Sharps Technology, Inc. (NASDAQ:STSS) Short Interest Up 265.1% in December

Sharps Technology, Inc. (NASDAQ:STSS) was the target of a large increase in short interest during the month of December. As of December 15th, there was short interest totaling 614,624 shares, an increase of 265.1% from the November 30th total of 168,365 shares. Approximately 2.2% of the shares of the stock are short sold. Based on an average daily volume of 258,717 shares, the short-interest ratio is presently 2.4 days. Based on an average daily volume of 258,717 shares, the short-interest ratio is presently 2.4 days. Approximately 2.2% of the shares of the stock are short sold.

Sharps Technology Price Performance

Shares of NASDAQ STSS opened at $2.14 on Thursday. The company has a market capitalization of $60.30 million, a P/E ratio of 0.00 and a beta of 2.16. The company has a 50 day simple moving average of $3.44 and a 200-day simple moving average of $5.66. Sharps Technology has a 1 year low of $2.01 and a 1 year high of $690.00.

Sharps Technology (NASDAQ:STSS) last issued its quarterly earnings data on Friday, November 14th. The company reported ($4.02) earnings per share for the quarter, missing the consensus estimate 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.

Sharps Technology declared that its Board of Directors has approved a stock buyback plan on Thursday, October 2nd that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 55.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sharps Technology in a report on Wednesday, October 8th. Wall Street Zen downgraded Sharps Technology from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Sharps Technology has an average rating of “Sell”.

Institutional Trading of Sharps Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE lifted its position in 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 valued at $52,000 after buying an additional 7,906 shares during the last quarter. Anson Funds Management LP increased its position in shares of Sharps Technology by 4,763.2% during the first quarter. Anson Funds Management LP now owns 1,800,000 shares of the company’s stock valued at $54,000 after acquiring an additional 1,762,987 shares during the last quarter. Pantera Capital Partners LP purchased a new stake in shares of Sharps Technology in the 3rd quarter valued at approximately $7,498,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in shares of Sharps Technology in the 3rd quarter valued at approximately $9,404,000. 17.17% of the stock is owned by institutional investors and hedge funds.

Sharps Technology Company Profile

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.