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

RxSight, Inc. (NASDAQ:RXST) dropped 0.7% during mid-day trading on Tuesday . The company traded as low as $37.77 and last traded at $38.22. Approximately 145,300 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 506,191 shares. The stock had previously closed at $38.49.

Wall Street Analysts Forecast Growth

Several research firms have commented on RXST. UBS Group began coverage on RxSight in a report on Friday, December 6th. They set a “buy” rating and a $52.00 price objective on the stock. Jefferies Financial Group started coverage on shares of RxSight in a research note on Tuesday, October 29th. They issued a “buy” rating and a $72.00 price objective for the company. Wells Fargo & Company reissued an “equal weight” rating and set a $42.00 target price (down previously from $56.00) on shares of RxSight in a research report on Wednesday, December 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $66.00 price target 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $62.13.

RxSight Price Performance

The company has a market cap of $1.54 billion, a PE ratio of -46.01 and a beta of 1.11. The stock’s 50-day moving average is $46.32 and its 200 day moving average is $50.33.

Insider Transactions at RxSight

In other RxSight news, insider Ilya Goldshleger sold 3,100 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $53.19, for a total value of $164,889.00. Following the completion of the sale, the insider now owns 42,246 shares of the company’s stock, valued at approximately $2,247,064.74. This trade represents a 6.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Shweta Maniar sold 3,782 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $45.88, for a total value of $173,518.16. Following the sale, the director now owns 10,902 shares in the company, valued at $500,183.76. The trade was a 25.76 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 65,807 shares of company stock valued at $3,202,275. Corporate insiders own 9.36% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RXST. CWM LLC grew its holdings in shares of RxSight by 727.5% during the second quarter. CWM LLC now owns 422 shares of the company’s stock valued at $25,000 after buying an additional 371 shares during the last quarter. Raymond James & Associates purchased a new position in shares of RxSight in the second quarter worth about $3,549,000. Baillie Gifford & Co. raised its stake in shares of RxSight by 438.8% in the second quarter. Baillie Gifford & Co. now owns 358,215 shares of the company’s stock worth $21,554,000 after purchasing an additional 291,733 shares during the last quarter. Raymond James Trust N.A. acquired a new stake in shares of RxSight during the second quarter worth about $207,000. Finally, Bank of New York Mellon Corp boosted its position in RxSight by 17.0% in the second quarter. Bank of New York Mellon Corp now owns 119,493 shares of the company’s stock valued at $7,190,000 after buying an additional 17,368 shares during the last quarter. 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.