Sharps Technology (NASDAQ:STSS) Board of Directors Authorizes Share Repurchase Program

Sharps Technology (NASDAQ:STSS) announced that its Board of Directors has authorized a share repurchase plan on Thursday, October 2nd, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 55.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Sharps Technology Stock Performance

NASDAQ STSS opened at $6.75 on Friday. The firm has a market capitalization of $179.55 million, a P/E ratio of -0.01 and a beta of 2.17. The stock has a 50-day simple moving average of $7.75 and a two-hundred day simple moving average of $8.65. Sharps Technology has a fifty-two week low of $3.36 and a fifty-two week high of $1,248.27.

Sharps Technology (NASDAQ:STSS) last posted its earnings results on Wednesday, August 13th. The company reported $3.58 EPS for the quarter, topping the consensus estimate of ($0.94) by $4.52. The company had revenue of $0.22 million for the quarter, compared to analyst estimates of $0.25 million.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Sharps Technology in a research note on Saturday, September 27th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Sell”.

Insider Activity

In other news, Director Soren Bo Christiansen purchased 80,000 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The shares were bought at an average price of $6.41 per share, for a total transaction of $512,800.00. Following the completion of the transaction, the director owned 80,000 shares in the company, valued at $512,800. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Robert Michael Hayes acquired 100,000 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was purchased at an average cost of $6.41 per share, with a total value of $641,000.00. Following the acquisition, the director directly owned 100,000 shares of the company’s stock, valued at $641,000. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 720,005 shares of company stock worth $4,615,300. 1.22% of the stock is currently owned by corporate insiders.

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.