RxSight (NASDAQ:RXST) Trading Down 4.8% – What’s Next?

RxSight, Inc. (NASDAQ:RXST) shares fell 4.8% on Wednesday . The stock traded as low as $37.21 and last traded at $37.30. 347,906 shares traded hands during trading, a decline of 30% from the average session volume of 496,667 shares. The stock had previously closed at $39.17.

Analyst Upgrades and Downgrades

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

RxSight Price Performance

The firm has a market cap of $1.50 billion, a price-to-earnings ratio of -43.82 and a beta of 1.11. The business has a fifty day simple moving average of $47.21 and a 200 day simple moving average of $51.02.

Insider Activity at RxSight

In related news, Director Shweta Maniar sold 3,782 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $45.88, for a total value of $173,518.16. Following the completion of the sale, the director now owns 10,902 shares in the company, valued at $500,183.76. This represents a 25.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ilya Goldshleger sold 3,100 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $45.00, for a total transaction of $139,500.00. Following the completion of the sale, the insider now directly owns 42,246 shares of the company’s stock, valued at $1,901,070. The trade was a 6.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 65,807 shares of company stock worth $3,202,275 in the last three months. 9.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On RxSight

A number of large investors have recently added to or reduced their stakes in RXST. CWM LLC boosted its stake in shares of 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 during the period. Raymond James & Associates bought a new position in shares of RxSight in the second quarter valued at approximately $3,549,000. Sara Bay Financial raised its stake in shares of RxSight by 1.0% in the 2nd quarter. Sara Bay Financial now owns 108,021 shares of the company’s stock worth $6,500,000 after buying an additional 1,045 shares in the last quarter. Summit Global Investments bought a new position in shares of RxSight during the 2nd quarter valued at about $628,000. Finally, Baillie Gifford & Co. grew its position in 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 buying an additional 291,733 shares during the last quarter. 78.78% of the stock is owned by institutional investors and hedge funds.

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.