Short Interest in Sharps Technology, Inc. (NASDAQ:STSS) Decreases By 32.5%

Sharps Technology, Inc. (NASDAQ:STSS) saw a significant drop in short interest during the month of January. As of January 15th, there was short interest totaling 562,865 shares, a drop of 32.5% from the December 31st total of 834,210 shares. Currently, 2.0% of the company’s shares are short sold. Based on an average daily volume of 1,416,805 shares, the days-to-cover ratio is currently 0.4 days. Based on an average daily volume of 1,416,805 shares, the days-to-cover ratio is currently 0.4 days. Currently, 2.0% of the company’s shares are short sold.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on STSS shares. Weiss Ratings restated a “sell (e+)” rating on shares of Sharps Technology in a report on Thursday, January 22nd. Wall Street Zen lowered shares of Sharps Technology from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Sharps Technology has an average rating of “Sell”.

Sharps Technology Trading Down 2.4%

Shares of STSS stock opened at $2.07 on Monday. The company’s fifty day moving average price is $2.41 and its 200-day moving average price is $5.01. The stock has a market cap of $60.03 million, a PE ratio of 0.00 and a beta of 2.20. Sharps Technology has a 12 month low of $1.65 and a 12 month high of $211.20.

Sharps Technology (NASDAQ:STSS) last issued its quarterly earnings results on Friday, November 14th. The company reported ($4.02) EPS for the quarter, missing analysts’ consensus estimates of ($1.01) by ($3.01). The firm had revenue of $2.29 million during the quarter, compared to analysts’ expectations of $0.35 million.

Insider Transactions at Sharps Technology

In other Sharps Technology news, major shareholder Saba Capital Management, L.P. sold 77,688 shares of the company’s stock in a transaction that occurred on Wednesday, January 14th. The stock was sold at an average price of $2.25, for a total transaction of $174,798.00. Following the completion of the transaction, the insider owned 1,549,170 shares of the company’s stock, valued at $3,485,632.50. This represents a 4.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last quarter, insiders sold 144,647 shares of company stock worth $326,381. 1.22% of the stock is owned by insiders.

Hedge Funds Weigh In On Sharps Technology

Several large investors have recently modified their holdings of the stock. Bank of America Corp DE grew its position in Sharps Technology by 98,825.0% during the 3rd quarter. Bank of America Corp DE now owns 7,914 shares of the company’s stock valued at $52,000 after purchasing an additional 7,906 shares during the last quarter. Pantera Capital Partners LP bought a new position in shares of Sharps Technology in the third quarter worth approximately $7,498,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in shares of Sharps Technology in the third quarter worth approximately $9,404,000. Hedge funds and other institutional investors own 17.17% of the company’s stock.

About Sharps Technology

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.