RxSight (NASDAQ:RXST) Shares Down 4.7% – Here’s What Happened

RxSight, Inc. (NASDAQ:RXST) shares dropped 4.7% during trading on Friday . The stock traded as low as $30.54 and last traded at $30.37. Approximately 84,028 shares changed hands during trading, a decline of 86% from the average daily volume of 601,876 shares. The stock had previously closed at $31.87.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Needham & Company LLC reiterated a “buy” rating and issued a $66.00 price target on shares of RxSight in a research note on Monday, January 13th. Wells Fargo & Company lowered their target price on shares of RxSight from $42.00 to $40.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. UBS Group began coverage on shares of RxSight in a research report on Friday, December 6th. They set a “buy” rating and a $52.00 target price on the stock. Stifel Nicolaus decreased their price target on shares of RxSight from $40.00 to $35.00 and set a “hold” rating for the company in a report on Monday, January 13th. Finally, Jefferies Financial Group assumed coverage on shares of RxSight in a report on Tuesday, October 29th. They set a “buy” rating and a $72.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $58.13.

RxSight Stock Performance

The company has a 50 day moving average of $34.17 and a 200 day moving average of $44.37. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of -36.28 and a beta of 1.19.

Insider Activity

In related news, Director Shweta Maniar sold 3,519 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $30.87, for a total value of $108,631.53. Following the completion of the sale, the director now owns 7,383 shares of the company’s stock, valued at approximately $227,913.21. This represents a 32.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Ilya Goldshleger sold 3,100 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $45.00, for a total transaction of $139,500.00. Following the sale, the insider now owns 42,246 shares of the company’s stock, valued at approximately $1,901,070. The trade was a 6.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,706 shares of company stock worth $846,456 over the last three months. Insiders own 9.36% of the company’s stock.

Institutional Trading of RxSight

Several hedge funds have recently made changes to their positions in RXST. Nisa Investment Advisors LLC lifted its holdings in RxSight by 854.1% in the third quarter. Nisa Investment Advisors LLC now owns 582 shares of the company’s stock valued at $29,000 after acquiring an additional 521 shares during the last quarter. Quarry LP lifted its stake in shares of RxSight by 82.3% in the 3rd quarter. Quarry LP now owns 638 shares of the company’s stock valued at $32,000 after purchasing an additional 288 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of RxSight in the 3rd quarter valued at $34,000. Private Trust Co. NA purchased a new position in shares of RxSight during the 4th quarter worth $34,000. Finally, KBC Group NV increased its position in shares of RxSight by 63.6% during the 3rd quarter. KBC Group NV now owns 1,232 shares of the company’s stock worth $61,000 after purchasing an additional 479 shares during the last quarter. Hedge funds and other institutional investors own 78.78% of the company’s stock.

RxSight Company Profile

RxSight, Inc, a commercial-stage medical device company, engages in the research and development, manufacture, and sale of light adjustable intraocular lenses (LAL) used in cataract surgery in the United States and internationally. It offers RxSight system that enables doctors to customize and enhance the visual acuity for patients after cataract surgery.