RxSight (NASDAQ:RXST) Trading Down 1.7% – Here’s Why

RxSight, Inc. (NASDAQ:RXST)’s share price fell 1.7% on Wednesday . The stock traded as low as $43.98 and last traded at $44.35. 30,951 shares were traded during mid-day trading, a decline of 94% from the average session volume of 488,415 shares. The stock had previously closed at $45.12.

Analyst Upgrades and Downgrades

RXST has been the topic of several recent analyst reports. Wells Fargo & Company cut their target price on RxSight from $68.00 to $54.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 6th. Oppenheimer reduced their price objective on RxSight from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 6th. Needham & Company LLC restated a “buy” rating and set a $66.00 price objective on shares of RxSight in a report on Friday, September 13th. Stifel Nicolaus reduced their price target on shares of RxSight from $70.00 to $65.00 and set a “buy” 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 issued a “buy” rating and a $72.00 target price for the company. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $61.63.

RxSight Price Performance

The stock’s 50 day simple moving average is $49.97 and its 200-day simple moving average is $53.04. The company has a market capitalization of $1.81 billion, a PE ratio of -53.43 and a beta of 1.19.

Insider Buying and Selling at RxSight

In related news, insider Ilya Goldshleger sold 3,100 shares of RxSight stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $52.67, for a total transaction of $163,277.00. Following the completion of the transaction, the insider now directly owns 42,246 shares in the company, valued at $2,225,096.82. The trade was a 6.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jesse Anderson Corley acquired 11,111 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were bought at an average price of $45.37 per share, for a total transaction of $504,106.07. Following the completion of the acquisition, the director now owns 468,571 shares in the company, valued at approximately $21,259,066.27. This trade represents a 2.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 52,720 shares of company stock worth $2,603,950 over the last 90 days. Corporate insiders own 9.36% of the company’s stock.

Hedge Funds Weigh In On RxSight

A number of large investors have recently bought and sold shares of RXST. CWM LLC lifted its position in shares of RxSight by 727.5% during the 2nd quarter. CWM LLC now owns 422 shares of the company’s stock valued at $25,000 after acquiring an additional 371 shares during the last quarter. Nisa Investment Advisors LLC grew its position in RxSight by 854.1% in the third 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 period. Quarry LP boosted its stake in RxSight by 82.3% in the third 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 stake in shares of RxSight during the third quarter worth $34,000. Finally, Quest Partners LLC acquired a new position in shares of RxSight in the 2nd quarter valued at $41,000. Institutional investors own 78.78% of the company’s stock.

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.