RxSight (NASDAQ:RXST) Trading 1.3% Higher – Still a Buy?

RxSight, Inc. (NASDAQ:RXST) shares shot up 1.3% during mid-day trading on Friday . The company traded as high as $36.48 and last traded at $36.37. 156,454 shares traded hands during trading, a decline of 69% from the average session volume of 502,284 shares. The stock had previously closed at $35.89.

Analyst Ratings Changes

RXST has been the topic of several analyst reports. UBS Group began coverage on RxSight in a research report on Friday, December 6th. They set a “buy” rating and a $52.00 price target on the stock. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $42.00 price target (down previously from $56.00) on shares of RxSight in a report on Wednesday. Jefferies Financial Group initiated coverage on RxSight in a research note on Tuesday, October 29th. They issued a “buy” rating and a $72.00 target price on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and set a $66.00 target price on shares of RxSight in a research report on Friday, September 13th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $62.13.

RxSight Price Performance

The company has a 50-day moving average of $47.21 and a two-hundred day moving average of $51.02. The company has a market capitalization of $1.48 billion, a PE ratio of -43.82 and a beta of 1.11.

Insider Activity at RxSight

In related news, Director Shweta Maniar sold 3,782 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 $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 trade represents a 25.76 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ilya Goldshleger sold 3,105 shares of RxSight stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $46.08, for a total transaction of $143,078.40. Following the sale, the insider now directly owns 42,246 shares of the company’s stock, valued at $1,946,695.68. This represents a 6.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,807 shares of company stock valued at $3,202,275 over the last 90 days. 9.36% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. RA Capital Management L.P. raised its stake in shares of RxSight by 6.0% during the 3rd quarter. RA Capital Management L.P. now owns 3,916,825 shares of the company’s stock worth $193,609,000 after buying an additional 222,000 shares during the period. State Street Corp raised its holdings in RxSight by 8.3% in the 3rd quarter. State Street Corp now owns 817,671 shares of the company’s stock valued at $40,417,000 after acquiring an additional 62,349 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of RxSight by 17.7% during the 3rd quarter. Geode Capital Management LLC now owns 817,117 shares of the company’s stock worth $40,398,000 after purchasing an additional 122,775 shares during the last quarter. Driehaus Capital Management LLC increased its holdings in shares of RxSight by 74.9% in the second quarter. Driehaus Capital Management LLC now owns 706,162 shares of the company’s stock valued at $42,490,000 after purchasing an additional 302,367 shares during the last quarter. Finally, Brown Capital Management LLC purchased a new position in shares of RxSight during the 3rd quarter worth $26,813,000. Institutional investors and hedge funds own 78.78% of the company’s stock.

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.