Sharps Technology (NASDAQ:STSS) Releases Earnings Results

Sharps Technology (NASDAQ:STSS) announced its quarterly earnings data on Friday. The company reported ($4.02) earnings per share for the quarter, Zacks reports.

Sharps Technology Stock Down 4.0%

Sharps Technology stock traded down $0.13 during midday trading on Friday, hitting $3.08. 116,936 shares of the stock were exchanged, compared to its average volume of 165,617. The stock has a market capitalization of $86.95 million, a PE ratio of 0.00 and a beta of 2.14. The company has a fifty day simple moving average of $6.07 and a two-hundred day simple moving average of $6.01. Sharps Technology has a 52 week low of $3.02 and a 52 week high of $1,248.27.

Sharps Technology declared that its board has authorized a stock repurchase program on Thursday, October 2nd that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 55.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Brenda Baird Simpson purchased 20,000 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was bought at an average price of $6.41 per share, with a total value of $128,200.00. Following the acquisition, the director directly owned 20,000 shares of the company’s stock, valued at approximately $128,200. This represents a ? increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Paul K. Danner acquired 400,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was purchased at an average price of $6.41 per share, with a total value of $2,564,000.00. Following the transaction, the director owned 400,000 shares in the company, valued at $2,564,000. This represents a ? increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders acquired 720,000 shares of company stock valued at $4,615,200. 1.22% of the stock is owned by company insiders.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Sharps Technology stock. Schonfeld Strategic Advisors LLC purchased a new position in Sharps Technology, Inc. (NASDAQ:STSS) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,538,462 shares of the company’s stock, valued at approximately $9,404,000. Schonfeld Strategic Advisors LLC owned approximately 5.45% of Sharps Technology at the end of the most recent reporting period. 17.17% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Sharps Technology in a research report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat, Sharps Technology has a consensus rating of “Sell”.

Sharps Technology Company Profile

Sharps Technology, Inc, a medical device company, researches, designs, develops, manufactures, distributes, and sells safety syringe products in the United States. It offers Sharps Provensa, an ultra-low waste space syringe for the administration of various vaccines and injectable medications. Sharps Technology, Inc was incorporated in 2017 and is based in Melville, New York.