RxSight (NASDAQ:RXST) Sees Strong Trading Volume – Should You Buy?

RxSight, Inc. (NASDAQ:RXST) saw unusually-strong trading volume on Monday . Approximately 647,332 shares were traded during mid-day trading, an increase of 7% from the previous session’s volume of 606,784 shares.The stock last traded at $27.15 and had previously closed at $33.43.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on RXST shares. Stifel Nicolaus cut their price objective on RxSight from $40.00 to $35.00 and set a “hold” rating for the company in a report on Monday. UBS Group started coverage on RxSight in a report on Friday, December 6th. They issued a “buy” rating and a $52.00 price objective for the company. Needham & Company LLC restated a “buy” rating and set a $66.00 target price on shares of RxSight in a report on Monday. Jefferies Financial Group started coverage on RxSight in a report on Tuesday, October 29th. They set a “buy” rating and a $72.00 target price for the company. Finally, Wells Fargo & Company restated an “equal weight” rating and set a $42.00 target price (down from $56.00) on shares of RxSight in a report on Wednesday, December 11th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, RxSight currently has an average rating of “Moderate Buy” and a consensus price target of $58.38.

RxSight Trading Down 10.9 %

The firm has a fifty day simple moving average of $41.02 and a two-hundred day simple moving average of $47.58. The firm has a market cap of $1.20 billion, a PE ratio of -35.90 and a beta of 1.20.

Insiders Place Their Bets

In other news, Director Jesse Anderson Corley bought 11,111 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was purchased at an average price of $45.37 per share, with a total value of $504,106.07. Following the transaction, the director now owns 468,571 shares of the company’s stock, valued at approximately $21,259,066.27. The trade was a 2.43 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 value of $173,518.16. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 41,002 shares of company stock worth $1,959,796. 9.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC raised its position in shares of 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 acquiring an additional 521 shares in the last quarter. Quarry LP increased its position in RxSight by 82.3% during the 3rd quarter. Quarry LP now owns 638 shares of the company’s stock valued at $32,000 after buying an additional 288 shares in the last quarter. Point72 Hong Kong Ltd bought a new position in RxSight during the 3rd quarter valued at approximately $34,000. Quest Partners LLC bought a new position in RxSight during the 2nd quarter valued at approximately $41,000. Finally, Amalgamated Bank increased its position in RxSight by 21.3% during the 2nd quarter. Amalgamated Bank now owns 1,177 shares of the company’s stock valued at $71,000 after buying an additional 207 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.