RxSight (NASDAQ:RXST) Trading Down 0.7% – Here’s Why

RxSight, Inc. (NASDAQ:RXST)’s share price fell 0.7% during mid-day trading on Tuesday . The stock traded as low as $37.77 and last traded at $38.22. 145,300 shares were traded during trading, a decline of 71% from the average session volume of 506,191 shares. The stock had previously closed at $38.49.

Analysts Set New Price Targets

RXST has been the topic of a number of research analyst reports. Wells Fargo & Company reissued an “equal weight” rating and issued a $42.00 price target (down from $56.00) on shares of RxSight in a report on Wednesday, December 11th. Needham & Company LLC reissued a “buy” rating and set a $66.00 target price on shares of RxSight in a research report on Friday, September 13th. UBS Group started coverage on shares of RxSight in a report on Friday, December 6th. They issued a “buy” rating and a $52.00 price target on the stock. Finally, Jefferies Financial Group started coverage on RxSight in a report on Tuesday, October 29th. They set a “buy” rating and a $72.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, RxSight presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.13.

RxSight Stock Performance

The business has a 50 day moving average of $46.79 and a 200-day moving average of $50.57. The company has a market capitalization of $1.54 billion, a P/E ratio of -46.05 and a beta of 1.11.

Insider Transactions at RxSight

In related news, Director Shweta Maniar sold 3,782 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $45.88, for a total value of $173,518.16. Following the transaction, the director now directly owns 10,902 shares in the company, valued at approximately $500,183.76. This represents a 25.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ilya Goldshleger sold 3,100 shares of RxSight stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $52.67, for a total transaction of $163,277.00. Following the sale, the insider now owns 42,246 shares of the company’s stock, valued at approximately $2,225,096.82. The trade was a 6.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 65,807 shares of company stock valued at $3,202,275. 9.36% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RxSight

Several institutional investors have recently modified their holdings of the company. CWM LLC grew its position in RxSight by 727.5% during the second quarter. CWM LLC now owns 422 shares of the company’s stock valued at $25,000 after acquiring an additional 371 shares during the last quarter. Nisa Investment Advisors LLC raised its position in RxSight by 854.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 582 shares of the company’s stock worth $29,000 after purchasing an additional 521 shares during the period. Quarry LP lifted its stake in RxSight by 82.3% in the third quarter. Quarry LP now owns 638 shares of the company’s stock worth $32,000 after purchasing an additional 288 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in RxSight during the third quarter valued at about $34,000. Finally, Quest Partners LLC bought a new position in shares of RxSight during the second quarter valued at about $41,000. 78.78% of the stock is currently owned by institutional investors.

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.