Sharps Technology (NASDAQ:STSS) Major Shareholder Sells $65,211.63 in Stock

Sharps Technology, Inc. (NASDAQ:STSS) major shareholder Saba Capital Management, L.P. sold 29,777 shares of Sharps Technology stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $2.19, for a total value of $65,211.63. Following the completion of the transaction, the insider owned 1,626,858 shares in the company, valued at approximately $3,562,819.02. This represents a 1.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 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 Wednesday, January 14th, Saba Capital Management, L.P. sold 77,688 shares of Sharps Technology stock. The stock was sold at an average price of $2.25, for a total value of $174,798.00.

Sharps Technology Trading Up 3.0%

STSS opened at $2.37 on Friday. The company’s 50 day moving average is $2.61 and its 200-day moving average is $5.26. Sharps Technology, Inc. has a 1-year low of $1.65 and a 1-year high of $574.29. The company has a market cap of $68.73 million, a P/E ratio of 0.00 and a beta of 2.20.

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

Sharps Technology declared that its Board of Directors has initiated a stock repurchase program on Thursday, October 2nd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 55.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Sharps Technology

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on STSS. Wall Street Zen lowered Sharps Technology from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. Weiss Ratings reissued a “sell (e+)” rating on shares of Sharps Technology in a research note on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat, Sharps Technology has a consensus rating of “Sell”.

About Sharps Technology

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.