RxSight (NASDAQ:RXST) Trading Down 1.7% – Should You Sell?

RxSight, Inc. (NASDAQ:RXST)’s share price was down 1.7% during mid-day trading on Wednesday . The stock traded as low as $43.98 and last traded at $44.35. Approximately 30,951 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 488,415 shares. The stock had previously closed at $45.12.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on RXST shares. Wells Fargo & Company decreased their target price on shares of RxSight from $68.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, August 6th. Jefferies Financial Group initiated coverage on shares of RxSight in a research note on Tuesday, October 29th. They issued a “buy” rating and a $72.00 price target for the company. Oppenheimer reduced their price target on shares of RxSight from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Tuesday, August 6th. Needham & Company LLC reiterated a “buy” rating and issued a $66.00 price target on shares of RxSight in a research note on Friday, September 13th. Finally, Stifel Nicolaus reduced their price target on shares of RxSight from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, RxSight presently has an average rating of “Buy” and a consensus price target of $61.63.

RxSight Price Performance

The firm’s 50-day moving average is $49.59 and its 200-day moving average is $52.92. The company has a market capitalization of $1.82 billion, a P/E ratio of -54.28 and a beta of 1.19.

Insider Activity at RxSight

In other news, Director Jesse Anderson Corley purchased 11,111 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was acquired at an average cost of $45.37 per share, for a total transaction of $504,106.07. Following the completion of the transaction, the director now directly owns 468,571 shares in the company, valued at $21,259,066.27. This trade represents a 2.43 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Ilya Goldshleger sold 3,100 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 42,246 shares of the company’s stock, valued at approximately $2,247,064.74. The trade was a 6.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,720 shares of company stock worth $2,603,950. 9.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On RxSight

Hedge funds have recently modified their holdings of the company. CWM LLC boosted its position in shares of RxSight by 727.5% in the second quarter. CWM LLC now owns 422 shares of the company’s stock worth $25,000 after purchasing an additional 371 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of RxSight by 854.1% in the third quarter. Nisa Investment Advisors LLC now owns 582 shares of the company’s stock worth $29,000 after purchasing an additional 521 shares during the period. Quarry LP boosted its position in shares of RxSight by 82.3% in the third quarter. Quarry LP now owns 638 shares of the company’s stock worth $32,000 after purchasing an additional 288 shares during the period. Point72 Hong Kong Ltd purchased a new position in shares of RxSight in the third quarter worth $34,000. Finally, Quest Partners LLC bought a new position in shares of RxSight during the second quarter worth $41,000. 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.