RxSight (NASDAQ:RXST) Reaches New 12-Month Low – Here’s What Happened

Shares of RxSight, Inc. (NASDAQ:RXST) reached a new 52-week low on Monday . The stock traded as low as $24.79 and last traded at $25.71, with a volume of 11515 shares traded. The stock had previously closed at $25.10.

Analyst Ratings Changes

A number of equities research analysts have commented on RXST shares. JPMorgan Chase & Co. reduced their price target on shares of RxSight from $62.00 to $40.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Stifel Nicolaus reduced their target price on shares of RxSight from $35.00 to $33.00 and set a “hold” rating for the company in a research note on Wednesday, February 26th. Needham & Company LLC reissued a “buy” rating and set a $43.00 price target on shares of RxSight in a research report on Wednesday, February 26th. UBS Group started coverage on shares of RxSight in a research report on Friday, December 6th. They issued a “buy” rating and a $52.00 price objective for the company. Finally, Wells Fargo & Company dropped their target price on shares of RxSight from $40.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 26th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.63.

RxSight Price Performance

The stock’s 50 day simple moving average is $31.11 and its two-hundred day simple moving average is $41.63. The stock has a market capitalization of $1.03 billion, a PE ratio of -30.65 and a beta of 1.22.

RxSight (NASDAQ:RXST) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of $0.10 by ($0.25). RxSight had a negative net margin of 23.92% and a negative return on equity of 14.00%. The firm had revenue of $40.21 million during the quarter, compared to analysts’ expectations of $40.23 million. As a group, equities research analysts predict that RxSight, Inc. will post -0.7 earnings per share for the current fiscal year.

Insider Transactions at RxSight

In other news, Director Shweta Maniar sold 3,519 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $30.87, for a total transaction of $108,631.53. Following the sale, the director now directly owns 7,383 shares in the company, valued at $227,913.21. This represents a 32.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Jesse Anderson Corley purchased 1,443 shares of the stock in a transaction dated Wednesday, January 15th. The stock was purchased at an average cost of $31.18 per share, for a total transaction of $44,992.74. Following the completion of the acquisition, the director now owns 1,443 shares of the company’s stock, valued at approximately $44,992.74. This represents a ? increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 9.36% of the company’s stock.

Institutional Trading of RxSight

Several institutional investors and hedge funds have recently modified their holdings of RXST. Quarry LP boosted its holdings in shares of RxSight by 82.3% in the 3rd quarter. Quarry LP now owns 638 shares of the company’s stock worth $32,000 after purchasing an additional 288 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in RxSight during the 3rd quarter valued at about $34,000. Private Trust Co. NA bought a new position in RxSight during the 4th quarter worth approximately $34,000. State of Wyoming purchased a new position in RxSight in the 4th quarter worth approximately $37,000. Finally, Coppell Advisory Solutions LLC lifted its position in RxSight by 108.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 1,289 shares of the company’s stock valued at $44,000 after purchasing an additional 672 shares during the last quarter. Hedge funds and other institutional investors own 78.78% of the company’s stock.

About RxSight

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.