RxSight (NASDAQ:RXST) Trading Down 0.1% – Here’s Why

RxSight, Inc. (NASDAQ:RXST)’s share price dropped 0.1% during trading on Monday . The company traded as low as $42.62 and last traded at $43.11. Approximately 278,187 shares were traded during trading, a decline of 43% from the average daily volume of 486,983 shares. The stock had previously closed at $43.15.

Wall Street Analyst Weigh In

RXST has been the subject of a number of analyst reports. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $42.00 price objective (down from $56.00) on shares of RxSight in a research note on Wednesday. Needham & Company LLC reiterated a “buy” rating and set a $66.00 target price on shares of RxSight in a report on Friday, September 13th. Jefferies Financial Group initiated coverage on RxSight in a report on Tuesday, October 29th. They set a “buy” rating and a $72.00 target price on the stock. Finally, UBS Group initiated coverage on RxSight in a report on Friday, December 6th. They set a “buy” rating and a $52.00 target price on the stock. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.13.

RxSight Price Performance

The firm has a 50-day moving average price of $47.65 and a 200 day moving average price of $51.22. The company has a market cap of $1.58 billion, a price-to-earnings ratio of -47.19 and a beta of 1.11.

Insider Buying and Selling at RxSight

In other RxSight news, insider Ilya Goldshleger sold 3,100 shares of RxSight stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $45.00, for a total transaction of $139,500.00. Following the transaction, the insider now directly owns 42,246 shares of the company’s stock, valued at approximately $1,901,070. The trade was a 6.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jesse Anderson Corley bought 11,111 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were bought at an average cost of $45.37 per share, for a total transaction of $504,106.07. Following the completion of the acquisition, the director now directly owns 468,571 shares in the company, valued at approximately $21,259,066.27. This trade represents a 2.43 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 65,807 shares of company stock worth $3,202,275 over the last three months. Corporate insiders own 9.36% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RXST. Brown Capital Management LLC acquired a new position in RxSight during the 3rd quarter worth about $26,813,000. Point72 Asset Management L.P. lifted its stake in shares of 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 purchasing an additional 384,041 shares during the period. Marshall Wace LLP acquired a new position in shares of RxSight in the 2nd quarter valued at about $19,512,000. Driehaus Capital Management LLC lifted its stake in shares of RxSight by 74.9% in 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 period. Finally, Baillie Gifford & Co. raised its stake in RxSight by 438.8% during the 2nd quarter. Baillie Gifford & Co. now owns 358,215 shares of the company’s stock worth $21,554,000 after buying an additional 291,733 shares during the period. 78.78% of the stock is owned by institutional investors and hedge funds.

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.