RxSight, Inc. (NASDAQ:RXST) Short Interest Up 25.1% in October

RxSight, Inc. (NASDAQ:RXST) was the recipient of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 2,740,000 shares, a growth of 25.1% from the October 15th total of 2,190,000 shares. Based on an average trading volume of 464,800 shares, the days-to-cover ratio is currently 5.9 days. Approximately 7.2% of the shares of the stock are sold short.

Insider Buying and Selling

In related news, Director Jesse Anderson Corley acquired 11,111 shares of the stock in a transaction on Tuesday, November 12th. The shares were bought at an average price of $45.37 per share, with a total value of $504,106.07. Following the completion of the purchase, the director now owns 468,571 shares of the company’s stock, valued at approximately $21,259,066.27. This represents a 2.43 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ilya Goldshleger sold 3,100 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $52.67, for a total value of $163,277.00. Following the completion of the sale, the insider now directly owns 42,246 shares of the company’s stock, valued at $2,225,096.82. This trade represents a 6.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,745 shares of company stock worth $2,240,200. 9.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. purchased a new position in RxSight in the first quarter valued at $364,000. Swiss National Bank raised its position in shares of RxSight by 16.2% during the 1st quarter. Swiss National Bank now owns 53,100 shares of the company’s stock worth $2,739,000 after acquiring an additional 7,400 shares in the last quarter. ProShare Advisors LLC purchased a new stake in RxSight during the first quarter worth approximately $263,000. Entropy Technologies LP boosted its holdings in RxSight by 67.2% in the first quarter. Entropy Technologies LP now owns 13,437 shares of the company’s stock valued at $693,000 after purchasing an additional 5,399 shares in the last quarter. Finally, M&G Plc purchased a new position in RxSight in the first quarter valued at approximately $7,354,000. Institutional investors and hedge funds own 78.78% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on RXST. Wells Fargo & Company dropped their price target on shares of RxSight from $68.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. Stifel Nicolaus lowered their price objective on RxSight from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Needham & Company LLC restated a “buy” rating and issued a $66.00 target price on shares of RxSight in a research report on Friday, September 13th. Oppenheimer lowered their target price on RxSight from $72.00 to $65.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. Finally, Jefferies Financial Group initiated coverage on shares of RxSight in a research note on Tuesday, October 29th. They set a “buy” rating and a $72.00 price target on the stock. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, RxSight has an average rating of “Buy” and an average target price of $61.63.

RxSight Stock Performance

Shares of RXST traded up $0.89 during midday trading on Friday, hitting $45.05. The company had a trading volume of 668,980 shares, compared to its average volume of 490,411. RxSight has a 1 year low of $27.07 and a 1 year high of $66.54. The firm has a market capitalization of $1.82 billion, a P/E ratio of -54.28 and a beta of 1.19. The company’s 50-day simple moving average is $50.32 and its 200-day simple moving average is $53.28.

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.