RxSight (NASDAQ:RXST) Stock Price Down 3.5% on Insider Selling

RxSight, Inc. (NASDAQ:RXST)’s stock price was down 3.5% on Tuesday following insider selling activity. The stock traded as low as $49.72 and last traded at $49.75. Approximately 187,836 shares traded hands during trading, a decline of 61% from the average daily volume of 483,263 shares. The stock had previously closed at $51.56.

Specifically, insider Ilya Goldshleger sold 3,100 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $52.67, for a total value of $163,277.00. Following the completion of the transaction, the insider now directly owns 42,246 shares in the company, valued at $2,225,096.82. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ilya Goldshleger sold 3,100 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $53.19, for a total transaction of $164,889.00. Following the transaction, the insider now directly owns 42,246 shares of the company’s stock, valued at approximately $2,247,064.74. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several research firms have issued reports on RXST. Needham & Company LLC reiterated a “buy” rating and set a $66.00 price objective on shares of RxSight in a research note on Friday, September 13th. Oppenheimer cut their price objective on shares of RxSight from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 6th. Wells Fargo & Company lowered their price target on RxSight from $68.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. BTIG Research upped their price target on shares of RxSight from $72.00 to $73.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Finally, Stifel Nicolaus decreased their target price on shares of RxSight from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $60.14.

RxSight Stock Performance

The firm has a market capitalization of $1.84 billion, a P/E ratio of -40.92 and a beta of 1.22. The business has a 50 day simple moving average of $51.03 and a two-hundred day simple moving average of $53.93.

RxSight (NASDAQ:RXST) last announced its earnings results on Monday, August 5th. The company reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.06. RxSight had a negative net margin of 31.92% and a negative return on equity of 19.33%. The firm had revenue of $34.89 million for the quarter, compared to analysts’ expectations of $32.33 million. During the same quarter in the previous year, the business posted ($0.40) EPS. The company’s quarterly revenue was up 67.6% on a year-over-year basis. On average, equities analysts anticipate that RxSight, Inc. will post -0.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RxSight

Several large investors have recently added to or reduced their stakes in the company. CWM LLC boosted its position in shares of RxSight by 727.5% during the 2nd quarter. CWM LLC now owns 422 shares of the company’s stock valued at $25,000 after acquiring an additional 371 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of RxSight during the second quarter worth about $41,000. Larson Financial Group LLC acquired a new position in RxSight during the first quarter valued at $51,000. Amalgamated Bank raised its holdings in RxSight by 21.3% in the 2nd quarter. Amalgamated Bank now owns 1,177 shares of the company’s stock worth $71,000 after purchasing an additional 207 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new stake in RxSight in the 2nd quarter valued at $156,000. Hedge funds and other 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.