RxSight (NASDAQ:RXST) Stock Price Down 2% – What’s Next?

RxSight, Inc. (NASDAQ:RXST)’s stock price was down 2% during trading on Friday . The company traded as low as $42.10 and last traded at $42.28. Approximately 428,979 shares changed hands during mid-day trading, a decline of 12% from the average daily volume of 487,557 shares. The stock had previously closed at $43.16.

Analysts Set New Price Targets

RXST has been the topic of several recent analyst reports. 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. Jefferies Financial Group started coverage on shares of RxSight in a research note on Tuesday, October 29th. They set a “buy” rating and a $72.00 price objective for the company. Finally, UBS Group started coverage on shares of RxSight in a report on Friday. They set a “buy” rating and a $52.00 price objective on the stock. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $63.63.

RxSight Stock Performance

The stock has a fifty day simple moving average of $48.11 and a two-hundred day simple moving average of $51.81. The stock has a market cap of $1.74 billion, a PE ratio of -50.94 and a beta of 1.11.

Insider Activity

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

Hedge Funds Weigh In On RxSight

Several large investors have recently added to or reduced their stakes in RXST. M&G Plc lifted its holdings in RxSight by 12.4% in the second quarter. M&G Plc now owns 159,005 shares of the company’s stock worth $9,540,000 after acquiring an additional 17,577 shares during the last quarter. Algert Global LLC bought a new position in RxSight during the 2nd quarter worth $2,488,000. Victory Capital Management Inc. increased its position in RxSight by 21.0% in the third quarter. Victory Capital Management Inc. now owns 259,864 shares of the company’s stock worth $12,845,000 after buying an additional 45,161 shares during the period. Bank of New York Mellon Corp increased 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 worth $7,190,000 after buying an additional 17,368 shares during the period. Finally, Baillie Gifford & Co. boosted its holdings in shares of RxSight by 17.0% during the third quarter. Baillie Gifford & Co. now owns 419,004 shares of the company’s stock valued at $20,711,000 after acquiring an additional 60,789 shares during the period. 78.78% of the stock is currently 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.