Millrace Asset Group Inc. Buys New Stake in Sight Sciences, Inc. (NASDAQ:SGHT)

Millrace Asset Group Inc. purchased a new stake in shares of Sight Sciences, Inc. (NASDAQ:SGHT) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 138,793 shares of the company’s stock, valued at approximately $874,000.

Other institutional investors have also bought and sold shares of the company. Jacobs Levy Equity Management Inc. increased its holdings in shares of Sight Sciences by 25.5% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 377,057 shares of the company’s stock worth $1,991,000 after buying an additional 76,549 shares during the last quarter. Vanguard Group Inc. grew its position in Sight Sciences by 5.5% in the first quarter. Vanguard Group Inc. now owns 1,556,450 shares of the company’s stock worth $8,218,000 after acquiring an additional 81,768 shares in the last quarter. Acadian Asset Management LLC increased its stake in Sight Sciences by 256.6% during the second quarter. Acadian Asset Management LLC now owns 83,693 shares of the company’s stock worth $556,000 after acquiring an additional 60,220 shares during the last quarter. Long Focus Capital Management LLC raised its position in Sight Sciences by 86.9% during the second quarter. Long Focus Capital Management LLC now owns 560,594 shares of the company’s stock valued at $3,739,000 after purchasing an additional 260,594 shares during the period. Finally, State Board of Administration of Florida Retirement System bought a new stake in shares of Sight Sciences in the 1st quarter valued at approximately $59,000. Institutional investors own 55.51% of the company’s stock.

Sight Sciences Trading Down 0.7 %

SGHT opened at $3.98 on Tuesday. The company has a quick ratio of 9.74, a current ratio of 10.18 and a debt-to-equity ratio of 0.36. The stock’s fifty day moving average is $5.36 and its two-hundred day moving average is $6.12. The company has a market capitalization of $202.02 million, a P/E ratio of -3.90 and a beta of 2.74. Sight Sciences, Inc. has a 52 week low of $2.58 and a 52 week high of $8.45.

Sight Sciences (NASDAQ:SGHT) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.22) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.01. Sight Sciences had a negative return on equity of 47.28% and a negative net margin of 63.30%. The firm had revenue of $20.16 million for the quarter, compared to analyst estimates of $20.41 million. Analysts forecast that Sight Sciences, Inc. will post -1.01 earnings per share for the current year.

Insider Activity

In related news, insider Jeremy B. Hayden sold 4,878 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $6.08, for a total transaction of $29,658.24. Following the completion of the sale, the insider now owns 158,687 shares of the company’s stock, valued at $964,816.96. This represents a 2.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Paul Badawi sold 12,727 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $5.99, for a total value of $76,234.73. Following the sale, the chief executive officer now owns 5,725,433 shares of the company’s stock, valued at approximately $34,295,343.67. This represents a 0.22 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 97,357 shares of company stock worth $574,666. 28.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Piper Sandler reissued a “neutral” rating and set a $5.50 target price (down previously from $6.00) on shares of Sight Sciences in a research report on Friday, November 8th. Morgan Stanley cut their price objective on shares of Sight Sciences from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Monday, November 11th. Lake Street Capital lowered shares of Sight Sciences from a “buy” rating to a “hold” rating and lowered their target price for the stock from $10.00 to $5.00 in a report on Monday, November 4th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Sight Sciences in a research note on Friday, November 8th. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $5.50.

Sight Sciences Company Profile

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.