Insider Selling: Sharps Technology (NASDAQ:STSS) Major Shareholder Sells $174,798.00 in Stock

Sharps Technology, Inc. (NASDAQ:STSS) major shareholder Saba Capital Management, L.P. sold 77,688 shares of the company’s stock in a transaction dated 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 sale, the insider directly owned 1,549,170 shares in the company, valued at approximately $3,485,632.50. The trade was a 4.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Tuesday, January 13th, Saba Capital Management, L.P. sold 29,777 shares of Sharps Technology stock. The stock was sold at an average price of $2.19, for a total transaction of $65,211.63.

Sharps Technology Stock Performance

Shares of NASDAQ:STSS opened at $2.37 on Friday. The business has a fifty day moving average of $2.61 and a 200-day moving average of $5.26. Sharps Technology, Inc. has a twelve month low of $1.65 and a twelve month high of $574.29. The firm has a market cap of $68.73 million, a PE ratio of 0.00 and a beta of 2.20.

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

Sharps Technology announced that its board has authorized a share buyback program on Thursday, October 2nd that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 55.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

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

Institutional Trading of Sharps Technology

A number of large investors have recently bought and sold shares of the business. Bank of America Corp DE raised its holdings in shares of Sharps Technology by 98,825.0% during the third quarter. Bank of America Corp DE now owns 7,914 shares of the company’s stock worth $52,000 after acquiring an additional 7,906 shares during the period. Pantera Capital Partners LP acquired a new stake in shares of Sharps Technology in the 3rd quarter valued at about $7,498,000. Finally, Schonfeld Strategic Advisors LLC bought a new stake in shares of Sharps Technology in the third quarter valued at about $9,404,000. 17.17% of the stock is owned by institutional investors.

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.