RxSight (NASDAQ:RXST) Trading Down 1.7% – Should You Sell?

RxSight, Inc. (NASDAQ:RXST)’s stock price dropped 1.7% on Wednesday . The company traded as low as $43.98 and last traded at $44.35. Approximately 30,951 shares changed hands during trading, a decline of 94% from the average daily volume of 488,415 shares. The stock had previously closed at $45.12.

Analysts Set New Price Targets

RXST has been the subject of a number of research reports. Stifel Nicolaus dropped their target price on shares of RxSight from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. 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. Oppenheimer lowered their price objective on shares of RxSight from $72.00 to $65.00 and set an “outperform” rating for the company in a research report on Tuesday, August 6th. Jefferies Financial Group started coverage on shares of RxSight in a research report on Tuesday, October 29th. They set a “buy” rating and a $72.00 price objective for the company. Finally, Wells Fargo & Company lowered their price objective on shares of RxSight from $68.00 to $54.00 and set an “overweight” rating for the company in a research report on Tuesday, August 6th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $61.63.

RxSight Stock Performance

The company’s fifty day moving average price is $49.59 and its 200-day moving average price is $52.92. The stock has a market cap of $1.82 billion, a P/E ratio of -54.28 and a beta of 1.19.

Insider Transactions at RxSight

In related news, Director Jesse Anderson Corley purchased 11,111 shares of RxSight stock in a transaction that occurred on Tuesday, November 12th. The shares were bought at an average price of $45.37 per share, with a total value of $504,106.07. Following the purchase, the director now directly owns 468,571 shares of the company’s stock, valued at approximately $21,259,066.27. This represents a 2.43 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ilya Goldshleger sold 4,875 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $46.00, for a total transaction of $224,250.00. Following the completion of the transaction, the insider now directly owns 42,246 shares in the company, valued at $1,943,316. This represents a 10.35 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,720 shares of company stock worth $2,603,950. 9.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RXST. CWM LLC increased its stake in RxSight by 727.5% in the 2nd quarter. CWM LLC now owns 422 shares of the company’s stock worth $25,000 after buying an additional 371 shares during the period. Nisa Investment Advisors LLC increased its stake in RxSight by 854.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 582 shares of the company’s stock worth $29,000 after buying an additional 521 shares during the period. Quarry LP increased its stake in RxSight by 82.3% in the 3rd quarter. Quarry LP now owns 638 shares of the company’s stock worth $32,000 after buying an additional 288 shares during the period. Point72 Hong Kong Ltd purchased a new position in RxSight in the 3rd quarter worth about $34,000. Finally, Quest Partners LLC purchased a new position in RxSight during the 2nd quarter valued at about $41,000. Hedge funds and other 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.