Citigroup Has Lowered Expectations for Sight Sciences (NASDAQ:SGHT) Stock Price

Sight Sciences (NASDAQ:SGHT) had its price objective cut by Citigroup from $9.10 to $6.50 in a report released on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price objective points to a potential upside of 77.60% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sight Sciences in a research note on Monday, December 29th. Stifel Nicolaus upped their price objective on Sight Sciences from $6.00 to $8.00 and gave the stock a “buy” rating in a research note on Monday. Raymond James Financial set a $9.00 target price on Sight Sciences in a research note on Monday, January 5th. Piper Sandler set a $9.00 price target on Sight Sciences in a report on Monday, January 5th. Finally, William Blair reaffirmed an “outperform” rating on shares of Sight Sciences in a report on Thursday. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Sight Sciences has a consensus rating of “Hold” and a consensus target price of $8.44.

Sight Sciences Stock Performance

NASDAQ SGHT traded down $0.30 on Friday, reaching $3.66. 277,046 shares of the stock were exchanged, compared to its average volume of 297,615. The company has a current ratio of 9.60, a quick ratio of 8.93 and a debt-to-equity ratio of 0.62. Sight Sciences has a one year low of $2.03 and a one year high of $9.24. The firm has a market capitalization of $193.50 million, a PE ratio of -4.88 and a beta of 2.43. The company’s 50-day simple moving average is $6.29 and its two-hundred day simple moving average is $5.75.

Sight Sciences (NASDAQ:SGHT) last announced its quarterly earnings data on Wednesday, March 4th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.07. The firm had revenue of $20.39 million during the quarter, compared to analysts’ expectations of $20.35 million. Sight Sciences had a negative net margin of 49.67% and a negative return on equity of 54.39%. Analysts expect that Sight Sciences will post -0.99 EPS for the current fiscal year.

Insider Transactions at Sight Sciences

In related news, insider Jeremy B. Hayden sold 9,385 shares of the firm’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $7.82, for a total value of $73,390.70. Following the completion of the transaction, the insider directly owned 247,205 shares of the company’s stock, valued at approximately $1,933,143.10. This trade represents a 3.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO James Rodberg sold 4,405 shares of the business’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $7.82, for a total transaction of $34,447.10. Following the completion of the sale, the chief financial officer owned 154,440 shares in the company, valued at $1,207,720.80. This represents a 2.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 99,796 shares of company stock valued at $719,722 over the last quarter. 30.90% of the stock is owned by insiders.

Institutional Trading of Sight Sciences

A number of large investors have recently made changes to their positions in the business. Americana Partners LLC boosted its holdings in shares of Sight Sciences by 42.4% in the 3rd quarter. Americana Partners LLC now owns 1,229,819 shares of the company’s stock worth $4,231,000 after purchasing an additional 365,901 shares during the period. B Group Inc. raised its holdings in Sight Sciences by 11.6% during the 2nd quarter. B Group Inc. now owns 930,000 shares of the company’s stock valued at $3,841,000 after buying an additional 96,400 shares during the period. Bank of Montreal Can bought a new stake in Sight Sciences in the second quarter worth $49,000. CWM LLC boosted its stake in Sight Sciences by 70.2% during the second quarter. CWM LLC now owns 7,607 shares of the company’s stock worth $31,000 after buying an additional 3,137 shares during the period. Finally, Jefferies Financial Group Inc. bought a new position in Sight Sciences during the fourth quarter valued at $325,000. 55.51% of the stock is currently owned by institutional investors.

About Sight Sciences

Sight Sciences, Inc is a medical device company focused on developing and commercializing minimally invasive treatments for chronic eye diseases. The company’s flagship products include the OMNI® Surgical System, designed to address multiple points of resistance in the eye’s natural drainage pathways to lower intraocular pressure in glaucoma patients, and the TearCare® System, a wearable device for treating meibomian gland dysfunction and dry eye disease through targeted thermal pulsation therapy.

Since its founding in 2012 and subsequent listing on the NASDAQ under the ticker SGHT, Sight Sciences has pursued a strategy of combining research-driven product development with a direct sales force model.