RxSight (NASDAQ:RXST) Shares Gap Down – Should You Sell?

RxSight, Inc. (NASDAQ:RXST) shares gapped down prior to trading on Friday . The stock had previously closed at $50.85, but opened at $47.03. RxSight shares last traded at $43.50, with a volume of 289,632 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. 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. Wells Fargo & Company cut their target price 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. Oppenheimer decreased their price target on RxSight from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 6th. BTIG Research raised their price target on RxSight from $72.00 to $73.00 and gave the company a “buy” rating in a report on Monday, July 15th. Finally, Stifel Nicolaus reduced their price objective on RxSight from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $61.63.

RxSight Price Performance

The firm has a 50 day moving average price of $51.37 and a 200-day moving average price of $53.58. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of -43.52 and a beta of 1.19.

RxSight (NASDAQ:RXST) last released its earnings results on Monday, August 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.06. RxSight had a negative net margin of 31.92% and a negative return on equity of 19.33%. The company had revenue of $34.89 million for the quarter, compared to the consensus estimate of $32.33 million. During the same period in the prior year, the company posted ($0.40) EPS. The company’s revenue was up 67.6% compared to the same quarter last year. On average, sell-side analysts expect that RxSight, Inc. will post -0.81 EPS for the current fiscal year.

Insider Buying and Selling

In other RxSight news, insider Ilya Goldshleger sold 3,100 shares of RxSight stock in a transaction 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 completion of 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 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 43,415 shares of company stock valued at $2,178,847 over the last ninety days. Insiders own 9.36% of the company’s stock.

Institutional Trading of RxSight

Institutional investors and hedge funds have recently modified their holdings of the stock. CWM LLC increased its stake in RxSight by 727.5% in the second quarter. CWM LLC now owns 422 shares of the company’s stock valued at $25,000 after purchasing an additional 371 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of 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 buying an additional 521 shares in the last quarter. Quest Partners LLC acquired a new stake in RxSight during the 2nd quarter worth $41,000. Larson Financial Group LLC bought a new position in RxSight during the first quarter worth about $51,000. Finally, Amalgamated Bank grew its stake in RxSight by 21.3% in the second quarter. Amalgamated Bank now owns 1,177 shares of the company’s stock valued at $71,000 after acquiring an additional 207 shares during the period. 78.78% of the stock is 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.