Sharps Technology (NASDAQ:STSS) Stock Rating Lowered by Wall Street Zen

Sharps Technology (NASDAQ:STSS) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Sharps Technology in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Sharps Technology presently has an average rating of “Sell”.

Sharps Technology Stock Up 2.5%

STSS stock opened at $2.83 on Friday. Sharps Technology has a 52-week low of $2.64 and a 52-week high of $1,248.27. The stock has a market cap of $79.89 million, a price-to-earnings ratio of 0.00 and a beta of 2.14. The business has a fifty day moving average of $5.41 and a two-hundred day moving average of $5.96.

Sharps Technology (NASDAQ:STSS) last released its quarterly 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 firm had revenue of $2.29 million during the quarter, compared to analyst estimates of $0.35 million.

Sharps Technology declared that its Board of Directors has approved a share repurchase plan on Thursday, October 2nd that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 55.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Sharps Technology

In other news, Director Timothy James Ruemler sold 20,000 shares of the stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $16.74, for a total transaction of $334,800.00. Following the sale, the director owned 20,218 shares of the company’s stock, valued at approximately $338,449.32. This represents a 49.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.22% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Altium Capital Management LLC purchased a new stake in Sharps Technology during the 1st quarter worth approximately $110,000. Anson Funds Management LP boosted its position in Sharps Technology by 4,763.2% in the 1st quarter. Anson Funds Management LP now owns 1,800,000 shares of the company’s stock valued at $54,000 after buying an additional 1,762,987 shares during the period. 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 worth $52,000 after acquiring an additional 7,906 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Sharps Technology during the third quarter worth $9,404,000. Finally, Pantera Capital Partners LP acquired a new stake in shares of Sharps Technology in the third quarter valued at $7,498,000. 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.