RxSight (NASDAQ:RXST) Shares Gap Down – Should You Sell?

RxSight, Inc. (NASDAQ:RXST)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $12.23, but opened at $11.29. RxSight shares last traded at $11.3550, with a volume of 52,199 shares trading hands.

Wall Street Analysts Forecast Growth

RXST has been the subject of a number of research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of RxSight in a research note on Wednesday, October 8th. Wells Fargo & Company upped their price objective on RxSight from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, November 6th. Zacks Research upgraded shares of RxSight from a “strong sell” rating to a “hold” rating in a research report on Monday, September 8th. Needham & Company LLC upped their price target on shares of RxSight from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Finally, Stifel Nicolaus set a $10.00 price target on shares of RxSight in a report on Thursday, November 6th. One investment analyst has rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $9.67.

RxSight Price Performance

The company’s 50-day moving average price is $10.28 and its two-hundred day moving average price is $9.93. The company has a market capitalization of $466.68 million, a price-to-earnings ratio of -12.90 and a beta of 1.13.

RxSight (NASDAQ:RXST) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.15. RxSight had a negative net margin of 25.15% and a negative return on equity of 12.82%. The business had revenue of $30.34 million for the quarter, compared to analysts’ expectations of $25.63 million. During the same quarter in the prior year, the firm posted ($0.16) earnings per share. The business’s quarterly revenue was down 31.4% compared to the same quarter last year. On average, equities research analysts expect that RxSight, Inc. will post -0.7 EPS for the current fiscal year.

Hedge Funds Weigh In On RxSight

Several institutional investors have recently added to or reduced their stakes in RXST. Militia Capital Partners LP acquired a new position in shares of RxSight during the first quarter valued at about $758,000. Y Intercept Hong Kong Ltd bought a new position in RxSight in the 2nd quarter valued at about $1,431,000. Brown Capital Management LLC boosted its stake in RxSight by 18.2% during the 2nd quarter. Brown Capital Management LLC now owns 1,119,240 shares of the company’s stock valued at $14,550,000 after purchasing an additional 171,952 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in RxSight by 57.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 310,411 shares of the company’s stock worth $7,838,000 after purchasing an additional 113,767 shares in the last quarter. Finally, Squarepoint Ops LLC raised its position in RxSight by 138.6% in the 2nd quarter. Squarepoint Ops LLC now owns 374,663 shares of the company’s stock valued at $4,871,000 after buying an additional 217,608 shares during the last quarter. 78.78% of the stock is owned by institutional investors and hedge funds.

RxSight Company Profile

RxSight, Inc is a medical technology company focused on the development and commercialization of advanced intraocular lens (IOL) systems for patients undergoing cataract surgery and lens replacement procedures. The company’s flagship product, the Light Adjustable Lens (LAL), is designed to provide customized vision correction by allowing non?invasive post?operative adjustments. Using ultraviolet light, surgeons can fine?tune the lens power after implantation to achieve optimal visual outcomes, reducing reliance on glasses or contact lenses and enhancing patient satisfaction.

Founded in 2011 and headquartered in Aliso Viejo, California, RxSight has pursued regulatory clearances and market access across multiple regions.