Stock Buyback Program Announced by Sharps Technology (NASDAQ:STSS)

Sharps Technology (NASDAQ:STSS) announced that its board has authorized a stock repurchase plan on Thursday, October 2nd, RTT News reports. The company plans to repurchase $100.00 million in shares. This repurchase authorization permits the company to reacquire up to 55.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Sharps Technology Stock Performance

STSS stock opened at $6.75 on Friday. Sharps Technology has a one year low of $3.36 and a one year high of $1,248.27. The firm has a market cap of $179.56 million, a PE ratio of -0.01 and a beta of 2.17. The firm’s 50 day moving average price is $7.74 and its 200-day moving average price is $9.91.

Sharps Technology (NASDAQ:STSS) last issued its quarterly earnings data on Wednesday, August 13th. The company reported $3.58 earnings per share for the quarter, topping the consensus estimate of ($0.94) by $4.52. The business had revenue of $0.22 million during the quarter, compared to analysts’ expectations of $0.25 million.

Insider Activity

In related news, Director Paul K. Danner acquired 400,000 shares of Sharps Technology stock in a transaction that occurred on Friday, August 22nd. The shares were purchased at an average cost of $6.41 per share, for a total transaction of $2,564,000.00. Following the acquisition, the director owned 400,000 shares in the company, valued at approximately $2,564,000. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Robert Michael Hayes bought 100,000 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was bought at an average cost of $6.41 per share, for a total transaction of $641,000.00. Following the transaction, the director directly owned 100,000 shares of the company’s stock, valued at $641,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 720,005 shares of company stock worth $4,615,300. 1.22% of the stock is currently owned by corporate insiders.

About Sharps Technology

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.