Citigroup Cuts Sight Sciences (NASDAQ:SGHT) Price Target to $4.00

Sight Sciences (NASDAQ:SGHT) had its target price reduced by Citigroup from $4.50 to $4.00 in a report published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

SGHT has been the topic of several other reports. Weiss Ratings restated a “sell (d-)” rating on shares of Sight Sciences in a research report on Saturday, September 27th. Needham & Company LLC restated a “hold” rating on shares of Sight Sciences in a research report on Thursday, August 28th. Piper Sandler restated a “neutral” rating and set a $4.00 target price (up from $3.50) on shares of Sight Sciences in a research report on Wednesday, June 18th. Wall Street Zen upgraded shares of Sight Sciences from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Finally, Lake Street Capital upgraded shares of Sight Sciences from a “hold” rating to a “buy” rating and upped their target price for the stock from $3.00 to $5.00 in a research report on Friday, August 8th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $4.33.

Sight Sciences Stock Down 2.6%

Sight Sciences stock opened at $3.38 on Tuesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 10.01 and a quick ratio of 9.49. Sight Sciences has a 1-year low of $2.03 and a 1-year high of $6.29. The company has a market cap of $177.01 million, a PE ratio of -3.52 and a beta of 2.41. The stock’s 50 day moving average price is $3.74 and its 200 day moving average price is $3.48.

Sight Sciences (NASDAQ:SGHT) last issued its earnings results on Wednesday, September 8th. The company reported ($0.81) earnings per share for the quarter. Sight Sciences had a negative return on equity of 59.38% and a negative net margin of 64.23%.The company had revenue of $12.54 million for the quarter. On average, sell-side analysts predict that Sight Sciences will post -0.99 EPS for the current fiscal year.

Insider Buying and Selling

In other Sight Sciences news, insider Jeremy B. Hayden sold 9,731 shares of the stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $3.27, for a total transaction of $31,820.37. Following the transaction, the insider owned 256,590 shares of the company’s stock, valued at $839,049.30. This trade represents a 3.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Paul Badawi sold 24,441 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $3.34, for a total transaction of $81,632.94. Following the transaction, the chief executive officer directly owned 5,962,502 shares in the company, valued at approximately $19,914,756.68. This represents a 0.41% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 40,796 shares of company stock worth $135,173. 30.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sight Sciences

A number of large investors have recently bought and sold shares of SGHT. Millennium Management LLC purchased a new position in Sight Sciences during the fourth quarter worth approximately $464,000. Foster Victor Wealth Advisors LLC purchased a new position in Sight Sciences during the first quarter worth approximately $85,000. WealthTrust Asset Management LLC raised its stake in Sight Sciences by 230.2% during the first quarter. WealthTrust Asset Management LLC now owns 43,590 shares of the company’s stock worth $105,000 after purchasing an additional 30,390 shares during the period. Nuveen LLC purchased a new position in shares of Sight Sciences in the 1st quarter valued at $154,000. Finally, Long Focus Capital Management LLC raised its stake in shares of Sight Sciences by 39.7% in the 1st quarter. Long Focus Capital Management LLC now owns 3,126,508 shares of the company’s stock valued at $7,504,000 after acquiring an additional 887,876 shares during the period. Hedge funds and other institutional investors own 55.51% of the company’s stock.

About Sight Sciences

Sight Sciences, Inc, an ophthalmic medical device company, engages in the development and commercialization of surgical and nonsurgical technologies for the treatment of eye diseases. It operates through two segments, Surgical Glaucoma and Dry Eye. The company's products include OMNI Surgical System, an implant-free glaucoma surgery technology indicated to reduce intraocular pressure in adult patients with primary open-angle glaucoma; and SION Surgical Instrument, a manually operated device used in ophthalmic surgical procedures to excise trabecular meshwork.