Citigroup Issues Pessimistic Forecast for Sight Sciences (NASDAQ:SGHT) Stock Price

Sight Sciences (NASDAQ:SGHT) had its price objective reduced by analysts at Citigroup from $9.10 to $6.50 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price objective would suggest a potential upside of 75.20% from the stock’s current price.

SGHT has been the subject of a number of other research reports. Piper Sandler set a $9.00 target price on Sight Sciences in a research note on Monday, January 5th. William Blair reissued an “outperform” rating on shares of Sight Sciences in a report on Thursday. Morgan Stanley raised their price objective on Sight Sciences from $6.00 to $8.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 2nd. Stifel Nicolaus lifted their target price on Sight Sciences from $6.00 to $8.00 and gave the stock a “buy” rating in a report on Monday, March 2nd. Finally, UBS Group upped their target price on Sight Sciences from $7.00 to $12.00 and gave the company a “buy” rating in a research report on Tuesday, December 23rd. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $8.31.

Sight Sciences Trading Down 6.3%

Shares of Sight Sciences stock opened at $3.71 on Friday. The firm’s 50 day simple moving average is $6.18 and its two-hundred day simple moving average is $5.76. The firm has a market capitalization of $200.38 million, a price-to-earnings ratio of -4.95 and a beta of 2.43. Sight Sciences has a 12-month low of $2.03 and a 12-month high of $9.24. The company has a current ratio of 10.22, a quick ratio of 8.93 and a debt-to-equity ratio of 0.63.

Sight Sciences (NASDAQ:SGHT) last posted its quarterly earnings data on Wednesday, March 4th. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.07. The business had revenue of $20.39 million during the quarter, compared to the consensus estimate of $20.35 million. Sight Sciences had a negative net margin of 49.67% and a negative return on equity of 55.72%. Analysts predict that Sight Sciences will post -0.99 EPS for the current year.

Insiders Place Their Bets

In other news, CFO James Rodberg sold 4,405 shares of the business’s stock in a transaction dated Monday, January 5th. The shares were 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 of the company’s stock, valued at $1,207,720.80. The trade was a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jeremy B. Hayden sold 9,385 shares of the stock in a transaction that occurred 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 transaction, the insider directly owned 247,205 shares of the company’s stock, valued at $1,933,143.10. The trade was a 3.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 99,796 shares of company stock worth $719,722 in the last 90 days. 30.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SGHT. BNP Paribas Financial Markets raised its holdings in shares of Sight Sciences by 99.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 7,579 shares of the company’s stock worth $26,000 after acquiring an additional 3,785 shares during the period. CWM LLC grew its holdings in shares of Sight Sciences by 70.2% in the second quarter. CWM LLC now owns 7,607 shares of the company’s stock valued at $31,000 after purchasing an additional 3,137 shares during the period. O Shaughnessy Asset Management LLC acquired a new stake in Sight Sciences during the fourth quarter worth about $81,000. AXQ Capital LP acquired a new stake in Sight Sciences during the fourth quarter worth about $89,000. Finally, Tower Research Capital LLC TRC raised its stake in Sight Sciences by 32.7% during the second quarter. Tower Research Capital LLC TRC now owns 11,665 shares of the company’s stock worth $48,000 after purchasing an additional 2,875 shares during the period. 55.51% of the stock is currently owned by institutional investors and hedge funds.

Sight Sciences Company Profile

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.