Sharps Technology, Inc. (NASDAQ:STSS) Short Interest Down 32.5% in January

Sharps Technology, Inc. (NASDAQ:STSS) saw a significant decline in short interest during the month of January. As of January 15th, there was short interest totaling 562,865 shares, a decline of 32.5% from the December 31st total of 834,210 shares. Approximately 2.0% of the shares of the stock are short sold. Based on an average trading volume of 1,416,805 shares, the short-interest ratio is presently 0.4 days. Based on an average trading volume of 1,416,805 shares, the short-interest ratio is presently 0.4 days. Approximately 2.0% of the shares of the stock are short sold.

Insider Buying and Selling at Sharps Technology

In related news, major shareholder Saba Capital Management, L.P. sold 77,688 shares of the business’s stock in a transaction that occurred on Wednesday, January 14th. The stock was sold at an average price of $2.25, for a total transaction of $174,798.00. Following the transaction, the insider directly owned 1,549,170 shares of the company’s stock, valued at approximately $3,485,632.50. The trade was a 4.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders sold 144,647 shares of company stock worth $326,381. Corporate insiders own 1.22% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Schonfeld Strategic Advisors LLC acquired a new stake in Sharps Technology during the 3rd quarter worth about $9,404,000. Bank of America Corp DE raised its stake in shares of 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 last quarter. Finally, Pantera Capital Partners LP purchased a new position in shares of Sharps Technology during the 3rd quarter worth about $7,498,000. 17.17% of the stock is owned by hedge funds and other institutional investors.

Sharps Technology Stock Performance

Shares of NASDAQ:STSS traded down $0.05 during midday trading on Friday, hitting $2.07. 441,226 shares of the company’s stock traded hands, compared to its average volume of 1,061,070. The firm’s fifty day moving average price is $2.41 and its two-hundred day moving average price is $5.01. The company has a market cap of $60.02 million, a PE ratio of 0.00 and a beta of 2.20. Sharps Technology has a twelve month low of $1.65 and a twelve month high of $211.20.

Sharps Technology (NASDAQ:STSS) last posted its earnings results 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 business had revenue of $2.29 million for the quarter, compared to analysts’ expectations of $0.35 million.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on STSS. Weiss Ratings reissued a “sell (e+)” rating on shares of Sharps Technology in a research note on Thursday, January 22nd. Wall Street Zen lowered shares of Sharps Technology from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently 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.