Sharps Technology (NASDAQ:STSS) Downgraded to Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of Sharps Technology (NASDAQ:STSS) from a hold rating to a sell rating in a report issued on Saturday.

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

Sharps Technology Price Performance

Shares of STSS stock opened at $2.83 on Friday. The firm’s 50-day simple moving average is $5.41 and its 200-day simple moving average is $5.95. Sharps Technology has a 1-year low of $2.64 and a 1-year high of $1,248.27. The firm has a market cap of $79.89 million, a P/E ratio of 0.00 and a beta of 2.14.

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

Sharps Technology declared that its board has authorized a stock buyback plan on Thursday, October 2nd that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 55.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Timothy James Ruemler sold 20,000 shares of the stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $16.74, for a total value of $334,800.00. Following the completion of the sale, the director directly owned 20,218 shares in the company, valued at approximately $338,449.32. This represents a 49.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.22% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE grew its stake in shares of 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 in the last quarter. Pantera Capital Partners LP purchased a new position in Sharps Technology in the 3rd quarter worth approximately $7,498,000. Schonfeld Strategic Advisors LLC acquired a new stake in Sharps Technology in the third quarter valued at approximately $9,404,000. Anson Funds Management LP raised its stake 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 purchasing an additional 1,762,987 shares during the period. Finally, Altium Capital Management LLC acquired a new position in shares of Sharps Technology during the first quarter worth $110,000. Institutional investors and hedge funds own 17.17% of the company’s stock.

About Sharps Technology

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.