Saba Capital Management, L.P. Sells 29,777 Shares of Sharps Technology (NASDAQ:STSS) Stock

Sharps Technology, Inc. (NASDAQ:STSS) major shareholder Saba Capital Management, L.P. sold 29,777 shares of the firm’s stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $2.19, for a total transaction of $65,211.63. Following the sale, the insider directly owned 1,626,858 shares in the company, valued at approximately $3,562,819.02. The trade was a 1.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions 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 transaction of $174,798.00.

Sharps Technology Stock Up 3.0%

STSS opened at $2.37 on Friday. The stock has a market capitalization of $68.72 million, a price-to-earnings ratio of 0.00 and a beta of 2.20. The firm has a 50 day moving average price of $2.61 and a 200-day moving average price of $5.27. Sharps Technology, Inc. has a twelve month low of $1.65 and a twelve month high of $574.29.

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

Sharps Technology declared that its board has initiated a share buyback program on Thursday, October 2nd that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 55.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Sharps Technology

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on STSS. Wall Street Zen downgraded Sharps Technology from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sharps Technology in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has an average rating of “Sell”.

Sharps Technology Company Profile

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.