Sharps Technology (NASDAQ:STSS) Releases Quarterly Earnings Results

Sharps Technology (NASDAQ:STSS) posted its earnings results on Friday. The company reported ($4.02) earnings per share (EPS) for the quarter, Zacks reports.

Sharps Technology Price Performance

Shares of STSS stock traded down $0.13 during trading hours on Friday, reaching $3.08. 116,936 shares of the company were exchanged, compared to its average volume of 165,617. Sharps Technology has a fifty-two week low of $3.02 and a fifty-two week high of $1,248.27. The stock’s fifty day moving average is $6.07 and its two-hundred day moving average is $6.01. The company has a market cap of $86.95 million, a price-to-earnings ratio of 0.00 and a beta of 2.14.

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

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, Director Robert Michael Hayes acquired 100,000 shares of the firm’s stock in a transaction on Friday, August 22nd. The shares were purchased at an average cost of $6.41 per share, for a total transaction of $641,000.00. Following the transaction, the director owned 100,000 shares of the company’s stock, valued at approximately $641,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Brenda Baird Simpson bought 20,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was purchased at an average cost of $6.41 per share, with a total value of $128,200.00. Following the completion of the purchase, the director directly owned 20,000 shares in the company, valued at approximately $128,200. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 720,000 shares of company stock valued at $4,615,200 over the last quarter. Company insiders own 1.22% of the company’s stock.

Hedge Funds Weigh In On Sharps Technology

An institutional investor recently bought a new position in Sharps Technology stock. Schonfeld Strategic Advisors LLC acquired a new position in Sharps Technology, Inc. (NASDAQ:STSS) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,538,462 shares of the company’s stock, valued at approximately $9,404,000. Schonfeld Strategic Advisors LLC owned 5.45% of Sharps Technology as of its most recent SEC filing. Institutional investors and hedge funds own 17.17% of the company’s stock.

Sharps Technology Company Profile

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.