RxSight (NASDAQ:RXST) Shares Gap Down – What’s Next?

RxSight, Inc. (NASDAQ:RXST) shares gapped down prior to trading on Wednesday . The stock had previously closed at $14.99, but opened at $14.36. RxSight shares last traded at $14.95, with a volume of 106,198 shares trading hands.

Analyst Ratings Changes

Several research firms have recently weighed in on RXST. Wells Fargo & Company cut their price target on RxSight from $35.00 to $22.00 and set an “equal weight” rating for the company in a research note on Thursday, April 3rd. UBS Group lowered shares of RxSight from a “buy” rating to a “neutral” rating and set a $16.00 target price for the company. in a research report on Wednesday. Needham & Company LLC reissued a “buy” rating and issued a $43.00 price target on shares of RxSight in a research report on Thursday, April 3rd. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $17.00 price objective (down from $40.00) on shares of RxSight in a report on Friday, April 4th. Finally, Bank of America reissued an “underperform” rating and set a $22.00 target price (down previously from $36.00) on shares of RxSight in a report on Thursday, April 3rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $39.78.

RxSight Price Performance

The stock has a market cap of $584.16 million, a P/E ratio of -17.27 and a beta of 1.26. The firm’s fifty day moving average price is $27.13 and its two-hundred day moving average price is $37.10.

RxSight (NASDAQ:RXST) last announced its earnings results on Tuesday, February 25th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.25). RxSight had a negative return on equity of 14.00% and a negative net margin of 23.92%. The business had revenue of $40.21 million during the quarter, compared to the consensus estimate of $40.23 million. On average, research analysts expect that RxSight, Inc. will post -0.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Tamara Fountain sold 7,000 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $25.71, for a total value of $179,970.00. Following the transaction, the director now owns 24,793 shares of the company’s stock, valued at $637,428.03. This represents a 22.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jesse Anderson Corley purchased 1,443 shares of the stock in a transaction on Wednesday, January 15th. The shares were purchased at an average price of $31.18 per share, for a total transaction of $44,992.74. Following the transaction, the director now directly owns 1,443 shares of the company’s stock, valued at approximately $44,992.74. This represents a ? increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 9.36% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP boosted 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 in the last quarter. Mountain Capital Investment Advisors Inc. grew its stake in shares of RxSight by 3.8% during the fourth quarter. Mountain Capital Investment Advisors Inc. now owns 8,779 shares of the company’s stock valued at $302,000 after buying an additional 320 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of RxSight by 1.9% during the third quarter. The Manufacturers Life Insurance Company now owns 20,911 shares of the company’s stock valued at $1,034,000 after buying an additional 399 shares during the last quarter. Wells Fargo & Company MN increased its holdings in shares of RxSight by 1.7% in the fourth quarter. Wells Fargo & Company MN now owns 26,574 shares of the company’s stock worth $914,000 after buying an additional 445 shares during the period. Finally, Legal & General Group Plc lifted its stake in shares of RxSight by 1.2% in the 4th quarter. Legal & General Group Plc now owns 42,445 shares of the company’s stock valued at $1,459,000 after acquiring an additional 512 shares during the last quarter. 78.78% of the stock is currently owned by institutional investors.

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.