RxSight (NASDAQ:RXST) Trading Down 0.7% – Here’s Why

Shares of RxSight, Inc. (NASDAQ:RXST) were down 0.7% during trading on Tuesday . The stock traded as low as $37.77 and last traded at $38.22. Approximately 145,300 shares changed hands during trading, a decline of 71% from the average daily volume of 506,191 shares. The stock had previously closed at $38.49.

Wall Street Analysts Forecast Growth

RXST has been the topic of several analyst reports. Jefferies Financial Group started coverage on shares of RxSight in a research note on Tuesday, October 29th. They issued a “buy” rating and a $72.00 target price on the stock. Needham & Company LLC reiterated a “buy” rating and set a $66.00 target price on shares of RxSight in a research note on Friday, September 13th. Wells Fargo & Company reissued an “equal weight” rating and issued a $42.00 target price (down previously from $56.00) on shares of RxSight in a report on Wednesday, December 11th. Finally, UBS Group assumed coverage on RxSight in a report on Friday, December 6th. They set a “buy” rating and a $52.00 price target on the stock. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $62.13.

RxSight Price Performance

The company has a market cap of $1.54 billion, a PE ratio of -46.01 and a beta of 1.11. The business has a 50-day moving average of $46.32 and a 200 day moving average of $50.33.

Insider Buying and Selling

In other news, insider Ilya Goldshleger sold 3,100 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $52.67, for a total value of $163,277.00. Following the transaction, the insider now owns 42,246 shares of the company’s stock, valued at $2,225,096.82. This trade represents a 6.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Shweta Maniar sold 3,782 shares of the stock in a transaction that occurred 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 completion of the sale, the director now directly owns 10,902 shares of the company’s stock, valued at $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 quarter, insiders have sold 65,807 shares of company stock valued at $3,202,275. 9.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Brown Capital Management LLC purchased a new stake in RxSight during the 3rd quarter valued at approximately $26,813,000. Point72 Asset Management L.P. increased its holdings in RxSight by 610.2% in the 3rd quarter. Point72 Asset Management L.P. now owns 446,976 shares of the company’s stock valued at $22,094,000 after acquiring an additional 384,041 shares during the last quarter. Marshall Wace LLP purchased a new stake in RxSight in the 2nd quarter worth $19,512,000. Driehaus Capital Management LLC boosted its holdings in shares of RxSight by 74.9% during the 2nd quarter. Driehaus Capital Management LLC now owns 706,162 shares of the company’s stock valued at $42,490,000 after purchasing an additional 302,367 shares during the last quarter. Finally, Baillie Gifford & Co. grew its position in shares of RxSight by 438.8% during the second quarter. Baillie Gifford & Co. now owns 358,215 shares of the company’s stock valued at $21,554,000 after purchasing an additional 291,733 shares in the last quarter. Institutional investors own 78.78% of the company’s stock.

RxSight Company Profile

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.