciences in the second quarter valued at approximately $135,000. Hsbc Holdings PLC acquired a new position in shares of Sight Sciences in the first quarter valued at approximately $147,000. Finally, Algert Global LLC raised its position in shares of Sight Sciences by 25.3% in the second quarter. Algert Global LLC now owns 28,266 shares of the company’s stock valued at $153,000 after buying an additional 5,706 shares during the last quarter. Hedge funds and other institutional investors own 55.51% of the company’s stock.

About Sight Sciences

Sight Sciences, Inc is an ophthalmic medical technology company focused on developing and commercializing products designed to address the underlying causes of certain eye diseases. The company’s portfolio is centered on minimally invasive and non-invasive procedures intended to improve patient outcomes while supporting physicians in the treatment of glaucoma and ocular surface disease.

Its primary products include the OMNI Surgical System, a minimally invasive glaucoma surgery device used to reduce intraocular pressure by improving the eye’s natural fluid outflow pathways, and the TearCare System, a thermal pulsation technology designed to treat meibomian gland dysfunction, a common cause of evaporative dry eye disease.