RxSight (NASDAQ:RXST) Shares Down 0.8% After Insider Selling

RxSight, Inc. (NASDAQ:RXST)’s stock price was down 0.8% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $45.88 and last traded at $45.99. Approximately 37,939 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 487,885 shares. The stock had previously closed at $46.38.

Specifically, insider Ilya Goldshleger sold 3,100 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $45.00, for a total value of $139,500.00. Following the transaction, the insider now owns 42,246 shares in the company, valued at $1,901,070. This represents a 6.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ilya Goldshleger sold 3,100 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $45.88, for a total transaction of $142,228.00. Following the completion of the transaction, the insider now directly owns 42,246 shares in the company, valued at approximately $1,938,246.48. The trade was a 6.84 % decrease in their position. The disclosure for this sale can be found here. In other RxSight 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 transaction of $173,518.16. Following the completion of the sale, the director now directly owns 10,902 shares of the company’s stock, valued at approximately $500,183.76. This represents a 25.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Stifel Nicolaus cut their price objective on shares of RxSight from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Jefferies Financial Group assumed coverage on RxSight in a research report on Tuesday, October 29th. They set a “buy” rating and a $72.00 target price on the stock. Wells Fargo & Company reduced their price target on RxSight from $68.00 to $54.00 and set an “overweight” rating for the company in a research report on Tuesday, August 6th. Oppenheimer lowered their price objective on RxSight from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 6th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $66.00 target price on shares of RxSight in a report on Friday, September 13th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, RxSight presently has an average rating of “Buy” and a consensus price target of $61.63.

RxSight Price Performance

The firm has a 50-day moving average of $49.00 and a 200-day moving average of $52.48. The stock has a market cap of $1.87 billion, a PE ratio of -55.78 and a beta of 1.19.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWM LLC lifted its holdings in shares of RxSight by 727.5% in the second quarter. CWM LLC now owns 422 shares of the company’s stock worth $25,000 after buying an additional 371 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in RxSight by 854.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 582 shares of the company’s stock valued at $29,000 after acquiring an additional 521 shares during the last quarter. Quarry LP lifted its stake in 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 bought a new position in shares of RxSight during the 3rd quarter valued at about $34,000. Finally, Quest Partners LLC bought a new position in shares of RxSight during the 2nd quarter valued at about $41,000. 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.